POP MART(09992) 国信证券·2024-04-08 16:00Investment Rating - The investment rating for the company is "Buy" [4][2][11] Core Insights - In 2023, the company achieved a revenue of 6.3 billion yuan, representing a year-on-year growth of 36.5%, primarily driven by the recovery of domestic offline stores and rapid growth in overseas business [5][11] - The net profit attributable to shareholders reached 1.08 billion yuan, a significant increase of 127.5% year-on-year [5][11] - The company's gross margin and net margin improved to 60.4% and 16.9%, respectively, with a decrease in overall expense ratio by 5.4 percentage points to 40.4% [5][11] Revenue Breakdown - Domestic revenue (excluding Hong Kong, Macau, and Taiwan) was 5.24 billion yuan, up 25.7% year-on-year, with offline channel revenue growing by 46.3% to 3.03 billion yuan [11][5] - Overseas revenue reached 1.07 billion yuan, marking a 134.9% increase, driven by the expansion of overseas retail stores [11][5] IP Performance - The company's top IPs, including SKULLPANDA and MOLLY, generated revenues of 1.02 billion yuan each, with year-on-year growth rates of 20.3% and 27.2%, respectively [11][5] - The Pop Design Center (PDC) team has successfully developed four IPs with sales exceeding 100 million yuan, with the IP "小野" achieving a revenue of 350 million yuan, up 149.5% year-on-year [11][5] Financial Forecast - The company maintains its profit forecast, expecting net profits of 1.56 billion, 1.92 billion, and 2.29 billion yuan for 2024-2026, with growth rates of 44%, 23%, and 19% respectively [2][11] - The diluted EPS is projected to be 1.16, 1.43, and 1.70 yuan for 2024-2026, with corresponding PE ratios of 21, 17, and 14 times [2][11]