Financial Performance - Revenue for 2023 reached RMB 6,301,002 thousand, showing significant growth compared to previous years[12] - Gross profit for 2023 was RMB 3,864,071 thousand with a gross profit margin of 61.3%[12] - Operating profit for 2023 stood at RMB 1,230,646 thousand[12] - Profit before income tax for 2023 was RMB 1,415,755 thousand[12] - Profit for the year 2023 was RMB 1,088,771 thousand[12] - Profit attributable to owners of the Company for 2023 was RMB 1,082,344 thousand[12] - Non-IFRS adjusted net profit for 2023 was RMB 1,190,519 thousand with a margin of 18.9%[12] - Net profit margin for 2023 was 17.3%[12] - Gross profit margin for 2023 was 61.3%, up from 57.5% in 2022[12] - Non-IFRS adjusted net profit margin for 2023 was 18.9%, up from 12.4% in 2022[12] - Pop Mart achieved an annual revenue of RMB6.3 billion, representing a year-on-year increase of 36.5%[15] - Adjusted net profit was RMB1.19 billion, with a year-on-year increase of 107.6%[15] - Revenue from Hong Kong, Macao, Taiwan, and overseas markets reached RMB1,066.1 million, a year-on-year increase of 134.9%[22] - Company's total revenue reached RMB 6,301.0 million, a year-on-year increase of 36.5%[24] - Overseas business revenue in Hong Kong, Macau, Taiwan, and other regions reached RMB 1,066.1 million, a year-on-year increase of 134.9%, accounting for 16.9% of total revenue[24] - Revenue increased from RMB4,617.3 million in 2022 to RMB6,301.0 million in 2023, representing a year-on-year increase of 36.5%[44][46] - Offline channel revenue in Mainland China grew by 46.3% from RMB2,069.9 million in 2022 to RMB3,027.8 million in 2023[48] - Online channel revenue in Mainland China decreased by 6.5% from RMB1,829.8 million in 2022 to RMB1,710.4 million in 2023[47] - Wholesale and other channel revenue in Mainland China increased by 88.4% from RMB263.6 million in 2022 to RMB496.6 million in 2023[47] - Offline channel revenue in Hong Kong, Macao, Taiwan, and overseas surged by 324.7% from RMB150.7 million in 2022 to RMB640.2 million in 2023[47] - Online channel revenue in Hong Kong, Macao, Taiwan, and overseas grew by 72.7% from RMB90.2 million in 2022 to RMB155.8 million in 2023[47] - Wholesale and other channel revenue in Hong Kong, Macao, Taiwan, and overseas increased by 26.8% from RMB212.9 million in 2022 to RMB270.0 million in 2023[47] - Retail store revenue in Mainland China increased by 46.6% from RMB1,691.1 million in 2022 to RMB2,479.2 million in 2023[48] - Roboshop revenue in Mainland China grew by 44.8% from RMB378.8 million in 2022 to RMB548.5 million in 2023[48] - Retail store sales revenue in Mainland China increased by 46.6% year-on-year from RMB1,691.1 million in 2022 to RMB2,479.2 million in 2023, with the number of retail stores increasing by 34 to a total of 363[53] - Roboshop sales revenue in Mainland China increased by 44.8% year-on-year from RMB378.8 million in 2022 to RMB548.6 million in 2023, with the number of roboshops increasing by 123 to a total of 2,190[54] - Online sales revenue in Mainland China decreased by 6.5% from RMB1,829.8 million in 2022 to RMB1,710.5 million in 2023, with DouYin revenue increasing by 431.2% from RMB53.3 million to RMB283.3 million[55][60] - Wholesales and others revenue in Mainland China increased by 88.4% from RMB263.6 million in 2022 to RMB496.6 million in 2023, driven by increased sales to wholesalers and the opening of POP LAND in September 2023[61] - Offline sales revenue in Hong Kong, Macao, Taiwan, and Overseas increased by 324.7% from RMB150.8 million in 2022 to RMB640.3 million in 2023, with retail store revenue increasing by 330.0% and roboshop revenue increasing by 277.3%[62][67][68] - Online sales revenue in Hong Kong, Macao, Taiwan, and Overseas increased by 72.7% from RMB90.2 million in 2022 to RMB155.8 million in 2023, with Shopee revenue increasing by 70.3% and other online channels revenue increasing by 93.4%[69][71] - Shopee revenue increased