Guosen International·2026-01-23 07:45Investment Rating - The report does not specify a clear investment rating for the company [6] Core Insights - The company has demonstrated strong operational capabilities in IP management, with recent product innovations leading to increased sales potential for Q1 [1][2] - Recent stock buybacks, totaling over 300 million HKD, reflect the company's confidence in its long-term growth prospects and indicate that the stock price is at a relatively low level [1][3] - The company has successfully launched new product lines that have gained significant market traction, suggesting a robust ability to diversify its IP portfolio [2] Summary by Sections Product Performance - The Pucky Knock Knock series blind boxes have gained popularity, showcasing the company's innovative approach to IP [2] - The company has also launched successful series for the New Year and Valentine's Day, indicating strong consumer demand [2] Stock Buyback Activity - The company repurchased 1.4 million shares at an average price of 161 HKD and 500,000 shares at 173 HKD, demonstrating confidence in its stock valuation [3] - The stock buybacks are seen as a strategic move to bolster market confidence and counteract short-selling pressures [3] Market Outlook - The company has a strong presence in overseas markets, with approximately 200 stores globally, and continues to expand its footprint [4] - Future revenue projections indicate significant growth, with expected revenues of 373.98 billion RMB in 2025, reflecting a year-over-year growth of 186.8% [12] - The company's P/E ratios for 2025, 2026, and 2027 are projected to be 20.70, 15.25, and 12.26 respectively, suggesting that the current valuation is relatively low for a high-growth company [4][12]