POP MART(09992) 天风证券·2025-04-01 10:13Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5]. Core Insights - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 13.038 billion yuan, a year-on-year increase of 106.9%, and a net profit of 3.308 billion yuan, up 203.9% [1]. - The second half of 2024 saw even stronger performance, with revenue of 8.480 billion yuan, a year-on-year increase of 143.2%, and a net profit of 2.344 billion yuan, up 283.3% [1]. - The company's gross margin improved significantly, with a gross margin of 66.79% for 2024, an increase of 5.46 percentage points year-on-year [3]. Revenue Breakdown - Revenue from mainland China was 7.972 billion yuan, a year-on-year increase of 52.3%, accounting for 61.1% of total revenue [2]. - Revenue from Hong Kong, Macau, Taiwan, and overseas markets reached 5.066 billion yuan, a year-on-year increase of 375.2%, accounting for 38.9% of total revenue [2]. - The company's self-owned IP products generated 12.722 billion yuan in revenue, a year-on-year increase of 117.2%, representing 97.6% of total revenue [2]. Product and IP Performance - The company's artist IP, THEMONSTERS, generated 3.041 billion yuan in revenue, a year-on-year increase of 726.6% [4]. - The plush toy segment saw remarkable growth, with revenue of 2.832 billion yuan, a year-on-year increase of 1289.04% [2]. - The company successfully expanded its retail presence, adding 38 offline stores and 110 robot stores in mainland China [4]. Future Projections - Revenue projections for 2025-2027 are estimated at 21 billion yuan, 28.9 billion yuan, and 39.8 billion yuan, representing year-on-year growth of 61.0%, 37.6%, and 38.0% respectively [5]. - Adjusted net profit projections for the same period are 5.917 billion yuan, 7.815 billion yuan, and 10.189 billion yuan, with year-on-year growth of 73.9%, 32.1%, and 30.4% respectively [5].