by 70.3% from RMB25.2 million in 2022 to RMB42.9 million in 2023[72] - Pop Mart official website revenue increased by 45.9% from RMB27.1 million in 2022 to RMB39.5 million in 2023[72] - Wholesales and others revenue in Hong Kong, Macao, Taiwan, and overseas increased by 26.8% from RMB212.9 million in 2022 to RMB270.0 million in 2023[72] - Proprietary products revenue increased by 39.8% from RMB4,190.0 million in 2022 to RMB5,858.0 million in 2023, contributing 93.0% of total revenue[74] - Artist IPs revenue increased by 32.5% from RMB3,639.7 million in 2022 to RMB4,822.2 million in 2023[78] - Licensed IPs revenue increased by 88.2% from RMB550.3 million in 2022 to RMB1,035.7 million in 2023[79] - Costs of sales increased by 24.2% from RMB1,962.8 million in 2022 to RMB2,436.9 million in 2023[80] - Gross profit increased by 45.6% from RMB2,654.5 million in 2022 to RMB3,864.1 million in 2023, with gross profit margin rising from 57.5% to 61.3%[83] - Gross profit from Pop Mart proprietary products increased by 47.6% from RMB2,518.2 million in 2022 to RMB3,716.2 million in 2023, with gross profit margin rising from 59.7% to 63.4%[83] - Distribution and selling expenses increased by 36.3% from RMB1,470.8 million in 2022 to RMB2,004.7 million in 2023, driven by employee benefit expenses and depreciation of right-of-use assets[83] - Employee benefit expenses increased by 51.9% from RMB394.0 million in 2022 to RMB598.5 million in 2023, due to an increase in sales personnel from 3,171 to 3,735[83] - Depreciation of right-of-use assets increased by 13.2% from RMB269.3 million in 2022 to RMB304.9 million in 2023, due to the expansion of offline retail outlets by 76[84] - General and administrative expenses increased by 3.1% from RMB686.3 million in 2022 to RMB707.3 million in 2023, with administrative and design development personnel increasing from 1,007 to 1,110[84] - Other income increased by 64.4% from RMB45.6 million in 2022 to RMB74.9 million in 2023, with government grants increasing from RMB11.6 million to RMB30.9 million[84] - Operating profit increased by 111.0% from RMB583.4 million in 2022 to RMB1,230.6 million in 2023[84] - Profit for the year increased from RMB475.8 million in 2022 to RMB1,088.8 million in 2023[86] - Effective tax rate decreased from 25.6% in 2022 to 23.1% in 2023, with income tax expense increasing from RMB163.7 million to RMB327.0 million[85] - Non-IFRS adjusted net profit increased to RMB 1,190,519 thousand in 2023, up from RMB 573,540 thousand in 2022[93] - Non-IFRS adjusted net profit margin rose to 18.9% in 2023, compared to 12.4% in 2022[93] - Net current assets grew to RMB 5,950.2 million in 2023 from RMB 5,484.8 million in 2022[95] - Trade receivables increased to RMB 321.3 million in 2023 from RMB 194.4 million in 2022[95] - Inventories rose to RMB 904.7 million in 2023 from RMB 867.0 million in 2022[95] - Cash and cash equivalents surged to RMB 2,077.9 million in 2023 from RMB 685.3 million in 2022[95] - Trade payables increased to RMB 444.9 million in 2023 from RMB 259.0 million in 2022[96] - Gearing ratio increased to 22.0% in 2023 from 18.8% in 2022[99] - Bank borrowings stood at RMB 15.1 million in 2023, compared to nil in 2022[97] - Capital expenditures in 2023 totaled RMB 392,466 thousand, with RMB 324,179 thousand for property, plant, and equipment and RMB 68,287 thousand for intangible assets[109] - The Company's reserve available for distribution to shareholders amounted to approximately RMB11,964,634,000 as of 31 December 2023[183] IP and Product Performance - 10 IPs exceeded RMB100 million in sales for the first time, with top IPs SKULLPANDA and MOLLY each exceeding RMB1 billion in revenue[15] - The top five IPs accounted for around 55% of total sales, demonstrating a balanced and healthy IP portfolio[15] - SKULLPANDA, MOLLY, and DIMOO generated revenues of RMB 1,024.8 million, RMB 1,020.3 million, and RMB 737.7 million respectively in 2023[26] - SKULLPANDA's