Ge Long Hui·2026-01-28 22:26Core Viewpoint - The company is actively expanding its international production capacity and enhancing its IP platform capabilities to meet market demand, particularly in North America, while maintaining a solid domestic base. Group 1: Company Actions - The company has conducted two share buybacks, spending 2.51 million and 0.96 million HKD to repurchase 140,000 and 50,000 shares at average prices of 179.60 and 192.98 HKD per share respectively [1] - The company is accelerating the establishment of international production capacity, with a quick response from its Mexico base to address operational challenges and supply chain pressures [1] Group 2: IP Development - The company has successfully launched collaborations with popular IPs, such as SKULLPANDA's partnership with the hit series "Wednesday," receiving positive market feedback [1] - The company is expanding its IP matrix, with products like SKULLPANDA, DIMOO, and Crybaby entering the billion-yuan revenue tier, indicating a clear platform characteristic [1] Group 3: Market Performance - The company has seen strong sales of new products, with a series of launches in January leading to rapid sell-outs and significant resale premiums in the secondary market [1] - The domestic market remains solid, with a mature brand perception and balanced IP lineup, contributing to increased store efficiency and sales growth [1] Group 4: Financial Projections - The company has adjusted its profit forecasts, expecting net profits of 12.235 billion, 17.475 billion, and 21.734 billion CNY for 2025-2027, with corresponding PE ratios of 21, 15, and 12 [2] - A target price of 319.85 HKD has been set based on a 22X PE for 2026, maintaining a "strong buy" rating [2]