Hua Yuan Zheng Quan·2025-07-28 06:02Investment Rating - The investment rating for the company is "Buy" (maintained) due to strong performance in both domestic and international markets, with H1 2025 revenue growth exceeding market expectations [5]. Core Views - The company anticipates a revenue growth of no less than 200% year-on-year for H1 2025, with a projected profit increase of no less than 350% during the same period. This growth is attributed to enhanced brand recognition, diversified product offerings, and increased overseas revenue contribution [7]. - The global design and supply chain strategies have laid a solid foundation for the company's successful international expansion, leveraging collaborations with global artists and influencers to enhance brand visibility [7]. - The collectible toy market is in a rapid growth phase, with leading brands expected to continue gaining market share. The company has increased its market share from 8.5% in 2019 to 13.6% in 2021, supported by its proprietary IP and strong operational capabilities [7]. Financial Summary - Revenue projections for the company are as follows: - 2023: 6,301 million RMB - 2024: 13,038 million RMB (growth of 106.92%) - 2025E: 35,068 million RMB (growth of 168.97%) - 2026E: 50,980 million RMB (growth of 45.38%) - 2027E: 60,001 million RMB (growth of 17.69%) [6][8] - Net profit forecasts are: - 2023: 1,082.34 million RMB - 2024: 3,125.47 million RMB (growth of 188.77%) - 2025E: 10,546.48 million RMB (growth of 237.44%) - 2026E: 16,244.08 million RMB (growth of 54.02%) - 2027E: 19,769.32 million RMB (growth of 21.70%) [6][8] - The company maintains a healthy return on equity (ROE) forecast, with values projected at 29.26% for 2024, 49.62% for 2025, and 34.49% for 2027 [6][9].