POP MART(09992) 海通国际证券·2025-04-23 08:04Investment Rating - The report maintains an "Outperform" rating for Pop Mart International [2][12] Core Views - The company's 1Q performance significantly exceeded expectations, with revenue growth of 165%-170% year-on-year, driven by strong domestic and overseas sales [3][12] - The company is focusing on brand enhancement and expanding its product offerings, including a new sub-brand for accessories [4][5] - The organizational structure has been upgraded to improve management efficiency and support global expansion [4][5] Financial Summary - Revenue projections for 2025-2027 are RMB 24.22 billion, RMB 33.53 billion, and RMB 42.35 billion, respectively, with year-on-year growth rates of 86%, 38%, and 26% [5][11] - Adjusted net profit estimates for the same period are RMB 7.01 billion, RMB 9.91 billion, and RMB 12.83 billion, reflecting growth rates of 106%, 41%, and 29% [5][11] - The gross profit margin is expected to improve from 66.8% in 2024 to 70.8% by 2027 [11] Market Performance - The current stock price is HK198.10, indicating a potential upside [2][12] - The company has shown strong absolute returns over the past year, with a 480.9% increase [2]