POP MART(09992) 东北证券·2025-03-31 03:17Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 176.22 over the next six months [6]. Core Insights - The company achieved a revenue of CNY 13.038 billion in 2024, representing a year-on-year growth of 106.9%, and a net profit of CNY 3.125 billion, up 188.77% [1][4]. - The gross profit margin improved by 5.5 percentage points to 66.8%, driven by increased revenue from the Greater China region and overseas markets, along with optimized supply chain cost control [1]. - The company’s overseas revenue surged by 375.2% to CNY 5.066 billion, with the overseas revenue share increasing by 22 percentage points to 38.9% [3]. - The company’s IP operations are strengthening, with four major IPs generating over CNY 1 billion in revenue in 2024, indicating a successful expansion of its IP matrix [4]. Financial Summary - For 2024, the company reported total revenue of CNY 13,038 million, with projections for 2025, 2026, and 2027 at CNY 17,634 million, CNY 21,978 million, and CNY 32,950 million respectively, reflecting growth rates of 35.25%, 24.63%, and 49.92% [5]. - The net profit attributable to the parent company for 2024 was CNY 3,125 million, with forecasts of CNY 4,016 million, CNY 5,214 million, and CNY 8,224 million for the following years, indicating growth rates of 28.51%, 29.82%, and 57.73% [5]. - The company’s earnings per share (EPS) are projected to be CNY 2.99, CNY 3.88, and CNY 6.12 for 2025, 2026, and 2027 respectively [5].