POP MART(09992) 东吴证券·2024-03-21 16:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's performance in 2023H2 exceeded expectations, with total revenue reaching 6.344 billion RMB, a year-on-year increase of 36.4%, and net profit attributable to shareholders of 1.082 billion RMB, a year-on-year increase of 127.55% [2][6] - The company is expected to achieve significant overseas growth in 2024, with a projected revenue increase of no less than 100% [2][6] Financial Performance Summary - Total revenue for 2023 was 6.344 billion RMB, with a year-on-year growth of 36.4% [2] - Net profit attributable to shareholders for 2023 was 1.082 billion RMB, reflecting a year-on-year increase of 127.55% [2] - Non-GAAP net profit for 2023 was 1.191 billion RMB, with a year-on-year growth of 107.57% [2] - The company achieved a gross margin of 62% in 2023H2, an increase of 5.2 percentage points year-on-year [2] - The company’s EPS for 2024 is projected to be 1.06 RMB, with a corresponding P/E ratio of approximately 24.79 [2][6] Revenue Growth Drivers - The company’s top IPs, including Skullpanda, Molly, and The Monsters, showed strong revenue growth of 20.3%, 27.2%, and 39.9% respectively [2] - The company’s offline channels in mainland China demonstrated robust recovery, with revenue from offline retail stores and robot stores increasing by 63% and 59% year-on-year respectively [2] - Overseas revenue grew by 132% in 2023H2, reaching 6.9 billion RMB [2] Future Projections - The report revises the EPS forecast for 2024 and 2025 upwards to 1.06 RMB and 1.38 RMB respectively, with a new forecast for 2026 at 1.63 RMB [2][6] - The company anticipates that the expansion of its offline channels and the introduction of high-quality IPs will drive future growth [2]