POP MART(HK:09992) KAIYUAN SECURITIES·2024-09-18 07:10Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company's revenue performance continues to grow significantly, which is the core driver for stock price increase. The revenue for H1 2024 reached 4.56 billion HKD, representing a year-on-year increase of 62.0%, while the net profit attributable to shareholders was 0.92 billion HKD, up 93.3% [3][12]. - The company is expected to maintain its leading position in the trendy toy industry, with a focus on IP-driven group strategies, and is projected to achieve net profits of 2.12 billion, 2.76 billion, and 3.51 billion HKD for 2024-2026 [3][12]. Summary by Sections 1. Core Viewpoints - The company's revenue growth is a key driver for stock price increase, with significant performance in H1 2024 [12]. - The company is expected to maintain its leading position in the trendy toy industry, with a focus on IP-driven group strategies [3][12]. 2. Highlight 1: Efficient Business Model - The company has established a monopoly on IP through an efficient business model, supported by a robust supply chain that ensures smooth operations from design to sales [4][14]. - The company has a well-developed IP matrix, with 10 IPs achieving over 100 million HKD in sales in 2023, an increase from 6 in 2022 [15][16]. 3. Highlight 2: Product Layout and Scene Design - The company has diversified its product matrix, with blind box products now accounting for less than 70% of revenue for the first time in 2023 [5][29]. - The company employs a scene-based design strategy, targeting various environments such as offices and homes, to enhance product appeal [31][35]. 4. Highlight 3: Content Operations and Brand Value - The company has successfully linked content operations with IP, enhancing brand value through initiatives like the Pop Mart City Park, which attracted nearly 100,000 visitors in its first month [43]. - The company has signed a cooperation project for the second phase of the Pop Mart City Park, indicating further expansion of its content-driven initiatives [43].