Jinwu Financial News | According to Guoxin Securities Research Report, Bubble Mart (09992)'s revenue in 2023 was 6.30 billion yuan, up 36.5% year on year, mainly due to the recovery of domestic offline stores and rapid growth in overseas business; net profit to mother was 1.08 billion yuan, up 127.5% year on year. The company's gross margin/net margin was 60.4%/16.9%, respectively, up 2.9/6.7 percentage points year on year; the overall expense ratio decreased by 5.4 percentage points to 40.4%, with sales/management/financial expenses ratios of 31.6%/11.1%/-2.4%, respectively, down 0.02/3.6/1.8 percentage points year on year, respectively. The trend continued to decline when online stores were opened in large numbers and amusement parks.
The bank maintains its profit forecast. The adjusted net profit for 2024-2026 is 15.6/19.2/2.29 billion yuan, respectively, with a year-on-year growth rate of 44/23/ 19%; diluted EPS = 1.16/1.43/1.70 yuan, corresponding to the current stock price PE = 21/17/14x. The company's leading IP maintains outstanding performance, new product launches are stable, and IP construction and operation capabilities are continuously verified; overseas markets continue to advance and channels continue to expand, becoming the company's new growth pole; at the same time, IP paradise and game products (“Dream Home”) are expected to increase the depth of IP operations, and long-term IP construction, operation, and commercial monetization capabilities are expected to continue to increase, and continue to maintain the “buy” rating.