POP MART(09992) 天风证券·2024-04-07 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and potential [2]. Core Views - The company achieved a revenue of 6.3 billion CNY in 2023, representing a year-on-year growth of 36.5%. The adjusted net profit reached 1.19 billion CNY, doubling from the previous year [2]. - The company is expected to continue benefiting from its IP operational capabilities and monetization potential, with projected revenues of 8.18 billion CNY and 10.27 billion CNY for 2024 and 2025, respectively, reflecting growth rates of 29.8% and 25.6% [2]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 6.3 billion CNY, with mainland China contributing 5.23 billion CNY (up 25.7%) and Hong Kong, Macau, and overseas regions contributing 1.07 billion CNY (up 134.9%) [2]. - The adjusted net profit for 2023 was 1.19 billion CNY, a 107.6% increase year-on-year, with a gross margin of 61.3% (up 3.8 percentage points) and a net margin of 18.9% (up 6.5 percentage points) [2]. Market Expansion - The company has accelerated its international market expansion, achieving a revenue of 1.066 billion CNY from Hong Kong, Macau, and overseas regions in 2023, exceeding its previous guidance of 1 billion CNY [2]. - The overseas offline channels generated 640 million CNY in revenue, a 324.7% increase, with retail stores and robot stores contributing significantly [2]. IP Development - The company has expanded its IP matrix, with 10 IPs achieving over 100 million CNY in sales, including notable IPs like Skullpanda and Molly [2]. - The company is diversifying its IP monetization channels and has restructured its business into four segments: IP incubation and operation, trendy toys and retail, theme parks and experiences, and digital entertainment [2].