Lyon: Maintain the outperform rating on Bubble Mart (09992.HK), the target price has been raised to HK$368.

According to the Securities Times app, Lyon released a research report stating that the development momentum of Pop Mart (09992.HK) global layout continues to improve. The overseas International Trendy Toy Fair held in Singapore recently showed that Pop Mart's global demand remains strong, and continuous improvements in the supply chain can support growth. It is currently predicted that the company's sales in 2025 will increase by 172% to 35.4 billion RMB, with 50% each from China and overseas sales. It is forecasted that the gross profit margin and core operating profit margin will increase to 71.4% and 44.6% respectively. Lyon has raised Pop Mart's sales and adjusted net profit forecasts for 2025 to 2027 by 14%, 12%, 12% and 23%, 20%, 20% respectively, and the target price has been raised from HK$318 to HK$368, maintaining an "outperform" rating.