Hua Yuan Zheng Quan·2025-09-17 12:33Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - Short-term fluctuations in second-hand prices are due to supply adjustments and do not hinder long-term performance growth [5] - The company's strong IP incubation and operation capabilities remain a core competitive advantage, with future performance growth likely to be catalyzed by these strengths [8] - The company is positioned as a leading player in the Chinese trendy toy industry, with robust IP toy full industry chain operation capabilities, and is expected to achieve significant profit growth in the coming years [8] Financial Performance Summary - Revenue projections for 2023 to 2027 show substantial growth, with expected revenues of RMB 6,301 million in 2023, increasing to RMB 60,001 million by 2027, reflecting a compound annual growth rate (CAGR) of 106.92% from 2023 to 2024 and 17.69% from 2026 to 2027 [7][9] - Net profit attributable to the parent company is forecasted to grow from RMB 1,082.34 million in 2023 to RMB 22,009.50 million in 2027, with a remarkable growth rate of 279.10% in 2025 [7][9] - Earnings per share (EPS) are projected to rise from RMB 0.81 in 2023 to RMB 16.39 in 2027, indicating strong profitability growth [7][9] Recent Events - Recent fluctuations in the second-hand market prices for the company's IP products, particularly the Labubu series, are attributed to supply adjustments, which are seen as a normal market response [8] - The company has expanded its global presence, with a total of 571 stores and 2,597 robot stores worldwide as of mid-2025, indicating a strong channel expansion strategy [8]