Citigroup: Pop Mart's growth remains strong in the second half, target price raised to HKD 384.5
Jin10 data reported on July 16 that Citigroup released a research report stating that Pop Mart (09992.HK) announced a profit warning yesterday, expecting mid-term revenue to rise over 200% year-on-year, with profit growth of at least 350% year-on-year, estimating net profit to exceed 4.17 billion yuan and revenue to exceed 13.7 billion yuan, surpassing Citigroup and market expectations. Citigroup believes that the global recognition of IPs such as LABUBU continues to rise, driving Pop Mart's second quarter performance significantly above expectations. Although the base is high, it is expected that the growth momentum will remain strong in the second half of the year due to sustained IP popularity, overseas expansion, replenishment plans, and new product launches.