POP MART(09992) 东吴证券·2024-08-22 10:36Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported better-than-expected performance in the first half of 2024, with total revenue reaching 4.558 billion yuan, a year-on-year increase of 62%, and adjusted net profit of 1.018 billion yuan, up 90.1% year-on-year [3][4] - The growth in classic IP revenue is attributed to the strong commercialization potential of IP and the company's deeper understanding of IP operations. Classic IP Molly and The Monsters saw revenue growth of 90% and 292% respectively, contributing significantly to overall revenue [3] - The company has demonstrated strong growth in mainland China, with revenue of 3.2 billion yuan, a 32% increase year-on-year, and a notable increase in average revenue per user (ARPU) [4] Summary by Sections Financial Performance - Total revenue for 2024 is projected to reach 10.213 billion yuan, with a year-on-year growth of 60.96% [2] - Adjusted net profit for 2024 is expected to be 2.302 billion yuan, reflecting a growth of 93.40% year-on-year [2] - The company's gross margin improved to 64% in the first half of 2024, benefiting from supply chain optimization and increased overseas sales [8] Market Expansion - The company has seen significant overseas growth, with revenue increasing by 260% to 1.35 billion yuan in the first half of 2024, and expects over 200% growth for the full year [4][8] - The company plans to open 30-40 new stores in high-potential regions such as North America and Southeast Asia in the second half of 2024 [8] IP Development - The company has successfully diversified its IP portfolio, with seven IPs generating over 100 million yuan in sales, compared to five in the same period last year [3] - Non-figurine categories have shown remarkable growth, with plush toy sales increasing by 994% to 446 million yuan, marking a shift in product focus [3]