POP MART(09992) 中泰证券·2025-03-30 12:39Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [48]. Core Insights - The company achieved a significant revenue growth of 106.9% in 2024, reaching 13.04 billion RMB, driven by strong IP operations and product diversification [11][19]. - The gross profit for 2024 was 8.71 billion RMB, with a gross margin of 66.8%, reflecting a 5.5 percentage point increase from the previous year [16][19]. - The company is expanding its IP matrix and product offerings, with artist IP and licensed IP revenues growing by 130.6% and 54.5% respectively, contributing to 97.6% of total revenue [7][19]. - The overseas market is rapidly expanding, with revenue reaching 5.07 billion RMB in 2024, a year-on-year increase of 375.2% [31][39]. - The company has a robust membership base of 46.08 million registered members, with a contribution of 92.7% to sales and a repurchase rate of 49.4% [41]. Financial Performance - The company's operating income for 2024 was 13.04 billion RMB, with a year-on-year growth rate of 105% projected for 2025 [2][11]. - The net profit for 2024 reached 3.31 billion RMB, marking a 203.9% increase compared to the previous year [16][19]. - The earnings per share (EPS) for 2024 is projected at 2.33 RMB, with further growth expected in subsequent years [2][45]. Market Expansion - The company has opened its first physical stores in five countries, including Vietnam and Indonesia, contributing to a significant increase in overseas revenue [31][39]. - The domestic market remains stable, with retail store revenue growing by 43.9% in 2024 [7][31]. Product Development - The company continues to innovate its product lines, with core product categories such as figurines and plush toys showing substantial growth [24][26]. - The launch of the new accessory brand "POPOP" aims to enhance the emotional connection with IP and diversify product offerings [8][24].