Pop Mart International Group Limited - Stock Analyst Research

Target Price*HKD 28.47
Recommendation ACCUMULATE
Market Cap*323654
Publication Date4 Dec 2023

*At the time of publication

泡泡瑪特 (09992.HK) 1HFY2023恢復常態化運營.線下銷售復甦迅速

泡泡瑪特(09992)主要於中國及若干海外國家及地區從事潮流玩具的產品設計與開發及銷售,旗下品牌產品主要分為盲盒、手辦、BJD及衍生品。公司的收入來自於中國內地和港澳台及海外的:線下渠道、線上渠道,及批發渠道及其他。泡泡瑪特的自主產品主要分為:藝術家IP和授權IP。藝術家IP是公司主要商品類型,主要包括 MOLLY 、SKULLPANDA、DIMOO、THE MONSTERS等。
1HFY2023,公司於中國內地新開19家線下門店,門店數量增至340家。中國內地新開業118家機器人商店,機器人商店數量增至2,185家。內地累計註冊會員總數3,038.8萬人,新增註冊會員438.4萬人。2023年上半年會員貢獻銷售額佔比92.2%,會員複購率為44.5%。港澳台及海外門店達到55家(含合營),機器人商店達到143台(含合營及加盟),跨境電商平台站點數達到28個。期內,公司也在法國及馬來西亞開設了首家線下門店。
1HFY2023恢復常態化運營.線下銷售復甦迅速
1HFY2023,公司收入達28.14億元(人民幣.下同),同比增長19.3%;股東應佔溢利4.77億元,按年增長43.2%;每股基本盈利35.46分,不派中期息。撇除以股份為基礎的付款報酬後的經調整純利為5.35億元,按年升42.3%。
期內銷售成本11.16億元,增長了12.9%;毛利16.98億元,增長了23.9%;整體毛利率由去年同期的58.1%增長至2023年上半年的60.4%,主要由於自主產品的毛利率提升。

About the author

Eric Li
Analyst
Research

李浩然先生(Eric Li) 高級分析師 現任現為輝立証券持牌高級分析師,曾任職股票基金、家族辦公室及證券公司等,擁有多年的證券研究部門從業及投資經驗,並先後於香港最暢銷的財經媒體撰寫投資專欄。畢業於香港理工大學電子計算系。 Eric is currently a licensed research analyst at Phillip Securities. Prior to joining Phillip Securities, he has years of equity research and investment experiences in asset management company, family office and securities company. Meanwhile, he has written investment columns in Hong Kong`s best-selling financial media for years. He holds Bachelor of Arts in Computing from The Hong Kong Polytechnic University.

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