海通国际研究报告ResearchReportHAITONG21Aug2024泡泡玛特Pop Mart International(9992 HK点评报告:收入利润超预期,国内海外双开花Review Report: Surpassing Profit and Revenue, ilestones Globally and Dome sticaly观点聚焦InvestmentFocus维持优于大市MaintainOUTPERFORM(PleaseseeAPPENDIX1forEnglshsummary)评级优于大市OUTPERFORM经调净利10.2亿现价HKS41.85日标价HK548.90海外收入增速超200%HTIESG554:05,/PlaseregertbtheApendlyforESSaommentsHKS56.20bn/US$7.21b日交易额(3个月均值）发行股票数日1,343mn自由流通股(%)1年股价最高最低值HKS41.85-HK517PriceReturn190160130方awnjoAAug-23Dec-23Apr-24资料采源:Factset绝对值绝对值(美元)相对MSCIChinaDec-23A(+/(+4）屋一推出新IP,收入结构更平CRYBABY收入3.5亿元倍1.2IP的出色表现,截至6,公司累计注册会员数:3893万人，同比增长28%，新增注册会员457万人超2023年同期;会员销售贡献92.0%,会员复购率43.9%,均维持基本稳定。yt.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 appendixforEnglish translationof thedisclaimer)
泡泡玛特(9992HK)维持优于大市新业务:乐因和游戏业务核:心都是以为消费者带来更好IP沉没感为核心1乐园:1H实现盈利,预计10月将推出因内甜品店，二期项目建设也已提上日程。国牌戏梦想家园6月末公测至今实现微利。利润结构:毛利率:1H毛利率64%,同比提升3.6pct;其中销售单价提升拉高主因海外业务占比提升拉高2.2pct;采购成本下降拉高13pt,主因对供应商生产播细化和自动化程度提高推升良品率;授权等成本增长拉低降220经调净利率:经调净利10.2亿元,同比增长90%;经调净利率22.3%我们上调24-26年收入各25%/28%/29%至同比各增长64%/28%/22%我们上调24-26年经调净利名23.4/30.6/38.0亿元，22.7%/23.2%6/23.7%。我们给予公司24年25倍PE估值不变,对应目标市值648亿滨元，上调目标价49%至48.9港元(对应汇率为HKD/CNY=0.90);维持”优于大市"评风险提示:经济下滑,行业竞争加刷,门店拓展不及预期,原材料价格上涨21Aug2024
泡泡玛特(9992HK)维特优于大市表1泡池玛特财报及测算202120222024E2025E2026E收入(亿元)131.9160.627.6YoY(%)21.6毛利(亿元)106.6毛利率(%)61.0Yor(pct)2.02销售费用(亿元)48.2销售费用率(%)30.0行政费用率(%）经调净利润(亿元)经调净利率(%)22.3Yor(pct)(12)19.9)0.505资料来源:公司财报:HTI预测HTI测算FY24EFY25E收入(亿元)103.1131.9160.6毛利(亿元)66.586.s106g50.554.3毛利率（%)64.5%65.5%66.4%61.9%62.5%经调净利润(亿元)23.430.638.015.820经调净利率（%)22.7%23.2%23.7%资料来源:公司财报,HTI测算表3可比公司估值情况(20240820)收盘价EPS(LC)公司名称股票代码USS mnFY24EFY25EFY25FY26E23-25EFY24EFY25EFY26E华特迪士尼公司DISUS89.7162,751心心
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9,1321,313,57116.93421Aug2024
泡泡玛特(9992HK)维持优于大市APPENDIX1SummaryIn1H,Pop Mart'srevenue was RMB4.56bn, up 62% YorY. Domestic revenue was RMB3.21 bn,up32% YoY. 1 retallstoreswere net added. Oversea revenue was RMB 1.35bn,up 260% YoY.12 retal stores were net added.The GPMwas64%,up3.6patYor?.S&Dexpenseratiowas29.7%, down.1.5pctYoY. G&Aexpense ratiowas9.5%, down.2.2pct YoYAdjusted NP was RMB 1.02bn, up 90% YoY, and adjusted NPM was 22.3%, up3.3pct YoY.Weproject the revenue in 24-26 to be RMB10.31/13.19/16.06bn, and adjusted NPto be RMBS2.34/3.06/3.80 bn, respectively We value the company by 25xFY24 PE, with a TP of USD48.9(HKD)/CNY-0).9), We maintain outperformrating,. Risks:Economic downtur, industry comp...
