潮玩行业研究报告：IP起万物生-250109（48页）.pdf

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1、202501o09日IP，O物潮业|究报业券研报分师史凡分师马莉研v秋露u18811064824nS1230520070002u18811561806nS1230520080008添标95%摘要2 o潮业状？o潮业广，景气高，_延空间更2o业242O5CAGR14%vo潮9002潮营y花o塑IP通授hs_IP授h模1500SIP模6000S2ok精神消费代点，有趋势21需求：w日oW业点oWGDP1OS前okSw5Z世p费愈/值/IP/交潮品x费动22供以:黑z;表oo/动/_说频IP崛以/t/_表潮品公崛品W子店_启y_店|23潮出海，oQ一段2欧Kidult热潮tYo|W精费需n激o潮wp

2、品势2 潮品分哪品更优？1模：okt绒O品标W_2增：tko绒PO品op熟ps3竞争格：otk绒立vW业模式垒_2O品商业模式差_？q们把潮W业模式_IP营两点py两O品O2营Z_Wz间_比品IPx型/立mIPpW独Wo垒果需OIP模v营or头IP资源s2于y一营品x型otv于独g动g营垒高z_w集o2 潮公司竞争分yw潮公司，q们梯：1第一梯迪尼尼IP宇_IPya营2第梯乐高O代W梦宫高s据o品势品营v垒OY梦宫o日本动漫业q_pIPy品营x3第O梯之泰WpywwIPwpwIPWknyw高值w品24第梯差_化品公司比梦FUNKO等2以P梯的形p由潮公司竞争差_，q们总Q来，yw潮公司竞争由I

3、P1品1营O部分p，IP品决公司y花，营决公司Q限2q们认特x有u第O梯的能2 投资议 q们认IPz权高垒1资源z缺延空间广，IP营优选x有有IP/系统性IP营能/s据优势品的公司2推荐特，优品，晨Y股份，s注_鲁，t游oP，广股份，姚记科技，华立科技，奥乐等2 提 业需nO业竞剧_扩O等目_C O N T E N T S潮业状1o潮模z间？2_o潮业p势？010203潮品分1哪品？2O品W业模式_？潮公司竞争分1yw潮公2O公竞_？N公？Og公y花？3nN等公y花？304投资议01Partone4潮业状：o精神消费代点本节针o潮状分，：1o潮模空间？2o潮业比海_N段？_？添标模：乐2O，乐

4、品1500，潮9001.15据沙文灼咨询，乐业2024计2O，19-24CAGR14%2业W括数孒o/动漫/播等1品W括w/n籍/w/o装等Q动W括u/网/公园等5CAGRVo15%112%110%2据灼咨询，乐品业2024计1500，19-24CAGR12%2品W括w/w/o装等5CAGRVo12%124%19%2据灼咨询，潮2024模计900元，19-24CAGR12%，计o来3CAGR14%，2027达r1300元2数字娱乐数字娱乐产品产品线下活动线下活动数据g源灼询招股nt招股n浙Wx|究2024o乐计1.8O元，5CAGR14%20241.3OS5CAGR15%20243681S5C

5、AGR10%20241590S5CAGR12%模：潮IP_延，授权1500，编50006潮营的y花o塑IP，以通过授权编打_了品售以_更的空间2据沙文，IP授权2024计1561元，5CAGR 13%2IP授hW括W品授hz间授hW品授hgIPpQ授h于IP_售品品比瑞啡等z间授hg以IP进动vz间装饰会11店公园比尼园1城园等2据沙文，IP编2024计5867元，5CAGR 14%2IP式W括数孒o1u1剧集u1动w等比梦园k高u等21.1数据g源招股n浙Wx|究48.555.565.673.284.477.396.4115.7135.7156.10204060801001201401601

6、80201520162017201820192020E 2021E 2022E 2023E 2024EIP授h业模SS74.994.5117.6131.6150.5183.4190.4211.4233.8256.118.921.730.135.742.712.656.068.679.190.030.140.650.461.673.586.8102.9121.1141.4162.816.121.728.035.041.347.654.662.370.077.80100200300400500600700201520162017201820192020E 2021E 2022E 2023E 202

