Jinwu Financial News | According to Huayuan Securities Research, in 2024Q3, Mingchuang Premium (09896) achieved revenue of 4.523 billion yuan, a year-on-year increase of 19.3%; achieved net profit of 0.642 billion yuan, an increase of 4.8% year on year; achieved adjusted net profit of 0.686 billion yuan, an increase of 6.9% year on year. Jinwu Financial News | In the first three quarters of 2024, the company achieved revenue of 12.281 billion yuan, an increase of 22.8% year on year; realized net profit of 1.812 billion yuan, up 12.0% year on year; achieved adjusted net profit of 1.928 billion yuan, up 13.7% year on year. After excluding net exchange losses and revenue effects, adjusted net profit was 1.95 billion yuan, an increase of 18.3% year on year.
According to the bank, in the past few years, the company has cooperated with more than 150 IPs globally, and out of the top ten IP licensors in the world, 6 have established cooperation with the company. In terms of IP reserves, the company has reached an authorized cooperation with leading riman game and two-dimensional popularity IP to set up an internal two-dimensional IP management and R&D team. In the future, it will launch milk-like peripheral products developed by famous creators through second-innovation, contract writing, etc., to create differentiated creative products. IP strategy+two-dimensional efforts may lead to continuous improvement in product strength and increase in store customer unit prices, thereby stabilizing the company's same-store performance.
The bank said that the estimated revenue for 2024-2026 is 17.18 billion yuan, 20.763 billion yuan, and 23.835 billion yuan, respectively, and adjusted net profit is 2.828 billion yuan, 3.531 billion yuan, and 4.22 billion yuan respectively. The bank selected Bubble Mart, FiveBelow, and DollarTree as comparable companies. The company's PE was lower than the average of comparable companies, and for the first time, it was covered with an “increase in holdings” rating.
