该行表示，经测算23年海外单店收入较中国内地高66%，或部分因为公司海外产品较中国内地有3-80%溢价；但不同地域店铺表现方差较大。对标同为玩具零售龙头的乐高，我们判断泡泡玛特仍有较大开店空间。考虑到公司IP在全球认可度进一步提升，上调盈利预测：预计公司24-26年归母净利润为19.0/24.1/30.7亿元，维持“推荐”评级。Pop Mart (09992) is up over 4%, as of the time of writing, up 4.09% to HKD 39.45, with a turnover of HKD 43.1495 million.
According to the Zhifubao Finance app, Pop Mart (09992) is up more than 4% and as of the time of writing, have risen by 4.09%, to HKD 39.45, with a turnover of HKD 43.1495 million.
Minsheng Securities points out that in 2023, Pop Mart's total revenue in Mainland China and other regions reached CNY 1.066 billion, a year-on-year increase of 134.86%, and its revenue accounted for 16.9% of the total company's revenue, an increase of 7.1 percentage points from the previous year. According to the company's plan, the overseas business is expected to exceed the company's IPO revenue in 2019 (CNY 1.7 billion) in 2024, with the aim of creating another Pop Mart overseas.
The bank indicated that the revenue per store from overseas was 66% higher than that in Mainland China, which may be due in part to the company's overseas products being priced 3-80% higher than in Mainland China. However, the performance of stores in different regions varies greatly. Compared with Lego, another leading toy retailer, we believe that Pop Mart still has a lot of room to expand. Considering that the company's IP has further gained global recognition, we have raised our profit forecast. We estimate that the company's net income attributable to shareholders in 2024-2026 will be CNY 1.9/2.41/3.07 billion, and we maintain a "recommended" rating.
