Swhy released a research report stating that it maintains a "buy" rating for Pop Mart (09992.HK), considering the continuous optimization of the supply chain, the higher gross margin of the high-growth overseas business to enhance profitability. It raised the Non-IFRS adjusted net profit forecast for 2024 to 1.749 billion (original forecast 1.592 billion), and added income forecasts for 2025-2026 of 10.981 billion yuan and 13.141 billion yuan, with Non-IFRS adjusted net profit forecasts for 2025-2026 of 2.273 billion yuan and 2.751 billion yuan, respectively. Pop Mart is a product that meets the spiritual needs of modern young people, and the logic of expanding head IPs, categories, and regions of the company continues to be verified.
申万宏源：维持泡泡玛特(09992.HK)“买入”评级 头部IP扩张+品类扩张+区域扩张逻辑不断验证
Swhy: Maintain the "buy" rating of Pop Mart (09992.HK), as the logic of expanding head IPs, categories, and regions continues to be verified.
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