eighth series "Temperature" achieved sales of RMB 313.8 million by the end of 2023[26] - MOLLY's related revenue increased by 27.2% year-on-year through diversified commercialization operations[26] - THE MONSTERS' related revenue grew by 39.9% year-on-year due to diversified product designs and innovative presentation forms[26] - Hirono's revenue increased by 149.5% year-on-year in 2023[27] - MEGA Collection Series revenue amounted to RMB 681.5 million in 2023[31] - 10 artist IPs recorded sales of over RMB 100 million in 2023[26] Expansion and Operations - Pop Mart opened its first offline stores in France, Malaysia, Thailand, and the Netherlands in 2023[15] - The company redefined its business into four core segments: IP incubation and operation, pop toy merchandizing and retail, theme park and IP experience, and digital entertainment[16] - The company opened 55 new physical stores in Mainland China in 2023, increasing the total number from 329 to 363[37] - The company opened 123 new roboshops in Mainland China in 2023, increasing the total number from 2,067 to 2,190[37] - The company opened its first physical stores in France, Malaysia, Thailand, and the Netherlands in 2023[39] - The company opened its third flagship store in Ximending, Taiwan, setting a new global store record for first-day sales in December 2023[39] - POP LAND, the company's first immersive IP-themed park, opened in Beijing's Chaoyang Park in September 2023[42] - The company had 4,845 employees as of 31 December 2023, including 3,735 sales personnel and 1,110 administrative and development personnel[110] - Staff costs for the year ended 31 December 2023 amounted to RMB 1,048.5 million[110] - The company did not hold any significant investments as of 31 December 2023 but will continue to seek strategic investment opportunities[111] - No material acquisitions or disposals of subsidiaries, associates, or joint ventures were conducted as of 31 December 2023[112] - The company aims to enrich IP types, expand the IP portfolio, and introduce more top-selling series products[117] - International business growth will focus on overseas DTC strategy, physical stores, roboshops, and cross-border e-commerce platforms[118] - The company plans to expand its channel network, improve user shopping experience, and enhance member operations[119] - New brands such as MEGA, GONG, and inner flow will be further developed, along with emerging businesses like amusement parks and games[121] - The company operates in four segments: IP incubation and operation, pop toys and retail, theme park and IP experience, and digital entertainment[148] - The company is a leading pop toy company and a pioneer of pop toy culture in China[148] - The company's integrated operation platform covers the entire industry chain of pop toy IPs[148] - The company had 4,845 employees as of December 31, 2023, with the majority based in China[171] - The company recruits employees through campus job fairs, recruitment agencies, and online channels[171] - The company participates in government statutory employee benefit plans, including social insurance and housing provident funds[171] - The company maintains standard contracts with employees regarding confidentiality, intellectual property, and non-competition[171] - The company has not experienced significant labor disputes or recruitment difficulties as of December 31, 2023[171] - The Group's sales to its five largest customers accounted for less than 30% of total sales for the year ended 31 December 2023[172] - Purchases from the Group's five largest suppliers accounted for 60.6% of total purchases, with the largest supplier contributing 24.5% for the year ended 31 December 2023[172] - The Group's wholesale customers are provided credit terms ranging from 30 to 90 days, with preferential terms of up to 180 days for certain long-term customers[172] - The Group's suppliers may grant credit terms of up to 180 