Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential [2]. Core Views - The company achieved a revenue of 6.3 billion CNY in 2023, representing a year-on-year growth of 36.5%. The adjusted net profit reached 1.19 billion CNY, doubling from the previous year [2]. - The company is expected to continue benefiting from its IP operational capabilities and monetization potential, with projected revenues of 8.18 billion CNY and 10.27 billion CNY for 2024 and 2025, respectively, reflecting growth rates of 29.8% and 25.6% [2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 6.3 billion CNY, with mainland China contributing 5.23 billion CNY (up 25.7%) and Hong Kong, Macau, and overseas regions contributing 1.07 billion CNY (up 134.9%) [2]. - The adjusted net profit for 2023 was 1.19 billion CNY, a 107.6% increase year-on-year, with a gross margin of 61.3% (up 3.8 percentage points) and a net margin of 18.9% (up 6.5 percentage points) [2]. Market Expansion - The company has accelerated its international market expansion, achieving a revenue of 1.066 billion CNY from Hong Kong, Macau, and overseas regions in 2023, exceeding its previous guidance of 1 billion CNY [2]. - The overseas offline channels generated 640 million CNY in revenue, a 324.7% increase, with retail stores and robot stores contributing significantly [2]. IP Development - The company has expanded its IP matrix, with 10 IPs achieving over 100 million CNY in sales, including notable IPs like Skullpanda and Molly [2]. - The company is diversifying its IP monetization channels and has restructured its business into four segments: IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment [2].

Investment Rating - The report maintains a "Hold" rating for the company with a target price of HK$27.39, indicating a potential downside of 4% from the current price of HK$28.65 [1][2][14]. Core Insights - The company has shown strong performance in 2023, with revenue and adjusted net profit exceeding expectations by 36.5% and 106.3% respectively, driven by initial success in overseas markets and recovering domestic demand [4][5]. - Future growth is expected to heavily rely on overseas market expansion, while domestic growth may slow down [4][5]. - The target price has been raised to HK$27.39, reflecting a price-to-earnings (P/E) ratio of 23.4 times for 2024, up from a previous target of HK$20.30 [4][14]. Financial Summary - Revenue for 2023 reached RMB 6,301 million, a 36.5% increase from 2022, with adjusted net profit at RMB 1,183 million, a 106.3% increase [6][12]. - The company expects total revenue to grow to RMB 8,027 million in 2024, with a projected growth rate of 27.4% [6][13]. - The adjusted earnings per share (EPS) for 2024 is forecasted to be RMB 1.06, reflecting a 22.3% increase from the previous estimate [6][13]. Market Performance - The company has achieved significant growth in overseas markets, with revenue exceeding RMB 1 billion in 2023, marking over 100% growth [5][8]. - The number of retail and robot stores has expanded significantly, contributing to increased sales [5][8]. - The management has set a target for overseas revenue growth of 100% in 2024, aiming for overall revenue growth of 30% [5][8]. Valuation Metrics - The current P/E ratio is 24.5 for 2024 and 20.5 for 2025, with an expected adjusted EPS growth of 20.5% and 19.3% for the respective years [4][14]. - The report indicates that the current valuation reflects a reasonable risk-reward profile, considering the uncertainties associated with international expansion and competition [4][14].

2024 年 03 月 24 日 公司研究 评级：买入 (维持 ) 研究所： [Table_Title] 海外与抖音收入猛增，净利润翻倍 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（ ） 年业绩点评 9992.HK 2023 fangby@ghzq.com.cn 最近一年走势 事件 : 3 月 20 日，泡泡玛特公告 2023 年业绩，2023 年公司收入 63.0 亿元 （YOY+36.5%），经调整净利润11.9亿元（YOY+107.6%），归母净 利润10.8亿元（YOY+127.5%）。2023年每股派息人民币28.2分，合 计3.79亿元，股利支付率35%。 投资要点 :  海外与抖音渠道收入猛增。 相对恒生指数表现 2024/03/22 （1） 2023年公司收入YOY+36.5%，其中大陆区域YOY+35.6%，海 表现 1M 3M 12M 外区域收入10.7亿元，首次突破10亿元（YOY+134.9%），占比自2022 泡泡玛特 43.7% 43.6% 41.0% 年的9.8%提升至 ...

