Hypergrowth stocks provide some exciting opportunities for quick returns. Because growth stocks have a high-beta, opportunities are created in a correction or when the growth story faces near term headwinds.

Growth stocks with weak fundamentals might take time to recover. However, fundamentally strong growth stocks are unlikely to trade at a valuation gap for an extended period. With the possibility of rate cuts in the second half of 2024, there is a strong case for a rally in high-beta stocks.

This column discusses seven hypergrowth stocks that can surge by 100% before the end of 2024. These stocks represent ideas with potential company or industry specific catalysts that will play-out relatively soon.

It’s also worth noting that these hypergrowth stocks can be considered for the long-term portfolio. In my view, most of these stocks are poised for 3x to 5x returns in the next five years. Let’s discuss the reasons that make these ideas attractive.

Li Auto (LI)

Li Auto (NASDAQ:LI) is a high conviction idea that’s likely to skyrocket in the coming quarters. In the last six months, LI stock has remained sideways even as business developments have been stellar. The reason is a broad correction in Chinese equities. This looks like a golden accumulation opportunity with LI stock trading at an attractive forward price-earnings ratio of 18. Just to put things into perspective, Li is likely to deliver revenue growth of more than 100% this year.

I would also like to add that Li commands a market valuation of $40 billion. For Q4 2023, the Company reported free cash flow of $2 billion. Considering the growth trajectory, the annual FCF is likely to be $10 billion for this year. Further, Li Auto has a cash buffer of $14.6 billion. Ultimately, it’s the cash flows that determine the valuation. Considering the cash flow potential, LI stock looks massively undervalued. Earlier this month, Li Auto launched LI MEGA. The new model is likely to ensure stellar deliveries growth sustains in the coming quarters. This makes it one of those hypergrowth stocks to consider.

Riot Platforms (RIOT)

Bitcoin (BTC-USD) seems to be marching towards $100,000 with halving due. While mining activity is likely to get difficult after halving, this factor is discounted in Bitcoin miners. Riot Platforms (NASDAQ:RIOT) stock looks massively undervalued and 100% returns from current levels might be a cakewalk.

It’s worth noting that Riot is far from being a speculative stock. The Company has strong fundamentals with a zero-debt balance sheet. Further, as of Q4 2023, the Company’s cash buffer was $908 million (including value of Bitcoin holdings). Therefore, financial flexibility is high to make aggressive capital investments.

For Q4 2023, Riot Platforms reported the cost to mine one Bitcoin at $13,674. With the crypto trading above $70,000, there is visibility for significant EBITDA margin expansion through the year. At the same time, Riot is planning to increase hash rate capacity from 12.4EH/s at the end of 2023 to 40.8EH/s by 2025. This will support healthy growth in EBITDA and cash flows.

Miniso Group (MNSO)

Miniso Group (NYSE:MNSO) recently reported Q2 2024 results with revenue and earnings per share beating estimates. It’s however worth noting that MNSO stock has remained sideways in the last 12 months. The growth stock looks deeply undervalued at a forward price-earnings ratio of 21.2. I would expect a strong breakout rally for this 2.26% dividend yield stock.

For Q2 2024, Miniso reported revenue growth of 54% on a year-on-year basis to $541 million. For the same period, adjusted EBITDA margin was 25.9%, which was higher by 200 basis points on a year-on-year basis. It’s worth noting that Miniso has been consistently reported margin expansion.

Another highlight is that Miniso ended Q2 2024 with 6,413 stores globally. On a quarter-on-quarter basis, 298 new stores were added. Store expansion has been aggressive and provides visibility for growth in the coming quarters. Miniso also entered four new markets during the quarter. Therefore, with multiple growth catalysts, I am bullish on MNSO stock at current valuations.

Lithium Americas (LAC)

Even with a strong rally in the recent past, Lithium Americas (NYSE:LAC) stock has lower by 10% for year-to-date. This does not come as a surprise with all lithium stocks being beaten down. However, LAC stock looks massively undervalued and looks set to surge higher.

Another reason to write now is a recent report that the Biden administration plans to lend $2 billion to the Company. The funding is likely to finance the construction of the lithium carbonate processing plant. If this news holds true, I would expect a significant rally in the coming months.

To remind investors, Lithium Americas is developing the Thacker Pass project in the U.S. The asset is believed to have the largest measured and indicated lithium resource in the country. General Motors (NYSE:GM) has also invested $650 million in two tranches towards project construction. With a mine life of 40 years and an after-tax net present value of $5.7 billion, the asset is likely to be a game-changer for the Company. All in all, it’s one of those hypergrowth stocks to buy.

Lundin Gold (LUGDF)

With gold trending higher, it’s a good time to remain invested in gold mining stocks. One name that’s a hidden-gem from the industry is Lundin Gold (OTCMKTS:LUGDF).

LUGDF stock has remained sideways for year-to-date and trades at an attractive forward price-earnings ratio of 17.1. Further, the stock offers a dividend yield of 3.18%. With gold trading near $2,200 an ounce, I expect the stock to go ballistic in the coming months.

As an overview, Lundin Gold owns the Fruta del Norte gold mine in southeast Ecuador. Further, the Company owns a large exploration land package that hosts the Fruta del Norte deposit at its northern edge. For 2023, Lundin Gold reported gold production of 481,274 ounces.

Further, at an average realized gold price of $1,958 an ounce, the Company reported operating cash flow of $519 million. With gold production guidance of 475,000 ounces for the year and significantly higher realized price, I expect OCF to increase significantly. This will provide Lundin Gold with the flexibility to increase dividends and invest aggressively in its exploration program.

Coupang (CPNG)

In the last one month, Coupang (NYSE:CPNG) stock has surged by 33%. The rally was on the back of strong Q4 2023 results. I believe that the strong upside momentum is likely to sustain for this attractively valued e-commerce stock. It’s one of those hypergrowth stocks to buy.

For Q4 2023, Coupang reported revenue growth of 23% on a year-on-year basis to $6.6 billion. Besides healthy growth, there are two points to note. First, active customers increased by 16% on a year-on-year basis to 21 million. Further, average revenue per customer increased by 6% to $312.

It’s worth noting that the Korean e-commerce market was worth $483 billion in 2023. The market is expected to increase to $563 billion by 2027. Therefore, there is ample scope for growth within Korea. Further, expansion in other Asian markets will help in accelerating top-line growth.

Another point to note is that for 2023, Coupang reported free cash flow of $1.8 billion. With robust FCF, the Company is positioned to make investments towards platform development and international expansion. I also expect EBITDA margin expansion in 2024 to support CPNG stock upside.

Tilray Brands (TLRY)

Tilray Brands (NASDAQ:TLRY) stock has remained depressed for an extended period even with some positive business developments. I expect a big breakout on the upside from deeply undervalued levels.

For Q2 2024, Tilray reported record revenue of $194 million, which was higher by 34% on a year-on-year basis. A key highlight is the fact that international cannabis revenue increased by 55% on the back of medicinal cannabis sales. With a big addressable market, the medicinal cannabis segment is likely to be a key growth driver.

Further, Tilray reported beverage alcohol net revenue growth of 117% on a year-on-year basis to $47 million. With the Company being the fifth largest craft beer brewer in the United States, the new segment is likely to support growth.

Another reason to like Tilray is the upcoming Presidential elections. Any commitment related to federal level legalization of cannabis can send the stock skyrocketing. This makes it one of those hypergrowth stocks to consider.

On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.