7、4E数字游戏电影剧集及电视节目动画片oIP模SS添标95%业：IP作能z缺，IP营节71.2潮业本由IPz权1IP营1IP授权1供工厂1终售商5n部分p2IPxhIP作IP值高z缺g垒高IP营IPW品|营常IPxh营授h角色IP授hV通常_拓厂业值gPIP营式售W品售w势售WP溯rIP营VIP营_会营模式以延伸售业2数据g源瑞询浙Wx|究37.72%48.08%40.05%35.8%48.25%68.10%61.32%37.63%67.3%52.9%28.65%31.34%38.73%4.78%16.08%10.00%13.0%10.0%25.96%18.76%14.06%29.6%27.9%

8、6.33%14.14%16.08%0%10%20%30%40%50%60%70%80%奥飞娱乐阅文团阿影业迪士尼羚邦团乐高泡泡玛特姚记科技t游a鲁华立科技京华激光_品毛利率经调净利率业：IP作能z缺，IP营节81.2注以P_2024o报_vX公2023数据g源瑞询公公公网浙Wx|究IPz权IP授权IP营终售商潮业由5n部分p：1IPz权：高垒节，以/o等公授h业纯oOIPp本n30-40%5-15%之间2IP授权oo羚/o棉花muse/阿等IPg日本)以羚50%10%3IP营业x品间_30-70%O等5-30%O等IPxh营公/集/阿业4供工厂华激Zt厂31%/14%5售商IP营售W品/52T

9、OYS以品40%/16%2授权授权权益授权代v授权权益供工厂品售品品售手添标95%业段：ok精神消费代点91.3需求：o均GDP 20191O元，k精神消费代点2ywWo业源合o手t毛绒2y据灼询t招股n2027o潮业模1289Svoo/k/t/绒模V407/348/310/154So模g2模差_由O品目标均价s22增：t手积o毛绒2y据灼询t招股n2022-2027o潮业合13.3%vot/k/o/绒合20.6%/15.0%/13.4%/4.3%tg2增差_P品在o的p熟度有s2问1：潮业哪品更优？2.219数据g源g数t招股n公浙Wx|究t：t游翻倍高增手：特再掀热潮t/t搜g数2023n

10、W单位百万元单位百万元2021A2022前3前3Q2022A2023前3前3Q营业总收入营业总收入2298.863654.394135.141955.87YOYYOY79.9%-46.5%归母净利润归母净利润-153.18-115.25-296.03260.16YOYYOY93.3%-187.9%经调整净利润经调整净利润795.401567.601619.70578.10YOYYOY97.08%103.63%-64.31%毛利率毛利率58.10%69.84%68.80%67.35%期间费用率期间费用率17.46%20.14%25.31%45.23%v中销售费用181.25283.46375.0

11、2296.19销售费用率7.88%7.76%9.07%15.14%v中费用218.38448.82666.48583.29费用率9.50%12.28%16.12%29.82%v中费用1.863.875.255.25费用率0.08%0.11%0.13%0.27%归母净利率归母净利率-6.66%-3.15%-7.16%13.30%经调整净利率经调整净利率34.60%42.90%39.17%29.56%t数据一k/搜g数持3000以P高O数据一WOOS2019A2019A2020A2020A2021A2021A2022A2022A2023A2023A2024H12024H1营业收入营业收入1683.

12、42513.54490.74617.36301.04557.8yoy227%49%79%3%36%62%内地销售收入1656.52439.34306.94163.45234.93206.4yoy222%47%77%-3%26%32%境外销售收入26.974.2183.7453.91066.11351.5yoy176%148%147%135%260%毛利润1090.31594.12758.62654.53864.12919.1毛利率64.8%63.4%61.4%57.5%61.3%64.0%归母净利润451.1523.5854.3475.71082.3921.3净利率26.8%20.8%19.0

13、%10.3%17.2%20.2%调整净利润469.1590.51001.6573.51190.51017.6调整净利率27.9%23.5%22.3%12.4%18.9%22.3%问1：潮业哪品更优？2.220数据g源_招股n公公S浙Wx|究毛绒：Jellycat引，特势u积o：乐高稳健增，_鲁爆增_爆0.540.650.600.851.462.0022%-7%41%72%37%-20%-10%0%10%20%30%40%50%60%70%80%011223201820192020202120222023营收亿英镑YOYJellycat高靡329.8325.6876.7465.51046.2-1

