泡泡玛特：出海及新IP表现亮眼，上半年净利润预增90%以上

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12]. Core Views - The company is expected to achieve a revenue growth of over 55% in the first half of 2024, with projected revenue of at least 3.78 billion yuan, driven by domestic recovery and rapid overseas sales growth. The net profit attributable to the parent company is anticipated to increase by no less than 90%, corresponding to a net profit of at least 910 million yuan [6][12]. - Established IPs continue to perform strongly, with new IPs being launched in an orderly manner, showing initial success in category expansion. For instance, established IPs like SKULLPANDA, MOLLY, DIMOO, and THE MONSTERS saw revenue growth of 20.3%, 27.2%, 27.6%, and 39.9% respectively in 2023 [7][10]. - The company's international expansion is progressing smoothly, with overseas revenue reaching 1.07 billion yuan in 2023 and maintaining a high growth rate of 245% to 250% in the first quarter of 2024. The company expects overseas revenue for the entire year of 2024 to be no less than 1 billion yuan [11]. Summary by Sections Revenue and Profit Forecast - The company forecasts revenue of 8.224 billion yuan for 2024, reflecting a year-on-year growth of 30.5%. The net profit is projected to be 1.928 billion yuan, indicating a growth of 78.2% compared to 2023 [3][15]. - The diluted EPS is expected to be 1.44 yuan for 2024, with a corresponding PE ratio of 21 times [12][15]. IP Performance and New Launches - The company is set to launch new IPs such as Peach Riot, CHAKA, POLAR, and Nyota in the first half of 2024, alongside established IPs that are performing well [7][10]. - The company is also expanding into new categories like games and parks, with the launch of the game "Dream Home" achieving over 700,000 downloads within three weeks [10][11]. International Expansion - The company has accelerated its overseas store openings, with new stores launched in Milan, Amsterdam, and Myeongdong, South Korea. The LABUBU IP-themed store in Bangkok achieved over 10 million yuan in sales on its opening day, setting a new record for overseas store sales [11][12].