POP MART(09992) 申万宏源证券·2025-04-23 13:44Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Insights - The company reported a significant revenue growth of 165-170% year-on-year for Q1 2025, with domestic growth of 95-100% and overseas growth of 475-480% [1][8] - The overseas market, particularly in the Americas and Europe, is experiencing explosive growth, driven by a female-oriented collectible toy market and successful localization strategies [8] - The company is expanding its product categories and leveraging its IP value, with new product launches and collaborations expected to drive future growth [8] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 6,301 million - 2024: 13,038 million - 2025E: 23,058 million - 2026E: 31,308 million - 2027E: 39,254 million - Non-IFRS net profit forecasts are updated to: - 2025E: 6,493 million - 2026E: 9,413 million - 2027E: 11,911 million [3][9] - The company’s return on equity is projected to be 36.9% in 2025, with a price-to-earnings ratio of 34 [3][9] Market Data - As of April 23, 2025, the closing price of the company's stock is HKD 178.50, with a market capitalization of HKD 2,397.15 billion [4][8] - The stock has shown a significant performance compared to the Hang Seng China Enterprises Index over the past year [5]