---
title: "Huatai Securities: POP MART's performance growth sustainability is underestimated, maintaining a buy rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/273161784.md"
description: "Huatai Securities released a research report, believing that the performance growth sustainability of POP MART is underestimated, maintaining a buy rating. The report pointed out that the market's concerns about the company's IP popularity and performance growth are influenced by short-term data, but tracking data shows that the company's performance is highly resilient. POP MART repurchased shares on January 19, demonstrating confidence in its growth prospects. The target price is set at 410 yuan"
datetime: "2026-01-21T02:17:56.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/273161784.md)
  - [en](https://longbridge.com/en/news/273161784.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/273161784.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/273161784.md) | [繁體中文](https://longbridge.com/zh-HK/news/273161784.md)


# Huatai Securities: POP MART's performance growth sustainability is underestimated, maintaining a buy rating

Huatai Securities research report indicates that recent market expectations for POP MART (09992.HK) have been significantly influenced by short-term high-frequency tracking data, leading to increased concerns about the sustainability of IP popularity and performance growth. The tracked data shows that the company's domestic and overseas performance in the fourth quarter of last year exhibited high resilience, and after experiencing a sales peak with Labubu 3.0, the strength of the IP matrix provided solid support for sales growth.

On January 19, the company repurchased 1.4 million shares for HKD 251 million, with a repurchase price per share ranging from HKD 177.7 to HKD 181.2, reflecting the company's confidence in its growth prospects. The firm believes that the sustainability of POP MART's performance growth and its medium to long-term potential are undervalued, and that the current valuation is attractive during this phase of market divergence, maintaining a "Buy" rating and continuing to recommend it, with a target price of HKD 410

### 相关股票

- [POP MART (09992.HK)](https://longbridge.com/zh-CN/quote/09992.HK.md)

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