days[172] Digital and Online Performance - Revenue from the Pop Draw mini program on WeChat reached RMB729.3 million in 2023[37] - Revenue from Tmall Flagship stores amounted to RMB322.0 million in 2023[37] - DouYin platform revenue reached RMB283.3 million in 2023, representing a year-on-year increase of 431.2%[37] - The total number of registered members in Mainland China increased from 26.0 million to 34.4 million in 2023, with 8.4 million new registered members[37] - Member sales contributed 92.1% of total sales in 2023, with a repeat purchase rate of 50.0%[37] Dividends and Shareholder Information - The company plans to distribute annual dividends of no less than 20% of its distributable net profit[150] - The board declared a final dividend of RMB 28.21 cents per ordinary share for the year ended December 31, 2023[155] - The final dividend is subject to approval at the annual general meeting on May 21, 2024[155] - The register of members will be closed from May 27 to May 30, 2024, to determine entitlement to the final dividend[159] - The annual general meeting will be held on May 21, 2024[157] - The register of members will be closed from May 16 to May 21, 2024, to determine entitlement to attend and vote at the annual general meeting[158] - The board will review dividend policy based on operational results, cash flows, financial condition, capital requirements, and legal requirements[155] - The company will suspend share transfer registration from May 16, 2024, to May 21, 2024, for the Annual General Meeting[162] - Shareholders must submit transfer forms and related shares by May 14, 2024, to qualify for voting at the Annual General Meeting[162] - The company will suspend share transfer registration from May 27, 2024, to May 30, 2024, for the proposed final dividend[162] - Shareholders must submit transfer documents and related shares by May 24, 2024, to qualify for the final dividend[162] - The issued share capital of the Company was 1,348,243,150 shares as of 31 December 2023[176] - The Company maintained the minimum public float of 25% as required under the Listing Rules for the year ended 31 December 2023[185] Management and Board Information - Mr. Wang Ning, aged 37, is the executive Director, Chairman of the Board, and CEO of the company, responsible for overall strategic planning and management[125] - Ms. Liu Ran, aged 36, is the executive Director and vice president, in charge of the president office of the company[125] - Mr. Si De, aged 35, is the executive Director and chief operating officer, responsible for the operations of the Group and the overall business in mainland China[126] - Mr. Moon Duk Il, aged 45, is the executive Director, vice president, and president of international business, overseeing the Hong Kong, Macao, Taiwan, and overseas business department[126] - Mr. Tu Zheng, aged 46, appointed as non-executive Director in May 2019, responsible for providing professional advice

轻工制造/文娱用品 公 司 研 泡泡玛特（09992.HK） 2024Q1 收入增速超预期，海外业务增速靓眼 究 2024年04月24日 ——港股公司信息更新报告 投资评级：买入（维持） 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 日期 2024/4/23 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 港 当前股价(港元) 34.550  2024Q1收入增速超预期，海外业务增速靓眼，维持“买入”评级 股 一年最高最低(港元) 35.500/16.100 公司公告2024年一季度最新业务情况（未经审计），预计2024Q1公司收入增长 公 40-45%，其中国内业务收入增长20-25%，海外业务收入增长245-250%。我们维 司 总市值(亿港元) 463.99 持盈利预测，预计 2024-2026 公司净利润为 14.5/18.6/23.5 亿元，对应 信 流通市值(亿港元) 463.99 EPS1.1/1.4/1.8 元， ...

泡泡玛特（9992.HK）2024年一季度经营数据点评 收入增速超预期，海外业务持续高增 2024年04月24日 ➢ 事件：泡泡玛特发布2024年一季度经营数据公告：2024Q1公司整体营收 推荐 维持评级 同比增长 40%-45%，其中，中国内地营收同比增长 20%-25%，港澳台及海外 当前价格： 34.55港元 营收同比增长245%-250%。 ➢ 国内线下渠道转暖，抖音持续高增。线下方面，2024Q1 零售店/机器人商 [Table_Author] 店/批发及其他渠道（含乐园）收入分别同比增长 20%-25%/15%-20%/50%- 55%。线上方面，2024Q1抽盒机小程序收入同比增长0%-5%，有所回暖（23Q1 下滑40%-45%）。电商渠道同比增长20%-25%，其中抖音销售额持续高增，同 比增长 95%-100%，抖音占线上渠道营收比例已由 2022 年的 2.9%增至 2023 年的 16.6%；天猫渠道于 23 年承压，但已于 23 年 12 月份止跌并同比回正至 10%，24Q1 同比微增0%-5%（23Q1 下滑40%-45%）。截至 2023 年底，国 分析师 徐皓亮 内零售店/ ...

