智通财经网·2025-10-31 08:07Core Viewpoint - The report from Zhongyou Securities indicates that Pop Mart (09992) is a leader in the domestic trendy toy industry with strong capabilities in IP acquisition, incubation, and operation, leading to a positive long-term outlook for the company [1] Group 1: Financial Projections - The company is expected to achieve revenue growth rates of 172%, 38%, and 36% for the years 2025-2027, respectively, with upward revisions [1] - The net profit growth rates for the same period are projected at 251%, 42%, and 39%, also revised upwards [1] - Earnings per share (EPS) are forecasted to be 8.16, 11.59, and 16.16 CNY per share for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 26x, 18x, and 13x [1] Group 2: Seasonal Outlook - Q4 is traditionally a peak sales season for Pop Mart, with significant demand expected due to Halloween, Black Friday, and Christmas in overseas markets [2] - The launch of the Halloween-themed "why so serious" series has seen strong sales, indicating a positive trend for upcoming product releases [2] Group 3: Long-term Business Development - Over the past decade, Pop Mart has developed a comprehensive operational platform covering the entire trendy toy industry chain, focusing on five key areas: global artist discovery, IP incubation, consumer engagement, trendy toy culture promotion, and innovative business incubation [3] - The company plans to introduce new product lines, including accessories and building blocks in 2024, and magazines and clothing in 2025, indicating a gradual expansion of its product offerings [3] Group 4: Company Expansion and Innovation - The company aims to increase its overseas business share by opening stores in key landmark cities, particularly in the US and Europe, and expanding sales channels in tourist areas [4] - A focus on live streaming for e-commerce is planned, with expectations that live streaming will account for over 20% of overseas e-commerce by 2025 [4] - The company intends to maintain a controlled SKU strategy, with no more than the absolute value of SKUs in 2024, ensuring a streamlined product offering [4] - Plans for 2025 include opening 100 stores overseas, with overseas revenue expected to exceed 50%, and the North American market projected to match the sales volume of the Chinese market in 2020 [4]