理解市场 | 泡泡玛特再涨超 4% Labubu 依旧供不应求 新 IP“星星人 “快速崛起
POP MART rose over 4% again, as of the time of writing, up 4.25% to HKD 284.2, with a trading volume of HKD 882 million. JP Morgan released a research report stating that it has upgraded POP MART's rating from "Neutral" to "Overweight," and raised the target price from HKD 300 to HKD 320. JP Morgan's adjustment is mainly based on two key factors: first, the continued strong performance of popular IPs; although Labubu's production capacity has increased tenfold compared to the first quarter, Labubu 3.0 and Mini Labubu remain sold out in all regions. Additionally, the new IP "Star People" is rapidly rising and is expected to contribute 8% of sales in 2027; second, the valuation attractiveness has significantly improved, as POP MART's stock price has corrected 24% from its August peak, while the Hang Seng Index has risen 7% during the same period. Currently, JP Morgan forecasts only a 20 times price-to-earnings ratio for 2026, making the risk-reward ratio more attractive
According to Zhitong Finance APP, POP MART (09992) has risen over 4% again, with a current increase of 4.25%, priced at HKD 284.2, and a transaction volume of HKD 882 million.
JP Morgan released a research report stating that it has upgraded POP MART's rating from "Neutral" to "Overweight," and raised the target price from HKD 300 to HKD 320. JP Morgan's adjustment is mainly based on two key factors: first, the continued strong performance of popular IPs; although Labubu's production capacity has increased tenfold compared to the first quarter, Labubu 3.0 and Mini Labubu are still sold out in all regions. Additionally, the new IP "Star People" is rapidly rising and is expected to contribute 8% of sales in 2027; second, the valuation attractiveness has significantly improved, as POP MART's stock price has corrected 24% from its August peak, while the Hang Seng Index has risen 7% during the same period. Currently, JP Morgan predicts a price-to-earnings ratio of only 20 times for 2026, making the risk-reward ratio more attractive
