调整近40%！能否抄底泡泡玛特？排面拉满！泡泡玛特首次亮相美国感恩节大游行，Labubu跻身全球顶级IP阵营54/64

Core Viewpoint - The article highlights the successful global recognition of the Chinese IP Labubu, which debuted at the Macy's Thanksgiving Day Parade, replacing the classic character Popeye, symbolizing a significant cultural export achievement for China [1][3]. Group 1: Cultural Impact - Labubu's appearance at the parade has sparked widespread social media discussions, indicating its status as a cultural phenomenon that transcends age groups and serves as a collectible and fashion accessory [1]. - The event marks a shift in cultural symbols, with Labubu representing a new generation of IP, moving away from traditional characters like Popeye [5][7]. Group 2: Market Performance and Analyst Insights - Bank of America reiterated a "buy" rating for Pop Mart, maintaining a target price of 400 HKD, viewing the U.S. market as a new growth engine for the company [3]. - Despite a recent 35% decline from its peak, the company's fundamentals remain strong, particularly in overseas IP operations, presenting a compelling buying opportunity [4]. Group 3: IP Operations and Strategy - The report counters concerns about the unpredictability of the IP business model, asserting that Labubu's popularity is a result of sustained and effective IP management [8]. - Pop Mart's U.S. IP operations have been upgraded, with strategic offline initiatives and collaborations, validating the company's operational capabilities in international markets [9]. Group 4: Financial Projections - Financial models predict that Pop Mart will achieve revenues of 37.08 billion RMB and a net profit of 13.06 billion RMB in 2025, with further growth expected in 2026 [10]. - The target price of 400 HKD is based on a valuation method that combines P/E and DCF, indicating a high value proposition with a PEG ratio below 1, suggesting strong investment potential [10].