HSBC: Give the first rating to Pop Mart (09992.HK) as "buy" with a target price of 250 Hong Kong dollars. Labubu is considered an emerging "super IP" under its umbrella.

According to the Wise Finance app, Morgan Stanley released a research report stating that Pop Mart (09992.HK) leads the rapidly growing IP goods market in China. The company's strong IP supply is highly regarded; Labubu is an emerging "super IP"; with global expansion ambitions and execution capabilities, the bank expects its overseas sales to increase by 152% year-on-year in 2025, with an annual compound growth rate of 42% from 2025 to 2027, accounting for 65% of sales in 2027. The bank predicts that driven by strong IP, store openings, productivity improvements, category expansion, and profit margin expansion, the company's annual compound growth rates for sales and profits from 2024 to 2027 will reach 44% and 56%, respectively. The bank's earnings per share forecast for 2025 to 2027 is 9% to 15% higher than market expectations. It initiates coverage with a "buy" rating and a target price of HK$250.