The Zhitong Finance App learned that Guotai Junan released a research report stating that it maintains the “increase” rating of Mingchuang Premium (09896). The estimated revenue for 2024-26 is 173.56/209.80/25.101 billion yuan, respectively, and adjusted net profit is 28.69/34.57/4.136 billion yuan, respectively. Considering that domestic store expansion is expected to be matched and released, overseas store expansion is being promoted by combining IP strategies to accelerate the expansion of overseas stores. There is room for growth. 24.1xPE will be given in 2024, and the target price will be maintained at HK$60.30. The bank said that the Chiikawa joint name is about to be launched, and IP-enabled sales are expected to be significantly boosted; domestic consumption is recovering, overseas store expansion is accelerating, direct business continues to increase, and there is still plenty of room to increase the share of IP sales, and the IP Design and Retail Group is worth looking forward to.