2024 年 04 月 23 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 收入增幅超预期，海外维持高速增长 2024Q1 证券分析师： 姚蕾 S0350521080006 yaol02@ghzq.com.cn 证券分析师： 方博云 S0350521120002 ——泡泡玛特（ ） 业绩点评 9992.HK 2024Q1 fangby@ghzq.com.cn 最近一年走势 事件 : 4月22日，泡泡玛特公告2024Q1经营情况，预计2024Q1收入同比增 长40%至45%，大陆区域同比增长20%至25%，港澳台及海外同比增 长245%至250%。 投资要点 :  大陆线下渠道稳健增长。 （1） 2024Q1大陆门店/机器人收入同比增长区间分别为20%至25%、 相对恒生指数表现 2024/04/23 15%至20%；门店稳健扩张，2023年底门店363家，同比净增34 表现 1M 3M 12M 家。我们预计2024年大陆新开30-40家，全年增速约为8%-11%； 泡泡玛特 25.0% 92.6% 90.0% 假设2024Q1门店数同比增长10%，由此推测同店增长10%+。 恒 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company reported a year-on-year revenue growth of 40%-45% for Q1 2024, with domestic revenue increasing by 20%-25% and overseas revenue soaring by 245%-250% [3] - The company continues to launch successful new products under its key IPs, with strong sales performance expected from upcoming innovative products [3] - Domestic revenue growth remains robust, driven by strong performance in offline retail and a recovery in online channels [3] - The overseas market is experiencing rapid growth, with new store openings in countries like Thailand, Australia, and France, and several IPs gaining popularity in the U.S. and Thailand [3] Financial Forecasts - Total revenue is projected to grow from 6,344 million RMB in 2023 to 11,382 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 14.07% [2] - Net profit attributable to the parent company is expected to rise from 1,082.34 million RMB in 2023 to 2,190.38 million RMB in 2026, indicating a strong growth trajectory [2] - The report forecasts EPS of 1.06 RMB for 2024, 1.38 RMB for 2025, and 1.63 RMB for 2026, with corresponding P/E ratios decreasing from 29.08 to 18.96 over the same period [2][4]

[Table_Title] 证券研究报告 泡泡玛特(9992.HK)24Q1 经营数据点评： 公司研究 24Q1 收入超预期，IP 联名&扩圈，海外市场 [Table_ReportType] 点评报告 高增长 [T泡ab泡le玛_S特toc(k9A9n9d2R.anHkK]) [Table_ReportDate] 2024年4月23日 投资评级 上次评级 [T 事ab 件le ：_S 公u 司mm 披ar 露y] 24Q1未经审核经营数据，收入同增40-45%，其中中国大 陆同增20-25%，中国港澳台及海外同增245-250%、表现超预期。 [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 执业编号：S1500522110002 点评： 联系电话：15000310173 邮 箱：liujiaren@cindasc.com 我们预计线下同店表现亮眼。24Q1中国大陆零售店、机器人店分别同增20- 25%、15-20%，2023 年开始开店速度放缓但同店表现持续亮眼，2023 年 蔡昕妤 商贸零售分析师 线下零售门店收入同增 46.6%，其中同店同增 25%，店均收入超 21 年水 执业编号：S150 ...

本次对话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此作出的任何投资决策与国海证券国海证券员工或者官邻机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资时谨慎 各位投资者晚上好,欢迎参加我们今天的电话会。我是国海传媒的手游分析师姚磊,今天主讲的还有我们团队的搭档方博云。我们今天的主题是泡玛特的推荐逻辑重申。 然后是那个IP加品类加全球化,因为泡玛特的话它其实是在2020年12月份上市的,然后我们团队的话呢是在2020年的6月份就是首次发布了那个泡玛特的一个深度报告,然后我们跟踪泡玛特的话也已经是将近有四年的一个时间了。 在这四年 ...

