bocom intl published a report, initiating a "buy" rating on pop mart, with a target price of 103.65 HKD, considering that the china潮玩 market is currently in a rapid development stage. The positioning of pop mart's entire industry chain and its overall increasingly mature operations are expected to capture industry growth and demonstrate high-quality overseas expansion speed and effectiveness since 2024. The report noted that pop mart's performance has been consistently impressive this year, and future prospects remain promising. In the third quarter, overall revenue grew approximately 120% to 125% year-on-year. Revenue from mainland China increased by 55% to 60% year-on-year, while revenue from Hong Kong, Macau, Taiwan, and overseas surged by 440% to 445%, continuing the rapid growth from the first half of the year. Looking ahead, the report stated that the company's online business is expected to benefit from the multi-channel layout and increased brand awareness, while offline business growth is primarily driven by the increase in store numbers and store efficiency. The overseas business is projected to continue benefiting from the company's ongoing store expansion and successful implementation of local strategies.
交银国际:首予泡泡玛特“买入”评级 中国潮玩市场正值高速发展阶段
bocom intl: Initiating a "buy" rating on pop mart. The china潮玩 market is currently in a rapid development stage.
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