POP MART(09992) 国信证券·2024-08-23 00:40Investment Rating - The report maintains an "Outperform the Market" rating for the company [3][8][11] Core Views - The company's revenue grew by 62% year-on-year to 4.56 billion yuan in the first half of the year, with net profit increasing by 93% to 920 million yuan, driven by improved supply chain management and the scale effect of overseas business [4][8] - The company has successfully expanded its product categories, with the proportion of figurines decreasing to below 60%, enhancing fan engagement with its IPs [7][8] - Significant growth was observed in Southeast Asia and North America, with plans to open 30-40 new overseas stores in the second half of the year [8] Financial Performance - Revenue and net profit forecasts for 2024-2026 have been revised upwards, with expected net profits of 2.11 billion, 2.56 billion, and 2.93 billion yuan respectively, reflecting growth rates of 94.7%, 21.6%, and 14.3% [8][9] - The company's gross margin for the first half of the year was 66.9%, an increase of 6.6 percentage points year-on-year, while the expense ratios for sales, management, and finance have improved [5][6][8] IP Performance - Established IPs such as MOLLY, THE MONSTERS, and SKULLPANDA saw significant revenue growth, with THE MONSTERS performing particularly well in Thailand [6][8] - New IPs under PDC also showed strong performance, with revenues for Hirono, Zsiga, and HACIPUPU increasing by 124.3%, 169.5%, and 37.3% respectively [6][8] Market Expansion - The company reported remarkable revenue growth in various regions, with Southeast Asia seeing a 478.3% increase, and plans to continue expanding its direct-to-consumer (DTC) strategy [8][9]