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<Research>CICC Says POP MART (09992.HK) 3Q Rev. Growth Beats, Raises Earnings Forecasts
Recommend 13 Positive 25 Negative 13 |
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POP MART (09992.HK) announced its latest business condition for 3Q25, with overall revenue increasing by 245-250% YoY, CICC published a research report saying. The growth rate further accelerated QoQ, with revenue from the Chinese/ overseas market surging by 185-190%/ 365-370% respectively, with both beating the expectations of the broker/ market. This was mainly due to new launches in flagship product lines and accelerated growth in the European and American markets, along with faster release of production capacity. Considering the accelerated release of production capacity, acceleration expectation in the overseas market during peak season, CICC raised its 2025/ 2026 tadjusted net profit forecasts for the Company by 20%/ 21% to RMB13.2 billion/ RMB17 billion respectively. The current stock price corresponds to an adjusted PE ratio of 23x/ 18x for 2025/ 2026. Therefore, the broker kept rating at Outperform, considering the lower valuation of the new consumption sector due to the shift in capital style, and kept its target price at $370, corresponding to adjusted PE ratios of 35x/ 27x for 2025/ 2026. AASTOCKS Financial News Website: www.aastocks.com |
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