Glonghui, May 27 | Jefferies released a report. It is expected that Bubble Mart (9992.HK) management will raise the 2024 sales target when the interim results are announced, so the target price will be raised from HK$30.1 to HK$39.3 to maintain the “buy” rating. According to the report, after Bubble Mart recorded strong sales growth of 40% to 45% per year in the first quarter, the growth momentum for the second quarter may be stronger than management expectations, so it is expected that this year's sales target will be raised when announcing the interim results in August, mainly due to Labubu's popularity in the mainland and Southeast Asia, as well as the company's more detailed brand management, and other IPs also contributed to sales. In addition, the company will launch its first playable card, Pop Card, on the 30th of this month, and is also expected to launch a building block toy in June. Jefferies believes that expanding product categories can help increase average revenue per user (ARPU), and Bubble Mart has shown a strong ability to attract new members. The bank expects the company's net profit to increase by 46%, 35% and 38% respectively from 2024 to 26. The latest target price of HK$39.3 is equivalent to 31 and 23 times the price-earnings ratio in this two years.