泡泡玛特：1H24业绩预告超预期，品类与海外扩张验证

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [3][5]. Core Insights - The company has announced a positive earnings forecast for 1H24, with expected revenue growth of 55% year-on-year and net profit growth of 90%. This outperformance is attributed to increased global recognition of its IP, expansion of product categories, and strong overseas revenue growth [3][4]. - The company is rapidly expanding its overseas market presence, with approximately 20 new retail stores opened in 1H24 and plans to add 50 to 60 more by the end of 2024, totaling 130 to 140 overseas stores [4]. - The company is effectively controlling costs and enhancing profitability, with a significant improvement in profit margins due to optimized product costs and strengthened expense management [4][5]. Summary by Sections Financial Performance - The company expects to achieve revenues of 10,101 million in 2024, with a year-on-year growth rate of 60%. The Non-IFRS adjusted net profit is projected to be 2,092 million, reflecting a growth rate of 107% [6][7]. - The forecast for 2025 and 2026 includes revenues of 12,916 million and 15,458 million, respectively, with corresponding Non-IFRS adjusted net profits of 2,734 million and 3,297 million [6][7]. Market Expansion - The company is validating its overseas expansion capabilities, having opened stores in Vietnam, the UK, the Netherlands, Italy, and Thailand, with significant first-day revenues reported [4]. - The local IP strategy is proving successful, with collaborations and high sales figures in new product categories and partnerships [4]. Product Development - The company continues to see strong demand for its existing IP and new product launches, with several new categories and collaborations performing exceptionally well in the market [4][5].