研究报告ResearchReport海通国际24Oct2024HAITONG泡泡玛特Pop Mart International (9992 HK)三季度业绩大超预期,潮玩龙头重回千亿市值Wildly Outperformed 3Q Results Delivered. HKD100bn Market Cap Regained观点聚焦InvestmentFocus维持优于大市MaintainOUTPERFORM于10月22日发布3Q业绩预告。收入网比增长评级优于大市OUTPERFORM港澳台及海外现价HK575.20日标价中国内地各渠道中,HTIESG4.03.5-5.0平台及其他在线平台同比增长135%-140%554:05,/PlaseregertbtheApendlyforESSaomments天猫旗舰店同比增长155%-HK$100.99bn/US$13.00b日交易额(3个月均值）发行股票数日自由流通股(%)1年股价最高最低值HKS75.20-HK517注:现价HK5万.20为2024年10月23日收盘价MSCIChina310240170100品awnjonOct-23Feb-24Jun-24资种采额:Factuet绝对值绝对值(美元)相对MSCIChina开业，首日营业店也相继开业。8月RmbmnDec23A是中国台湾第11店开业。9月28(+/考公司30业绩预告，我们上调2426年预期(+4）124/162/200亿元，同比各增长EPS(Rmb)97%/30%/23%。24-26年经调净利备22%/27%/30%至各28.5/38.8/49.5同比各增长139%/36%/28%:经调净利率名23.0%123.9%/248%。我们给于公司25年25倍陀估值,对应目标市值1077亿港元，上调目标价65%至809港元(对应汇率为HKD/CNY=0.90);维持"优于大市"评级。风险提示:经济下滑,行业竞争加剧,门店拓展不及预期,原材料价格上涨。一腾YitengLi文料HongkeLiebecca,jil.hu@htisec.comyt.li@htisec.com际证券集团其他备成员单位的证券研究团队所组成的全球,品牌,海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Pleasese appendix forEnglish translationof thedisclaimer)
泡泡玛特(9992HK)维特优于大市表1泡池玛特财报及测算202120222024E2025F2026E收入(亿元)199.7YoY(%)23.2毛利(亿元)27.61300毛利率(%)61.0eYor(pct)2.02销售费用(亿元)57.9销售费用率(%)行政费用率(%）经调净利润(亿元)经调净利率(%)22.324.8Yor(pct)(1.2)19.9)1.009资料来源:公司财报:HTI预测HTI测算FY24EFY25EFY26EFY26E收入(亿元)124.2162.1199.7103.1131.9160.6毛利(亿元)80.9107.3134.066k毛利率（%)65.1%66.2%67.1%64.5%65.59经调净利润(亿元)28.538.849.5230经调净利率（%)23.0%23.9%22.7%资料来源:公司财报,HTI测算表3可比公司估值情况(20241023)收盘价EPS(1C公司名称股票代码FY24EUSSmnFY25E24-26EFY24EFY25EFY26E华特迪士尼公司DISUS96.6175,2385.019.5HASUS9,902
泡泡玛特(9992HK)维持优于大市财务报表分析和预测际(元)每股净资产股经营现金流1,438(1,48310,7391512.52119,09124Oct2024
泡泡玛特(9992HK)维持优于大市APPENDIX1Summary PopMartreleasedits3Q,performance update onOct22#.Revenue up120%-125%YoY. MainlandChinaup55%-60% YoYwhile HK., MO, TW, and overseasup 440%-445% Yo , igificantlyexceeding expectations.For domestic market, the company strengthened its depth and breadth of IP operations by intensifying new productlaunches and expanding intonewcategories. Furthersupported by overseas demand feeding backinto the domesticmarketthetrend ofprouthwasexnerted to bemaintainedAsfor overceasmarketsstron@ nerformanceinAsiaandacceleratedRMB12.4/162/20.0bn. and adiusted NP to be RMB2.85/3.8/495 bon,respectively.a TP of HKD 80.9(HKD/CNY=0.9). We maintain outperformrating.spectations, raw material price hike,24Oct2024
APPENDIX2ESGCommentscompany keeps improving its business and enviromental related problems.company keepsimproving tsbusiness and enviromental related problemsGovernacompany keeps improving its business and enviromental related problems.
附录APPENDIX重要信息披资本研究报告由海通国际分销,海通国际是...
