POP MART(HK:09992) Guotai Junan Securities·2024-05-06 03:32Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a strong performance in Q1 2024, with overall revenue growth of 40%-45% year-on-year, driven by robust domestic and overseas sales [3]. - The company is expanding its retail presence, with a significant increase in revenue from both online and offline channels, particularly in the Douyin platform, which saw a revenue growth of over 400% [3]. - The company is focusing on enhancing its IP portfolio, with 10 IPs achieving over 100 million yuan in sales in 2023, including SKULLPANDA and Molly, which each generated over 1 billion yuan [3]. Revenue Performance - In Q1 2024, domestic revenue grew by 20%-25%, while revenue from Hong Kong, Macau, Taiwan, and overseas markets surged by 245%-250% [3]. - The breakdown of revenue growth in Q1 2024 includes retail stores (20%-25%), robot stores (15%-20%), and e-commerce platforms (20%-25%) [3]. - The company’s total revenue for 2023 reached 6.3 billion yuan, reflecting a year-on-year growth of 37% [10]. Profitability and Financial Projections - The company’s net profit for 2023 was 1.08 billion yuan, with projections for net profit of 1.43 billion, 1.85 billion, and 2.35 billion yuan for 2024, 2025, and 2026, respectively [3][8]. - The gross profit margin has improved, indicating enhanced profitability [25]. Membership and Customer Engagement - The company has successfully expanded its membership base, reaching 34.35 million registered members in 2023, with a repurchase rate of 50% [3]. - Membership sales accounted for 91% of total sales, demonstrating strong customer loyalty [3].