研究报告Research Report 21 Mar 2024 泡泡玛特 Pop Mart International (9992 HK) 点评报告：收入利润新高，分红彰显信心 Review Report: Revenue and Profit Hitting New Record, Dividend Showing Strong Confidence [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：泡泡玛特发布 2023 年业绩。23 年收入 63.0 亿元，同比增 评级 优于大市OUTPERFORM 长 36.5%；毛利率 61.3%，同比提升 3.8pct；经调净利 11.9亿元， 现价 HK$24.70 同比增长 108%，经调净利率18.9%。公司指引 24年公司收入同比 目标价 HK$32.80 增长超30%，其中海外业务收入超100%。 HTI ESG 2.0-3.0-4.0 E-S-G: 0-5, ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in 2023H2 exceeded expectations, with total revenue reaching 6.344 billion RMB, a year-on-year increase of 36.4%, and net profit attributable to shareholders of 1.082 billion RMB, a year-on-year increase of 127.55% [2][6] - The company is expected to achieve significant overseas growth in 2024, with a projected revenue increase of no less than 100% [2][6] Financial Performance Summary - Total revenue for 2023 was 6.344 billion RMB, with a year-on-year growth of 36.4% [2] - Net profit attributable to shareholders for 2023 was 1.082 billion RMB, reflecting a year-on-year increase of 127.55% [2] - Non-GAAP net profit for 2023 was 1.191 billion RMB, with a year-on-year growth of 107.57% [2] - The company achieved a gross margin of 62% in 2023H2, an increase of 5.2 percentage points year-on-year [2] - The company’s EPS for 2024 is projected to be 1.06 RMB, with a corresponding P/E ratio of approximately 24.79 [2][6] Revenue Growth Drivers - The company’s top IPs, including Skullpanda, Molly, and The Monsters, showed strong revenue growth of 20.3%, 27.2%, and 39.9% respectively [2] - The company’s offline channels in mainland China demonstrated robust recovery, with revenue from offline retail stores and robot stores increasing by 63% and 59% year-on-year respectively [2] - Overseas revenue grew by 132% in 2023H2, reaching 6.9 billion RMB [2] Future Projections - The report revises the EPS forecast for 2024 and 2025 upwards to 1.06 RMB and 1.38 RMB respectively, with a new forecast for 2026 at 1.63 RMB [2][6] - The company anticipates that the expansion of its offline channels and the introduction of high-quality IPs will drive future growth [2]

泡泡玛特（9992.HK）2023年年报点评 国内线下场景全面复苏，全球化拓展超预期 2024年03月22日 [T able_Author] 分析师：徐皓亮 执业证号：S0100522110001 邮箱：xuhaoliang@mszq.com ➢ 事件。泡泡玛特发布2023年度业绩报告：公司2023年实现营业收入/归母 推荐 维持评级 净 利 润 / 经 调 整 净 利 润 63.01/10.82/11.91 亿 元 ， 同 比 增 长 当前价格： 28.65港元 36.5%/127.5%/107.6%。其中2023H2实现营业收入/归母净利润/经调整净利 润34.87/6.06/6.55亿元，同比增长54.4%/324.1%/232.1% 相关研究 ➢ 热门IP持续为公司营收增长提供强劲动能。2023年艺术家IP收入为48.22 1.泡泡玛特（9992.HK）2023 半年报点评： 亿元，同增32.49%，占总收入达76.5%，同减2.4pct；头部IP保持强劲增长， 国内线下渠道消费复苏，全球化拓展打开想象 SKULLPANDA/MOLLY/DIMOO实现收入10.25/10.20/7.38亿元，同比分别 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company achieved impressive performance in 2023, with revenue reaching 6.301 billion yuan, a year-on-year increase of 36.5%. The adjusted net profit rose by 107.6% to 1.191 billion yuan, reflecting strong consumer demand driven by enhanced product offerings and a recovery in offline economic activities [1][2]. - The company is expanding its overseas business rapidly, with international revenue growing by 134.9% to 1.066 billion yuan, accounting for 16.9% of total revenue. This expansion includes localizing operations in international markets and opening new stores in regions like Southeast Asia and Europe [1][2]. - The company's IP matrix continues to expand, with ten major IPs generating over 100 million yuan in sales in 2023. Notable IPs include SKULLPANDA and MOLLY, which saw significant revenue growth [1][2]. Financial Overview - In 2023, the company reported a gross margin of 61.3%, an increase of 3.8 percentage points from the previous year. The adjusted net profit margin improved to 18.9%, up by 6.5 percentage points year-on-year [1][2]. - The company expects revenue to grow to 7.810 billion yuan in 2024, with adjusted net profit projected at 1.488 billion yuan, indicating a continued upward trend in financial performance [2][6]. - The membership base has grown significantly, with registered members increasing from 26.004 million at the end of 2022 to 34.354 million by the end of 2023, contributing to 92.1% of sales [1][2]. Channel Performance - The company has seen a strong recovery in offline retail, with revenue from retail stores in mainland China reaching 2.479 billion yuan, a year-on-year increase of 46.6%. Online sales through platforms like Douyin have surged by 431.2% [1][2]. - The number of retail and robot stores in mainland China increased to 363 and 2,190, respectively, with average revenue per store also showing significant growth [1][2]. Future Projections - The company is expected to solidify its leading position in the toy industry through its overseas and innovative business strategies, with revenue projections of 9.380 billion yuan in 2025 and 10.200 billion yuan in 2026 [1][2][6].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future growth and performance [1]. Core Insights - The company achieved a revenue of 6.301 billion yuan in 2023, representing a year-on-year increase of 36.5%, with an adjusted net profit of 1.19 billion yuan, up 107.6% [1]. - The company expects to continue strong growth in 2024, targeting a revenue growth rate of no less than 30%, particularly in the Hong Kong, Macau, and overseas markets, which are projected to maintain over 100% growth [2]. - The company has diversified its operations into four main business segments: IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment [2]. Revenue Breakdown - In 2023, revenue from Hong Kong, Macau, and overseas markets reached 1.066 billion yuan, a 135% increase, accounting for 16.9% of total revenue [1]. - Domestic revenue was 5.235 billion yuan, a 26% increase, with offline channels contributing 48.1% and online channels 27.1% [1]. - The company opened 34 new retail stores in 2023, with offline retail store revenue increasing by 46.6% [1]. Product Performance - The company's self-produced products generated 5.858 billion yuan in revenue, a 39.8% increase, accounting for 93% of total revenue [1]. - The company had 10 IPs with sales exceeding 100 million yuan in 2023, indicating strengthened IP operational capabilities [1]. - The top two IPs, SKULL PANDA and Molly, each generated over 1 billion yuan in revenue, contributing approximately 16% each to total sales [1]. Profitability Metrics - The gross profit margin for 2023 was 61.3%, an increase of 3.8 percentage points year-on-year [1]. - The company’s net profit margin improved to 18.9%, up 6.5 percentage points from the previous year [1]. - The projected EPS for 2024 is 1.08 yuan, with corresponding P/E ratios of 24, 18, and 14 for the years 2024, 2025, and 2026 respectively [2][3].