14、%169%224%238%-50%0%50%100%150%200%250%0200400600800100012002021202220232024Q12024H1营收亿人民_yoy40.8446.1051.4%9.8%0%2%4%6%8%10%12%0501001502002503003504004505002023H12024H1泡泡玛特毛玩w收入百万元收入s比绒10高绒kz高企159k261 159k502 38.543.755.364.665.96.6767.8579.90710.4869.15813.5%26.5%16.8%2.0%17.7%26.1%5.8%-12.7%-15%-

15、10%-5%0%5%10%15%20%25%30%01020304050607020192020202120222023全球收入十亿麦克朗亚太地区收入全球收入yoy亚太收入yoy高稳u问1：潮业哪品更优？2.221数据g源欧睿t招股n浙Wx|究3竞争格k头部集o度：积ot手毛绒立2O品的格差_本P由商业模式垒差_决2积o格：TOP1 50-70%，CR5 70-80%t格：TOP1 50-70%，CR5 80-90%ow他集换式t公司：2022o集换式tz2023日本TCGtz售s比oozywoz65.6%69.3%72.0%73.7%72.7%26.3%22.9%20.3%18.7%19.5

16、%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023乐高美泰万代启蒙积木Spin Master其他37.2%46.4%51.7%53.7%47.2%4.4%5.1%5.3%5.8%6.6%1.0%3.0%4.4%4.0%4.9%2.2%2.1%2.6%3.0%4.5%0.8%1.1%1.6%3.0%3.8%54.4%42.4%34.4%30.6%33.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2019202020212022

17、2023乐高启蒙积木布鲁可万代森宝文化其他问1：潮业哪品更优？2.222注动作v通常g_wg向k漫英/Z等kv通常g_g向k娃娃芭比娃娃/尼公/z/等数据g源欧睿O谦浙Wx|究3竞争格k头部集o度：积ot手毛绒立2O品的格差_本P由商业模式垒差_决2手格：TOP1 20-40%，CR5 50-70%ywkvz19.1%18.9%19.1%18.7%24.0%16.9%18.1%18.3%17.2%16.5%15.2%14.2%13.3%13.1%7.8%5.5%5.7%5.4%5.2%4.9%1.9%3.0%4.9%4.7%5.1%41.4%40.2%39.1%41.1%41.8%0.0%10

18、.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023美泰MGA之宝Moose泡泡玛特其他yw动作vz25.8%25.7%25.0%24.3%22.8%10.1%9.4%12.7%15.6%13.5%11.8%12.5%11.7%11.0%10.6%7.9%7.8%8.1%8.7%8.7%4.5%4.8%4.5%4.3%4.4%39.9%39.7%38.0%36.1%40.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2019202020212

19、0222023之宝FunkoGeobra Brandsttter美泰万代其他okvzo动作vz47.5%36.4%34.9%37.1%41.3%11.8%12.6%12.5%13.1%13.3%8.3%7.6%7.0%7.6%7.5%2.7%2.4%2.8%3.6%4.1%1.3%1.8%2.2%2.7%4.1%1.4%1.3%1.3%1.3%3.2%26.9%37.9%39.3%34.6%26.6%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023奥飞娱乐之宝灵动创想万代Geobra Bran

20、dsttterVTech其他39.2%37.5%45.0%41.3%44.1%5.8%3.2%2.3%1.9%2.3%6.1%3.8%3.8%2.1%2.2%4.8%2.4%1.8%1.7%1.6%1.0%0.9%0.7%0.7%0.7%43.1%52.2%46.5%52.3%49.1%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%20192020202120222023泡泡玛特美泰精英动漫乐吉儿VTech其他问1：潮业哪品更优？2.223数据g源欧睿O谦浙Wx|究3竞争格k头部集o度：积ot手毛绒立2O品的格差_本P由商业模式垒

21、差_决2格：度分散毛绒格：TOP1 5-20%,CR5 20-40%5.1%6.7%12.0%18.6%06.5%7.5%8.6%4.5%6.4%6.1%4.1%0.6%1.0%1.2%2.7%0.5%0.5%0.9%2.2%2.0%1.4%1.4%1.8%87.3%77.5%70.9%61.9%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2021202220232024M1-M10Jellycat迪士尼度假区迪士尼名创优品babycare问童子其他o绒_zuWyw绒_z8.0%7.6%6.4%5.6%3.4%4.8%5.1%5