本次对话会议仅供符合国海证券投资者适当性管理要求的客户以及受邀客户使用国海证券不会因接收人收到本次会议相关通知或参加本次会议而释其为客户本次会议内容不构成任何投资建议据此做出的任何投资决策与国海证券国海证券员工或者关联机构无关本次会议只是转发国海证券已发布研究报告的部分观点仅反映国海证券研究人员于发布完整报告当日的判断 相关内容请以研究所已公开发布报告为准会议严禁录音或转发 任何人不得对本次会议的任何内容进行发布复制编辑改编转载播放展示或以其他任何方式非法使用本次会议的部分或者全部内容否则将承担相应的法律责任国海证券就此保留一切法律权利在任何情况下国海证券及其员工对使用本次会议信息或内容所引发的任何直接或间接损失概不负责市场有风险投资需谨慎 各位投资者晚上好欢迎参加我们今天的电话会我是国海传媒的手游分析师姚磊今天主讲的还有我们团队的搭档方博云我们今天的主题是泡玛特的推荐逻辑重申 然后是那个IP加品类加全球化因为泡玛特的话它其实是在2020年12月份上市的然后我们团队的话呢是在2020年的6月份就是首次发布了那个泡玛特的一个深度 我们跟踪泡玛特已经将近四年的时间了在这四年当中对她上市到现在的业务的变化包括股价的 ...

[Table_Title] 净利润翻倍增长，验证 IP 运营开发核心竞争力不断 提升 [Table_ReportDate] 泡泡玛特（9992.HK）公司简评报告 | 2024.04.12 [评Ta级ble：_R 买ank入] 核心观点 [ Table_Authors] [Tabl e_Summary] 王建会 ⚫ 事件：公司披露 2023年业绩，2023 年，公司实现总营收 63.01 亿元， 传媒互联网首席分析师 同比增长36.5%；实现净利润10.88亿元，同比增长128.8%；经调整净 SAC执证编号：S0110522050001 利润11.91亿元，同比增长107.6%。 wangjianhui2@sczq.com.cn ⚫ 渠道和区域角度，店效驱动线下高速恢复，抖音渠道持续高增，海外市 李甜露 场翻倍增长。 传媒互联网联席首席分析师 SAC执证编号：S0110516090001 2023年，线下出游火爆带动线下商业快速恢复，公司零售店和机器人商 litianlu@sczq.com.cn 店收入分别同比增长46.6%和44.8%，尤其是考虑到公司在内地新开店 电话：86-10-8115 2690 铺 ...

Investment Rating - The investment rating for the company is "Buy" [4][2][11] Core Insights - In 2023, the company achieved a revenue of 6.3 billion yuan, representing a year-on-year growth of 36.5%, primarily driven by the recovery of domestic offline stores and rapid growth in overseas business [5][11] - The net profit attributable to shareholders reached 1.08 billion yuan, a significant increase of 127.5% year-on-year [5][11] - The company's gross margin and net margin improved to 60.4% and 16.9%, respectively, with a decrease in overall expense ratio by 5.4 percentage points to 40.4% [5][11] Revenue Breakdown - Domestic revenue (excluding Hong Kong, Macau, and Taiwan) was 5.24 billion yuan, up 25.7% year-on-year, with offline channel revenue growing by 46.3% to 3.03 billion yuan [11][5] - Overseas revenue reached 1.07 billion yuan, marking a 134.9% increase, driven by the expansion of overseas retail stores [11][5] IP Performance - The company's top IPs, including SKULLPANDA and MOLLY, generated revenues of 1.02 billion yuan each, with year-on-year growth rates of 20.3% and 27.2%, respectively [11][5] - The Pop Design Center (PDC) team has successfully developed four IPs with sales exceeding 100 million yuan, with the IP "小野" achieving a revenue of 350 million yuan, up 149.5% year-on-year [11][5] Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.56 billion, 1.92 billion, and 2.29 billion yuan for 2024-2026, with growth rates of 44%, 23%, and 19% respectively [2][11] - The diluted EPS is projected to be 1.16, 1.43, and 1.70 yuan for 2024-2026, with corresponding PE ratios of 21, 17, and 14 times [2][11]