交银国际每日晨报-20250626

Group 1: Core Insights - The report highlights that Bubble Mart's Labubu continues to break boundaries, driving strong performance growth, and the profit forecast has been raised, maintaining a "Buy" rating [1] - The closing price is HKD 247.40, with a target price raised to HKD 300.00, indicating a potential upside of 21.3% [1] - The overseas expansion momentum is strong, with the overseas market experiencing explosive growth driven by core IP new products since Q2 2025 [1][2] Group 2: Financial Projections - Revenue and profit forecasts for 2025-27 have been significantly raised by 31-40% based on recent strong sales trends, particularly in North America [2] - The gross margin forecast for 2025-27 has been increased by 1.8-2.2 percentage points, and the net profit forecast for the same period has been raised by 58%-70% to RMB 74.5-129.7 billion, corresponding to a compound annual growth rate of 61% [2] - The successful launch of Labubu 3.0 has further driven product popularity among overseas consumers, showcasing strong growth in markets like North America and Southeast Asia [2]