Jinwu Financial News | CITIC Construction Investment Research Report said that in the first quarter of 2024, the revenue of Mingchuang Premium (09896) was RMB 3,724 million, up 26% year on year; adjusted net profit was RMB 617 million, up 27.7% year on year. Continued rapid growth performance fully demonstrates the company's ability to operate IP products and expand overseas. The company has created a series of popular IP co-branded products, such as the Barbie IP co-branded series and the Chiikawa co-branded series, to cater to consumers' interests and consumer trends. The company's overseas expansion is still at a high rate, and direct market revenue is growing rapidly. Product structure optimization, direct market share increase, TOPTOY model optimization, and the company's profit margin once again increased.
According to the bank, the IP strategy helps the company achieve differentiation outside of cost competition, maintain a high level of profit margins, and the IP strategy also lays the foundation for overseas expansion. The company adjusted the financial year to be consistent with the natural year. The bank updated the 2024-2026 profit forecast to be 28.97, 35.25, 4.219 billion yuan, corresponding to PE of 20, 16, and 13, giving it an “increase in wealth” rating.