POP MART(HK:09992) Xinda Securities·2024-08-21 23:37Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for price appreciation in the next six months [1]. Core Insights - The company achieved a revenue of 4.558 billion yuan in the first half of 2024, representing a year-on-year increase of 62%. The adjusted net profit reached 1.018 billion yuan, up 90.1%, with an adjusted net profit margin of 22.3%, an increase of 3.3 percentage points year-on-year [1]. - The expansion of the company's IP matrix and the development of diverse product categories have demonstrated its ability to deepen IP engagement. In the first half of 2024, seven IPs generated over 100 million yuan in revenue, with classic IPs like MOLLY, THE MONSTERS, and SKULLPANDA achieving revenues of 782 million, 627 million, and 575 million yuan, respectively, reflecting year-on-year growth rates of 90.1%, 292.2%, and 9.2% [1]. - The company is actively exploring new categories, with THE MONSTERS achieving significant growth in plush toys and building blocks, becoming a representative case of successful product development in 2024 [1]. Financial Performance Summary - The company reported total revenue of 4.617 billion yuan in 2022, which increased to 6.301 billion yuan in 2023, and is projected to reach 10.237 billion yuan in 2024, reflecting a growth rate of 62.47% [3]. - The net profit attributable to the parent company was 476 million yuan in 2022, increasing to 1.082 billion yuan in 2023, and is expected to rise to 2.155 billion yuan in 2024, with a year-on-year growth rate of 99.13% [3]. - The gross profit margin improved from 57.5% in 2022 to 61.3% in 2023, and is projected to reach 65.1% in 2024 [3]. Market Expansion and Membership Growth - The company added 4.57 million new registered members in mainland China in the first half of 2024, bringing the total registered members to 38.93 million, with member sales contributing 92.8% of total revenue and a repurchase rate of 43.9% [1]. - Revenue from mainland China, Hong Kong, Macau, and overseas markets reached 3.206 billion yuan and 1.351 billion yuan, respectively, with year-on-year growth rates of 32% and 260% [1]. - The company opened 12 new stores in the Hong Kong, Macau, and overseas markets, enhancing its global brand presence [2].