POP MART(09992) 国海证券·2025-04-24 08:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Insights - The company reported a significant revenue increase of 165%-170% year-on-year for Q1 2025, with domestic revenue growth of 95%-100% and overseas revenue growth of 475%-480% [6][11]. - The company is experiencing strong growth in overseas markets, particularly in the Americas and Europe, with revenue increases of 895%-900% and 600%-605% respectively [8]. - The company is expanding its product categories and IP offerings, with a notable increase in the number of stores and online sales channels [8][11]. Summary by Sections Recent Performance - As of April 22, 2025, the company's stock has outperformed the Hang Seng Index, with a 1-month performance of 31.0%, 3-month performance of 87.5%, and a 12-month performance of 430.6% [5]. - The current stock price is HKD 175.90, with a total market capitalization of HKD 236.22 billion [5]. Revenue Growth - The company expects Q1 2025 revenue to grow by 165%-170% year-on-year, with domestic revenue growth of 95%-100% and overseas revenue growth of 475%-480% [6][11]. - The company has opened 14 new stores in Q1 2025, with a total of 138 overseas stores [8]. Product Expansion - The company launched 19 new blind box products in Q1 2025, with strong market performance for several series [8]. - The company is accelerating the launch of MEGA and plush product lines, with 11 new MEGA products introduced in Q1 2025 [9]. Financial Projections - The company has revised its revenue forecasts for 2025-2027, projecting revenues of RMB 239.63 billion, RMB 330.69 billion, and RMB 412.41 billion respectively [11]. - The adjusted net profit is expected to reach RMB 60.82 billion, RMB 86.32 billion, and RMB 109.58 billion for the same period [11].