POP MART(09992) 东吴证券·2024-10-23 17:08Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant revenue increase of 120%-125% year-on-year for Q3 2024, with mainland China revenue growing by 55%-60% and revenue from Hong Kong, Macau, and overseas markets increasing by 440%-445% [2][3] - The growth is driven by the release of key IP products and new product launches, with a notable performance from The Monsters plush products and new series contributing to revenue growth [2] - The company is expected to continue its rapid growth driven by high-quality IP and improved supply chain capabilities [2][3] Revenue and Profit Forecast - Total revenue is projected to reach RMB 12,745 million in 2024, with a year-on-year growth rate of 100.87% [1] - The adjusted net profit forecast for 2024-2026 has been raised to RMB 2,937.34 million, RMB 3,817.63 million, and RMB 4,706.84 million respectively, corresponding to P/E ratios of approximately 31, 24, and 20 times [3] Market Performance - The company has seen significant growth in both offline and online channels, with retail store revenue increasing by 30%-35% year-on-year and online flagship store revenue on platforms like Tmall and Douyin growing by 155%-160% and 115%-120% respectively [2] - The overseas market has also accelerated, with Labubu gaining traction in Thailand and overseas revenue accounting for over 45% of total revenue by September [3] Financial Metrics - The report highlights a projected EPS of RMB 2.10 for 2024, with a significant increase in net profit margins and return on equity [1][3]