Huachuang Securities·2025-04-25 12:07Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 210 HKD [1][7]. Core Insights - The company reported a significant revenue growth of 165%-170% year-on-year for Q1 2025, exceeding previous guidance of 100%. The growth was driven by strong performance in both domestic and international markets, with notable increases in online and offline channels [1][7]. - The company is undergoing a comprehensive upgrade of its IP ecosystem, aiming to transition from a trendy toy brand to a broader entertainment giant. This includes collaborations with high-profile celebrities and the launch of new product lines [7]. - The organization is implementing a global restructuring to enhance operational efficiency and support its expansion strategy, establishing regional headquarters across major markets [7]. Financial Summary - Total revenue is projected to reach 24,825 million HKD in 2025, with a year-on-year growth rate of 90.4%. By 2027, revenue is expected to grow to 43,480 million HKD [3][8]. - The net profit attributable to shareholders is forecasted to be 6,249 million HKD in 2025, reflecting a growth rate of 99.9%, and is expected to reach 11,781 million HKD by 2027 [3][8]. - The earnings per share (EPS) is estimated to be 4.65 HKD in 2025, increasing to 8.77 HKD by 2027 [3][8]. Market Performance - The company has shown exceptional growth in overseas markets, with revenue increases of 475%-480% year-on-year, particularly strong in the Americas and Europe [1][7]. - The company is leveraging its IP to penetrate luxury markets, with successful collaborations and product launches that resonate with consumers [7]. Strategic Outlook - The company is expected to continue its momentum with new product launches and a focus on multi-category expansion, including card games and accessories, while enhancing its IP content [7]. - The restructuring aims to optimize operations and support the company's goal of becoming a global consumer goods group centered around its IP [7].