22、.1%6.6%6.1%5.6%5.0%4.4%4.2%3.9%4.0%2.9%3.0%2.7%2.9%74.6%74.2%76.2%77.4%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2020202120222023之宝Build-A-BearSpin MasterTy迪士尼其他w立品WV散初音og品WV散问2：潮O品的商业模式差_？2.224潮商业模式垒：q们x_IP营两点营Z_Wz间_比品IP/立等_2Dsw品IPpW独Wo垒2otoTCGv于独g动g营垒g高ov垒2k1绒y据IPgVkSvv营n高2由l决竞争格：IPwp

23、V散g了IP品集o头需pIPWm/立/pg绒V散营独独s动gwp集效业集o高mt/ozg集o头需p稳u营持推效v2IP营潮商业模式潮品/立积o手集o度P高次元手潮流手于IPy脂/PVC等_模装模型毛绒有性娃性娃tCCGtTCGtO酯/棉花等作Upwwp费w1交换1z动_tvo头1塑等wvpw1wR1ww于kSIP等v作W品广股/晨Z股/等尼/Jellycat/Squishmallows品/等梦/航/O智/ot/集t/魂等O/之/泰/Funko/独角/等高/O/_/启蒙等潮公司竞争分03Partone25本节yw潮品公司分，以：1O公司竞争差_？2N公司能？O特性公司y花？3怎N看特等公司y花？

24、yw潮公司263.1注尼FY24(j249o)高FY23(j2312o)OFY24(j243o)FY24(j243o)FUNKOFY23(j2312o)之FY23(j2312o)泰FY23(j2312o)梦FY24(j242o)资g源公公彭浙Wx|究公司公司迪士尼迪士尼乐高乐高万代万代孩之宝孩之宝美泰美泰宝梦宝梦Funko所属家所属家美麦日本美美日本美p立时间p立时间1923193219501926196819981998公司简介公司简介全球最大的综性娱乐公司全球头部木玩w品牌商全球头部潮流玩w及游o娱乐品牌商全球头部玩w和游o公司，旗Q著品牌包括龙P地Q城1NERF1变形金Z等全球最大的玩w

25、公司之N，著品p风火轮HotWheels1芭比娃娃等全球头部IP授权商，营游o，画，t牌等2全球头部潮流玩w品牌商，以人形玩偶如POP！系W著收入体量收入体量亿美元亿美元913.6195.6667.0050.0354.4119.8410.96收入增速收入增速2.77%1.96%6.07%-14.57%0.12%26.85%-17.13%收入近收入近5CAGR6.92%12.62%7.72%1.17%3.85%25.48%(近4)6.63%毛利率毛利率35.75%68.06%35.32%65.90%47.48%/30.38%经营利润率经营利润率经调经调13.04%25.96%8.63%9.53%

26、10.32%29.81%-9.47%收入构收入构分地区分地区美洲/欧洲/亚太s比78.98%/11.25%/9.76%美/欧中非/亚太s比46.5%/38.5%/14%日本/美/欧洲/亚洲s比59.47%/15.78%/12.28%/12.47%北美/欧洲/亚太/拉O美s比57%/23%/9%/11%北美/美女孩部s比55%/41%/4%/美/欧洲/v他地区s比69%/24%/7%收入构收入构分品分品娱乐/体育/体验s比45.08%/19.29%/37.38%品销售/授权业99%/1%玩wt趣/数码/IP品/娱乐/v他s比48.55%/35.48%/7.85%/11.39%玩w等消费品/游o/

27、娱乐s比58%/29%/13%玩偶/学前玩w/作人偶/赛车模型s比44%/18%/20%/30%/POP玩偶/LONGEFLY潮流服饰/v他s比73%/20%/7%IP自pIP，米老鼠1维尼熊1球大战1迪士尼公位W全球价值最高的IP TOP5授权IP著IP包括高达(自p)，龙珠1航海王1奥特曼1假骑士(授权)，TOP5 IP销售额s比91.5%既p自pIP(变形金Z1特种部队1小马宝莉1小佩奇)，也p大牌授权IP如战1漫威Barbie;Fisher-Price andThomas&Friends,andPowerWheels;Hot Wheels等自pIP宝梦以授权IP，迪士尼1漫威和ut影业

