泡泡玛特：上调目标价至302港元，评级“增持”-20250611

Investment Rating - The investment rating for Pop Mart (09992) is upgraded to "Overweight" by Morgan Stanley [1] Core Insights - Morgan Stanley has raised the target price for Pop Mart from HKD 224 to HKD 302, reflecting a 35% increase [1] - The report emphasizes that Pop Mart's diverse intellectual property and operational capabilities will drive sustainable growth [1] - Although the growth momentum for 2025 may be fully reflected, the long-term growth potential remains underappreciated [1] - Earnings per share forecasts for 2025, 2026, and 2027 have been increased by 6%, 15%, and 21% respectively, indicating a clearer growth path in North America and Europe [1]