POP MART(HK:09992) KAIYUAN SECURITIES·2025-03-28 06:37Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's international strategy has shown significant results, with a high revenue increase in 2024, achieving 13.04 billion yuan (up 106.9% year-on-year) and a net profit of 3.13 billion yuan (up 188.8%) [5][16] - The company has provided guidance for 2025, expecting revenue growth of no less than 50%, with total revenue exceeding 20 billion yuan and overseas revenue surpassing 10 billion yuan [5][32] - The company has improved its gross profit margin to 66.8% in 2024, driven by a higher proportion of overseas business and optimized supply chain costs [6][21] Summary by Sections International Strategy - The company achieved a revenue of 13.04 billion yuan in 2024, with a net profit of 3.13 billion yuan, indicating strong performance in both domestic and international markets [5][16] - The overseas revenue reached 5.07 billion yuan, a remarkable increase of 375.2%, contributing to 38.9% of total revenue [17][19] Profitability - The gross profit margin improved to 66.8%, with a net profit margin of 24.0% [6][21] - The company has seen a significant reduction in inventory turnover days from 133 days to 102 days, indicating enhanced operational efficiency [21] IP and Revenue Breakdown - The company has 13 IPs generating over 100 million yuan in sales, with LABUBU being the top performer, generating over 3 billion yuan [7][23] - The classic IPs contributed 73.5 billion yuan in revenue, maintaining a high popularity [23][24] Channel Performance - Domestic revenue was 7.97 billion yuan, up 52.3%, while overseas revenue was 5.07 billion yuan, up 375.2% [8][25] - The company expanded its retail presence, increasing the number of stores and enhancing online sales through various platforms [27][28] Financial Forecast and Investment Advice - The company expects net profits of 5.63 billion yuan, 7.81 billion yuan, and 9.82 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 4.2, 5.8, and 7.3 yuan [5][32] - The current stock price corresponds to a PE ratio of 33.8 for 2025, indicating a favorable investment outlook [5][32]