28、销售额s比38%，TOP5 IP/长青IPs比17%/67%渠道渠道直营(迪士尼商店1乐园)+授权2023总门店1031家195直营+836授权游o门店1121家直营318+v他803玩w门店经销代理模式经销代理，公司前五大零售客户收入s比34%，2B最大客户沃尔玛和亚马逊，各s收入11%2经销代理，O大客户沃尔玛/Tar/亚马逊收入s比44%授权经销，直营门店包括宝梦中心和宝梦商店代理商收入s比79%，零售作伴p塔特1沃尔玛等，DTCs比21%供链供链代工厂自p工厂,分a全球现p5家，2家建中代工厂代工厂自p工厂+代工厂，代工厂要位于中/印尼/马来西亚/墨西哥/泰自p工厂(22收购Mille

29、nnium Print Group负t牌印w)+代工厂代工厂,要分a在中及越南玲娜贝儿玩偶 疯狂物城手办乐高球大战系W龙珠手办&高达模型变形精工模型&蜘蛛侠手办芭比娃娃宝可梦集换式卡牌FUNKO-球大战-格洛热销品示例热销品示例迪尼：画电影，迪尼IP宇+ya营27迪尼以画电影，x有IP部孵化机v，并通过w形pIP宇，并打影1乐园1游o1售商品，IP授权，出z，音乐，舞剧等yIPa224迪尼营w达913.6元，yw头部IP包括老鼠1尼熊1wz1迪尼公等2IP研，擅世界价值引，画设计深：1923尼T_vw厂p立作鼠动zotoQ传精pywIP1937一动:公POn_矮;nlOz邪恶P即w获1.84S

30、y持推:睡;1:_;等尼公W:冰_;调gvP:疯狂动城;go2资劲，持w，形p迪尼IP宇：2006w皮表作:w总动;/:总动;2009w漫:钢铁侠;2012wut:wz;/:_u;2019w:阿;:泰w尼;:X z;:;等22006w皮2009w漫业2012wut业2019Pm_Disney+wS世纪2018P_育m_ ESPN+2023w了著m_ hulu2016P尼园_业2005o尼园_业2001w庭频 ABC 庭2016g Freeform=1998华尼动_业3.3注jr9ov10o初数据g源公网公公浙Wx|究28p打IPya营：IP影，乐园，游o，售商品，IP授权，出z，音乐，舞剧r电

31、1流_等渠道21930Wz费向尼了_妮w1n籍o装Ph1952尼p立WED公_始园1955尼园_业1956尼uw公p立80_始o块1996资190SwABCPESPNu延传播渠2018尼P_育m_ ESPN+2019以713完pV资wW含u1u公FX1wvu网30%m_Hulu股h39%欧uSkyTV股hsStaru费uz传22019Pm_ Disney+_始m_23.3尼业x数据g源公网公公浙Wx|究迪尼：画电影，迪尼IP宇+ya营乐高：yw积o龙头，品垒深，独设计语言3.4乐高精耕积o品，打深品v垒，独设计语言，乐高q_圈，品即品，积oyws70%22023乐高营w659麦w折合96元2公

32、司历史分3段：1崛(1932-1987)1958推高o雏w请_pO品幼o得高xo高IP_装2t(1988-2004)o_r竞剧out抢w业扩V激进(W括o/u/教育o/o饰/公园/品W店等)u亏损t临|3蜕售s业(W括公园u子o)_注xo品|2数据g源搜狐:高世;公公浙Wx|究乐高营w十麦w历0510152025303540455055601935195019651955193219601940194519701975198019851990200519952000201020152020崛：1932-1987t机：1988-2004：2004今-押注塑料积o，_注品并形p乐高x_系-1958

33、w请o_TOY BUILDING BRICK1960s_i Lego1978推微型1高城堡-_部szo峻，采激略-20世纪90_r以P策u进u动oo-品，完善商业z-2004_注ow2016o嘉t厂2006哥V1932高比p立营ow1946u一注塑_始塑w20世纪70推xu品-高_镇_餐2014厂乐高：yw积o龙头，品垒深，独设计语言3.4深品v垒，有工厂yw_2_模p本高昂置o品进u一槛标高模wp本高昂5O-8OS/n高通标W以模W势Wn模w限以v作600块o以UVV摊p本2进o品精|n高之了费滑11t1c拼搭oo否滑1wo_验费策s高o精公0.002vv高标1动Wo撑前高p5np厂2n厂V

