POP MART(09992) 东吴证券·2024-04-23 06:01Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company reported a year-on-year revenue growth of 40%-45% for Q1 2024, with domestic revenue increasing by 20%-25% and overseas revenue soaring by 245%-250% [3] - The company continues to launch successful new products under its key IPs, with strong sales performance expected from upcoming innovative products [3] - Domestic revenue growth remains robust, driven by strong performance in offline retail and a recovery in online channels [3] - The overseas market is experiencing rapid growth, with new store openings in countries like Thailand, Australia, and France, and several IPs gaining popularity in the U.S. and Thailand [3] Financial Forecasts - Total revenue is projected to grow from 6,344 million RMB in 2023 to 11,382 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 14.07% [2] - Net profit attributable to the parent company is expected to rise from 1,082.34 million RMB in 2023 to 2,190.38 million RMB in 2026, indicating a strong growth trajectory [2] - The report forecasts EPS of 1.06 RMB for 2024, 1.38 RMB for 2025, and 1.63 RMB for 2026, with corresponding P/E ratios decreasing from 29.08 to 18.96 over the same period [2][4]