POP MART(09992) 浦银国际证券·2024-11-22 02:18Investment Rating - The report maintains a "Buy" rating for the company with a target price of 108 HKD, indicating a potential upside of 40.8% from the current price of 76.7 HKD [6][14]. Core Insights - The recent surge in popularity of the Labubu IP is expected to drive accelerated revenue growth in Q4 2024, enhancing the company's long-term growth outlook and market confidence [2][3]. - The Monsters series has seen a significant increase in popularity, with a 292% year-on-year revenue growth in the first half of 2024, contributing to 13.7% of total revenue and ranking second among all IPs [3][4]. - The company has adjusted its long-term growth forecast for overseas markets upward, reflecting a more optimistic view of future revenue streams [2][4]. Financial Summary - Revenue projections show a substantial increase from 4,617 million RMB in 2022 to 22,156 million RMB in 2026, with a year-on-year growth rate peaking at 96.7% in 2024 [5][9]. - Net profit is expected to rise from 476 million RMB in 2022 to 5,547 million RMB in 2026, with a notable growth rate of 140.1% in 2024 [5][10]. - The company's P/E ratio is projected to decrease from 204.9x in 2022 to 17.2x in 2026, indicating improving valuation metrics as earnings grow [5][10].