34、于2425u2独设计语言，乐高q_圈2j245o高品p42nW本VpO1xo高城高o2O授hIPwz等3pIP品高o2以P品wp一=语sO高=2高注q_比高IDEASQ_交MOC品My Own Creationp会p_装立LUG(LEGO User Group)_V品Q会立LCP(LEGO Certified Professionals作高g高py作高_p黑W括杀肉1作弊等2数据g源公网O|刊:高世;世浙Wx|究j2022高yw厂高IDEAS被Zp_装_作品30O代W梦宫：模型x，日本漫业q_，品者段一50-70初立x1950p立1955合w车1963推一款IPw阿o=热21969w=静厂塑模

35、型21972P合作配动推:Z;w1970sPwk推W骑身带=获p1977o蛋1977_宇z舰塑模型1980配高动推高拼装wt榫Oo色po甩_竞k2配日本动漫崛阿拉蕾1珠1w等|作品被OwW奠yww头wO2段O1990-2010拓o业业绩滑w1994w高动v作公Sunrise21996Qu子宠w拓o子爆火o业拓1999_黑oO敌y堂22005O_PY梦宫合22010公业股W睫2段2010焕2010OY梦宫R阔调un确IP值gW22015-2021进了Ok逐n走向l2前Ot手毛绒立2q们认潮公司竞争由IP1品1营O部分p，IP品决公司y花，营决公司Q限2梳v潮业，q们认IPz权IP营n节1IP营：

36、选ppIPv头IP资源IP营vs据势品公推荐特IPy业营z缺标pIP向Pp效IP营v_业高g优品IP+售模式标g头IP+高效+模势+IP营_业高晨Y股份头渠垒p潮售品_og潮品_s注_鲁o拼搭角色w头t游o集换式t头oP姚记科技os头o业企稳向ty业_W括wt/tk/梦to/魂品等广股份_注域初音og1柯Y等头IP合作华立科技o_头1梦to售高2IPz权：高垒1资源z缺延z间广点s注奥乐p喜Ppz狼1巴啦啦_仙1铠甲勇等IPw业蕴p潮子品点限o品o 1文集团o网头p潮品1阿影业参P热u品v作Q阿pO丽鸥ov售品独授hp潮品鲤等2注标黑浙Wxo标wind一oj20251o8日w数据g源wind公

37、公浙Wx|究382023A2024E2025E2026E2023A2024E2025E2026E2024E2025E2026E泡泡玛特泡泡玛特9992.HK1,13563.45120.03166.85218.8710.8228.9740.7454.2541.729.622.3yoy36%89%39%31%128%168%41%33%_品_品9896.HK604114.73153.91193.37233.6317.6924.4931.8840.4526.320.215.9yoy14%34%26%21%177%38%30%27%晨光股份晨光股份603899.SH263233.51253.55276

38、.33300.4315.2715.3717.2219.2017.115.313.7yoy17%9%9%9%19%1%12%11%姚记科技姚记科技002605.SZ10443.0742.7746.8251.005.626.227.358.2916.714.112.5yoy10%-1%9%9%61%11%18%13%华立科技华立科技301011.SZ368.1610.0211.7213.180.520.821.081.3344.633.927.4yoy35%23%17%12%-173%57%32%23%奥飞娱乐奥飞娱乐002292.SZ12227.3928.9431.8435.160.941.31

39、2.223.1193.455.139.2yoy3%6%10%10%-155%40%69%41%阅文团阅文团0772.HK25070.2378.0381.8286.298.0511.4313.4414.5121.918.617.3yoy-8%11%5%5%32%42%18%8%阿影业阿影业1060.HK14135.2350.4062.7675.90-2.912.855.768.8249.624.516.0yoy-4%43%25%21%-271%-198%102%53%股票代码股票代码股票股票总值总值(亿元亿元/港_港_)营业收入营业收入(亿元亿元)归母净利润归母净利润(亿元亿元)PE特：潮y路营

