POP MART(HK:09992) EBSCN·2025-03-28 01:35Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company achieved a revenue of 13.04 billion RMB in 2024, representing a year-on-year growth of 106.9%, with a gross profit of 8.71 billion RMB, up 125.4%, and a corresponding gross margin of 66.8%, an increase of 5.5 percentage points [1] - The company is accelerating its overseas market expansion, with significant growth in both domestic and international revenues expected to continue [4] - The company plans to open more stores overseas in 2025, with a projected overall sales revenue growth of 50%, exceeding 20 billion RMB [2][4] Revenue Breakdown - Domestic revenue reached 7.97 billion RMB, a 52% increase, accounting for 61% of total revenue, with offline channels contributing 4.53 billion RMB, up 40.8% [2] - International revenue from Hong Kong, Macau, Taiwan, and overseas markets surged to 5.07 billion RMB, a 375% increase, making up 39% of total revenue [2] - The company reported that four major IPs generated over 1 billion RMB in revenue, with THE MONSTERS achieving 3.04 billion RMB, a 726.6% increase [3] Financial Projections - The company forecasts adjusted net profits of 6.53 billion RMB for 2025, with a growth rate of 92% [5] - The adjusted EPS is projected to reach 4.86 RMB in 2025, with a P/E ratio of 27 [5] - The company expects to achieve a net profit of 12.29 billion RMB by 2027, reflecting a continued upward trend in profitability [5]