POP MART(HK:09992)2024-10-24 01:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [5][9]. Core Insights - The company reported a significant revenue growth of 120%-125% year-on-year for Q3 2024, with domestic growth at 55%-60% and overseas growth at 440%-445% [5]. - The expansion strategy in North America and Southeast Asia is showing strong results, with North American stores achieving approximately 15 million yuan in half-year revenue per store, and Southeast Asia demonstrating high store efficiency [5]. - The company is expected to continue its trend of accelerating revenue growth through the successful monetization of high-value IP and the introduction of new products [5]. Financial Data Summary - Revenue projections for 2024E, 2025E, and 2026E are 12,633 million yuan, 16,992 million yuan, and 21,101 million yuan respectively, reflecting a growth rate of 100%, 35%, and 24% year-on-year [4][7]. - Non-IFRS net profit estimates for the same years are 2,824 million yuan, 3,828 million yuan, and 4,874 million yuan, with corresponding growth rates of 138%, 36%, and 27% [4][7]. - The company's gross profit for 2024E is projected at 8,394 million yuan, with a gross margin improvement expected due to the increasing share of high-margin overseas business [7].