40、，效IP营机v，海_扩张39资g源 Wind公公浙Wx|究4.2o潮龙头，y路营z缺标的2于2010p立于X业IP-IP营-IP售y立效IPW营vW垒o公业绩高y本21IP营机v确立，爆款IP出O，IP|延2018公IPMOLLYwus比高42%持推PUCKY/DIMOO/THE MONSTERS/SKULLPANDA等j前IPwu贡WWIP热24头IP THE MONSTERS爆2019推MOLLY高2016推锐IP CRYBABY势xIP PCUKY翻2018推延r绒品24H1绒wus比1%Wr10%wu10vIP营vo撑2供店营n优化2o撑SKUP公W高售o确推动润W2头IPwus比数据

41、一单位单位百万元百万元2020A2021A2022A2023A2024H1营业收入营业收入2513.474490.654617.326301.004557.83YOY49.31%78.66%2.82%36.46%61.98%归母净利润归母净利润523.50854.34475.661082.34921.33YOY16.04%63.20%-44.32%127.55%93.32%调整净利润调整净利润590.511001.64573.541190.521017.63YOY25.87%63.20%-42.74%107.57%90.08%毛利率毛利率63.42%61.43%57.49%61.32%64.0

42、5%期间费用率期间费用率36.56%36.88%46.09%41.50%37.38%v中销售费用630.071106.081470.752004.711353.21销售费用率25.07%24.63%31.85%31.92%29.69%v中管理费用279.97557.51686.28707.30434.41管理费用率11.14%12.41%14.86%12.00%9.53%v中费用8.99-7.36-29.10-151.88-83.78费用率0.36%-0.16%-0.63%-2.42%-1.84%归母净利率归母净利率20.83%19.02%10.30%17.18%20.21%调整净利率调整净利

43、率23.49%22.30%12.42%18.89%22.33%40资g源 Wind公_浙Wx|究点：公司IP营能，品突破打_wy花，境_扩张初,计境_售高景气延，营模式Q店效提升带来润优化性，持推荐2w业：店效高O稳健，品业a贡增2顾24，Q店效比O数W进带动P高屡24IP爆火(LABUBUm/MOLLY/PUCKY翻等)品|绒/o/t业a延园/o/饰品/甜品本公p效IP营vnW225q们w业持O数品延n绒/o/t等业延贡yk/园_/甜品/饰品/等2看公效IP推营vwpg效g品业as_营y花_店z间Up稳u2境_业：线P线Qp，yw影响提升2顾24，_wup幅源于1_营p熟_店uW_拓_始贡2

44、IPywWpIP LABUBU爆火Y泰店日营w|1000OS3本_WIP营模式跑通CRYBABY叛桃等w热225q们_业持高vo_店泰热潮传Y_店集o店效Y欧店效Wpo撑传uW拓爆(进uLazada/Amazon/Shopee/TikTok等IPywW2看公_营模式p熟pgQ一段_店传uW爆段24.2特：潮y路营，效IP营机v，海_扩张ot甜品尚o饰o_鲁：o拼搭色x龙头，头部IP，渠道网_41资g源 公招股n浙Wx|究4.3单位百万元单位百万元2021A2022A2023A2024Q12024H1营业总收入营业总收入329.77325.57876.69465.511,046.20YOYYOY

45、-1.3%169.3%223.8%237.6%归母净利润归母净利润-502.59-419.89-206.1043.71-257.89YOYYOY-16.5%-50.9%扭亏扭亏经调整净利润经调整净利润-355.79-225.3472.88121.57292.17YOYYOY-36.67%扭亏扭亏扭亏扭亏扭亏扭亏毛利率毛利率37.40%37.90%47.30%52.00%52.93%期间费用率期间费用率136.23%87.68%27.39%15.59%50.24%v中销售费用388.65232.89189.2853.23120.76销售费用率117.85%71.53%21.59%11.44%11

46、.54%v中研发费用83.0298.4494.6630.7876.02研发费用率25.17%30.24%10.80%6.61%7.27%v中费用58.2951.0049.2318.98403.95费用率17.67%15.67%5.62%4.08%38.61%v中费用2.321.571.650.370.89费用率0.70%0.48%0.19%0.08%0.09%归母净利率归母净利率-152.41%-128.97%-23.51%9.39%-24.65%经调整净利率经调整净利率-107.89%-69.21%8.31%26.12%27.93%_数据一_品o拼搭色x龙头2_于2014p立于P于ow201