轻工制造/文娱用品 公 司 研 泡泡玛特（09992.HK） 全流程高效 IP 赋能阿尔法彰显，渠道复苏潮玩龙头 究 2024年02月22日 再起航 投资评级：买入（维持） ——港股公司深度报告 日期 2024/2/21 吕明（分析师） 周嘉乐（分析师） 骆扬（联系人） 当前股价(港元) 19.160 lvming@kysec.cn zhoujiale@kysec.cn luoyang@kysec.cn 港 一年最高最低(港元) 26.900/16.100 证 书编号：S0790520030002 证书编号：S0790522030002 证书编号：S0790122120029 股  国内潮玩龙头海外拓展加速，未来空间广阔，维持“买入”评级 公 总市值(亿港元) 258.32 泡泡玛特是国内潮玩行业龙头公司，2023年摆脱公共卫生事件影响，收入业绩重 司 流通市值(亿港元) 258.32 回较高增速，2023H1 收入 28.1 亿元，同比+19.3%，归母净利润 4.77 亿元，同 深 比+43.2%。展望公司未来发展，全流程高效的商业模式赋能 IP，实现稳定、持 总股本(亿股) 13.48 度 续的IP兑 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 6.301 billion yuan in 2023, representing a year-on-year increase of 36.5%, and a net profit of 1.089 billion yuan, up 128.9% year-on-year. The growth in revenue and profit is attributed to the recovery of domestic offline traffic and accelerated overseas expansion. The forecast for net profit from 2024 to 2026 is set at 1.45 billion, 1.86 billion, and 2.35 billion yuan respectively, with corresponding EPS of 1.08, 1.38, and 1.75 yuan. The current stock price corresponds to PE ratios of 19.4, 15.1, and 11.9 times for the respective years [4][20]. Summary by Sections 1. Revenue Performance - The company reported a revenue of 6.301 billion yuan in 2023, a 36.5% increase year-on-year, with a net profit of 1.089 billion yuan, reflecting a 128.9% increase. The revenue growth was significantly higher than profit growth, driven by the recovery of domestic offline store traffic and accelerated overseas expansion [11][4]. 2. Profitability - The gross profit margin for 2023 was 61.3%, an increase of 3.8 percentage points year-on-year. This improvement was mainly due to supplier optimization, which reduced procurement costs and increased product sales prices. The net profit margin reached 17.3%, up 7.0 percentage points year-on-year [5][14]. 3. IP Analysis - In 2023, the company had 10 IPs generating over 100 million yuan in revenue, with MOLLY and SKULLPANDA each exceeding 1 billion yuan. The classic IPs generated 3.15 billion yuan, accounting for 49.7% of total revenue, while emerging IPs like 小野 Hirono saw a revenue increase of 149.5% year-on-year [6][16]. 4. Channel Analysis - Domestic offline revenue reached 3.03 billion yuan, a 45.6% increase, while online revenue was 1.71 billion yuan, down 6.5%. The company saw significant growth in overseas revenue, which reached 640 million yuan, a 325% increase, with the number of retail stores doubling to 80 [19][4]. 5. Earnings Forecast and Investment Advice - The company is expected to maintain a revenue growth rate of over 30% in 2024, with a clear path for its second growth curve through overseas expansion. The forecast for net profit from 2024 to 2026 has been revised upwards, and the company maintains a "Buy" rating [20][4].