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BOSIDENG(3998)
Analysis¡G
In the first half of fiscal year 2023, the company achieved operating income of 7.472 billion yuan, a year-on-year increase of 20.9%; net profit attributable to the parent/excluding non-net profit was 919/742 million yuan, a year-on-year increase of 25.1%/2.0%. The main reason for the difference was that There was a goodwill impairment loss of 98 million yuan in the first half of the fiscal year; the gross profit margin was unchanged at 50.0% year-on-year, and the net profit margin reached 12.3%, a year-on-year increase of 0.54pct. In the first half of the fiscal year, the main brand down jacket achieved revenue of 4.940 billion yuan, a year-on-year increase of 28.1%, accounting for 66.11% of the group`s revenue, and a gross profit margin of 61.2%, a year-on-year decrease of 2.4pct. The decrease in gross profit margin is mainly due to the adjustment of product structure, and the sales proportion of sun protection clothing and light down products with slightly lower gross profit margins increased. The sales of new products launched in the first half of the fiscal year are encouraging, including sun protection clothing, light down jackets, "one garment, three wear" jackets, etc., successfully expanding incremental business. The company`s performance in the first half of the fiscal year exceeded expectations, and its profitability continued to improve steadily. With the arrival of the peak season, we are optimistic about its subsequent performance.
Strategy¡G
Buy-in Price: $3.35, Target Price: $3.70, Cut Loss Price: $3.06
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Report Review of November 2023
Sectors: TMT, Semiconductors, Consumer & Healthcare ¡]Eric Li¡^ TMT, Semiconductors, Consumer, Healthcare (Eric Li)This month I released reports of Pop Mart International Group Limited (09992). Pop Mart International Group Limited (09992) is principally engaged the product design and development and sale of pop toys in China and certain overseas countries and regions. Pop Mart brand products are primarily categorized into blind boxes, action figures, BJDs and accessories. Revenue of the Company is generated in Mainland China and Hong Kong, Macao, Taiwan and overseas through: offline channels, online channels, and wholesales channels and others. Proprietary products of Pop Mart are mainly divided into: artist IPs and licensed IPs. Artist IPs are the major product type of the Company, primarily including MOLLY, SKULLPANDA, DIMOO and THE MONSTERS. In 1HFY2023, Pop Mart opened 19 new physical stores in Mainland China. The number of physical stores increased to 340. The company opened 118 roboshops in Mainland China. The number of roboshops increased to 2,185. The total number of registered members in Mainland China increased to 30.388 million. In particular, there were 4.384 million new registered members. During the first half of 2023, the sales contributed by members represents 92.2% of total sales, with repeat purchase rate of the member of 44.5%. The number of stores in Hong Kong, Macao, Taiwan and overseas cities amounted to 55 (including joint ventures) and the number of roboshops amounted to 143 (including joint ventures and franchise), respectively, with overseas e-commerce platforms reaching 28. Pop Mart established the first physical store in the France and Malaysia during the period. In 1HFY2023, Revenue of the company increased to RMB2,814 million, representing a year-on-year increase of 19.3%. Profit for the period increased to RMB477 million, representing an increase of 43.3% YoY. Basic EPS were RMB35.46 cents, and no interim dividend was paid. Non-IFRS adjusted net profit (after excluding share-based payment) increased to RMB535 million, representing an increase of 42.3% YoY. According to the latest business update for 3QFY2023, Overall revenue in Q3 recorded a period-on-period increase of 35%-40%, among which, revenue attributed from operations in Mainland China recorded a period-on-period increase of 25%-30% and revenue attributed from operations in Hong Kong, Macao, Taiwan and overseas recorded a period-on-period increase of 120%-125%. The revenue attributed from each respective channel of the operations in the Mainland China: for retail stores operations, was recorded an increase of 35%-40%; for roboshops operations, it was recorded an increase of 45%-50%; for Pop Draw operations, it was recorded a decrease of 10%-15%; for the operations of e-commerce platforms and other online platforms, it was recorded an increase of 20%-25, of which the operations for Tik-Tok flagship store recorded a increase of 875%-880% and the operations for Tmall flagship store recorded a decrease of 20%-25%; and for the operations in wholesales and other channels, it was recorded an increase of 50%-55%. 
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