47、9_始|拼搭角色w前p推两款pIP获得50nIP授hW括1Z等2j24H1公营w10.46S/比+237.6%调27.9%拼搭角色w/owVswu97.8%/2.2%pIP/授hIPwus比16.5%/81.3%vo/Zwus比57.4%/18.7%2以2023GMV_o拼搭角色wOW一s30%yw拼搭角色wOWOs6%2_鲁：o拼搭色x龙头，头部IP，渠道网_42资g源 公招股n公网浙Wx|究4.3_VIP_V渠头部IP，有IP表优_2公IP_前获得50nIP授hW括1Z1火忍1漫1_1梦1W骑1柯Y等p将10n授hIP W业Wj24H1公p134n售SKU64nZSKU2IP授h间范围广2

48、021获得授h2027rZ获得o11欧1Y等品售授h2m_公推了两款pIP即_英限动W播152_500Oj24H1_p50款售SKU英限p53款售SKU2渠道网_2j24H1公p511W15OnQ网点W括p一1城以 80%O以Q城P型W_业网点合作售W括w城1子1酷潮1等2P渠了muWy|11音1拼等W括微_序2拓_进u了W括Ynw|2t游：o集换式t龙头，头部IP，渠道网_43资g源 公招股n浙Wx|究4.4t数据一t品o集换式t龙头2t于2011p立于P2018推n授hIPtW品头IP合作W括_莉等品延rv11纸1w等2j2023前3Q公营w19.6S集换式t/v/wVswu86%/4%/

49、7%前o集换式t业一s71%2单位百万元单位百万元2021A2022前3前3Q2022A2023前3前3Q营业总收入营业总收入2298.863654.394135.141955.87YOYYOY79.9%-46.5%归母净利润归母净利润-153.18-115.25-296.03260.16YOYYOY93.3%-187.9%经调整净利润经调整净利润795.401567.601619.70578.10YOYYOY97.08%103.63%-64.31%毛利率毛利率58.10%69.84%68.80%67.35%期间费用率期间费用率17.46%20.14%25.31%45.23%v中销售费用181

50、.25283.46375.02296.19销售费用率7.88%7.76%9.07%15.14%v中费用218.38448.82666.48583.29费用率9.50%12.28%16.12%29.82%v中费用1.863.875.255.25费用率0.08%0.11%0.13%0.27%归母净利率归母净利率-6.66%-3.15%-7.16%13.30%经调整净利率经调整净利率34.60%42.90%39.17%29.56%品品类品品类定价定价品示意品示意换式t牌1-99元人偶10-25元v他玩w5-70元文w5-30元t游：o集换式t龙头，头部IP，渠道网_44资g源 公招股n浙Wx|究4.

51、4tVIPtV渠yw头部IP深度，有IP蓄2j23Q3公IPq44nW括1罗丽1罗动1蛋1火忍1柯Y等IP合作5-14O等m_公于234o推npIPtO品2渠道网_2j23前3Q公W渠/营渠/售渠wus比Vo81.0%/9.8%/9.0%公p230nWV_y31nwpo17nw31Qt舰店以11P营店P头售W合作W括MINISO1酷潮1KKV17-11便店1|辉等2IPIP来源来源要品类型要品类型权利性质权利性质要品类型要品类型的p效期限的p效期限PPIP作伴开作伴开始s系的份始s系的份奥特曼获得授权换式t牌及文w中内地的设计和开发1生1销售和营销权利20292018叶罗丽获得授权换式t牌及文

52、w中内地的设计和开发1生1销售和营销权利20332019斗罗大画获得授权换式t牌中内地的设计和开发1生1销售和营销权利20252020蛋仔派获得授权换式t牌及文w中内地及东南亚的设计和开发1生1销售和营销权利20252019t游O自p权换式t牌O适用O适用O适用提4511业需求O及：潮作选费o21业竞争剧：潮业高o|吸引企业u业竞剧v公wu盈31海_扩张O及：潮公_扩w策1o等2点m添标添标点m添标点m添标点m添标点m添标点m添标添标点m添标点m添标添标点m添标添标95%业P责n46业的投资以报日6no业g数于沪300g数涨跌幅标OQ 11 业g数于沪300g数表10%以P 21og 业g数于

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