Haitong International: Raised the target price of Pinduoduo (09992.HK) to 198.1 Hong Kong dollars and maintained the "outperform" rating.

The wisdom financial APP learned that Haitong International released a research report stating that Pop Mart (09992.HK) announced a first quarter performance forecast on April 22, with revenue expected to increase by 165% to 170% year-on-year, far exceeding expectations. Referring to the company's first quarter performance forecast, Haitong International predicts that the revenue will reach 24.2 billion, 33.5 billion, and 42.3 billion RMB in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 86%, 38%, and 26% respectively; the adjusted net profits are expected to be 7.01 billion, 9.91 billion, and 12.83 billion RMB, with year-on-year growth rates of 106%, 41%, and 29% respectively; the adjusted net profit margins are expected to be 28.9%, 29.6%, and 30.3% respectively. Taking into account the company's expected annual compound growth rate of 35% in adjusted net profit from 2025 to 2027, the bank assigns a 35 times P/E ratio valuation to the company in 2025, raises the target price by 25% to 198.1 Hong Kong dollars, and maintains an "outperform" rating.