· 名创优品（9896.HK）2024年一季报点评 24Q1毛利率持续提升，“超级门店”与“超级IP”合力打开公司成长空间 2024年05月15日 ➢ 事件：名创优品披露 2024 年一季度业绩。24Q1，公司实现收入 37.2 亿 推荐 维持评级 元，yoy+26.0%；实现经调整净利润6.2亿元，yoy+27.7%。 ➢ 24Q1毛利率持续提升，经调整净利率同比+0.2pct至16.6%。1）毛利率 当前价格： 49.35港元 方面，24Q1，公司毛利率为 43.4%，同比+4.1pct，环比+0.27pct，毛利率持 续提升主要系①产品组合优化，TOP TOY 品牌毛利率提升及②直营市场收入占 比提升。2）费用率方面，24Q1，公司销售费用率为18.7%，同比+3.8pct，主 要系①业务发展致人员相关开支增加、物流费用和 IP 费用增加、②直营店相关 [Table_Author] 的资产使用权折旧费用增加、③公司品牌升级以及海外市场门店新开张有关的推 广及广告费用增加；公司管理费用率为5.1%，同比-0.1pct，主要系业务发展致 人员相关开支增加。3）净利率方面，24Q1公司实现经调整净利润6.2亿 ...

业绩简评 5月 14 日公司披露24Q1 财报，24Q1 营收 37.2亿元，同比+26%， 调整后净利6.2 亿元，同比+27.7%，净利率16.6%（+0.2pct)，国 内/海外实现营收25.0/12.2 亿元（同比+16%/+53%），海外收入超 预期。 经营分析 国内：一二线延续高速展店，IP战略下提升产品力、优化店铺位 置、推进主题大店三维度驱动未来同店成长：1)国内名创: 24Q1 线下营收21.2 亿元（+15.6%），门店数同比+18.7%/同店销售为去 年 98%，截至Q1 门店数4034 家，同比+651家（VS4Q23 环比+108 家），其中一/二线门店环比净增+10/+47 家；伴随与chiikawa 等 IP 合作、产品结构优化，年初至今同店销售恢复至23年同期100% 水平。2）TOP TOY：营收 2.14 亿元（+55.1%）,产品优化带动单店 加速恢复，Q1门店数/同店+32.2%/+26%。 港币(元) 成交金额(百万元) 海外：同店增长靓丽，直营开拓打开中期成长空间。24Q1 门店数 66.00 800 60.00 700 /同店增长+19.7%/+21%，门店数 2 ...

业绩简评 5月 14 日公司披露24Q1 财报，24Q1 营收 37.2亿元，同比+26%， 调整后净利6.2 亿元，同比+27.7%，净利率16.6%（+0.2pct)，国 内/海外实现营收25.0/12.2 亿元（同比+16%/+53%），海外收入超 预期。 经营分析 国内：一二线延续高速展店，IP战略下提升产品力、优化店铺位 置、推进主题大店三维度驱动未来同店成长：1)国内名创: 24Q1 线下营收21.2 亿元（+15.6%），门店数同比+18.7%/同店销售为去 年 98%，截至Q1 门店数4034 家，同比+651家（VS4Q23 环比+108 家），其中一/二线门店环比净增+10/+47 家；伴随与chiikawa 等 IP 合作、产品结构优化，年初至今同店销售恢复至23年同期100% 水平。2）TOP TOY：营收 2.14 亿元（+55.1%）,产品优化带动单店 加速恢复，Q1门店数/同店+32.2%/+26%。 港币(元) 成交金额(百万元) 海外：同店增长靓丽，直营开拓打开中期成长空间。24Q1 门店数 66.00 800 60.00 700 /同店增长+19.7%/+21%，门店数 2 ...

2024年5月15日 公司研究 名创中国门店突破 4000 家，海外直营收入维持高增 ——名创优品（9896.HK）2024 年一季报点评 要点 买入（上调） 当前价：49.35港元 公司1Q2024营收同增26.0%，公司权益股东应占利润同增25.1% 5月14日,公司公布2024年一季报：1Q2024公司实现营业收入37.2亿元， 作者 同增26.0%，实现公司权益股东应占利润5.8亿元，同增25.1%，对应基本 分析师：唐佳睿 CFA FCPA(Aust.) EPS 0.47元，同增27.0%；实现经调整净利润6.2亿元，同增27.7%。 ACCA CAIA FRM 公司1Q2024综合毛利率同比上升4.09pct，期间费用率同比上升3.86pct 执业证书编号：S0930516050001 021-52523866 1Q2024公司综合毛利率为43.41%，同比上升4.09个百分点，环比亦有0.26 tangjiarui@ebscn.com 个百分点的提升，毛利率水平再创新高。公司毛利率同比高增主要由于：1） 分析师：田然 海外方面，直营市场快速发展，收入占比继续提升，由上一年同期的46.0% 执业证 ...

Key Points Industry/Company Information 1. **Financial Reporting Standard**: The company's earnings release follows the financial reporting standard set by the US SEC and Hong Kong Stock Exchange. [1] 2. **Currency Unit**: The currency unit used is Chinese Yuan, unless otherwise specified. [1] Core Views and Arguments 3. **Quarterly Financial and Operational Information**: A PowerPoint presentation containing financial and operational information for the current quarter is available for review. [1] Other Important Content 4. **Zoom Meeting**: Participants using Zoom should be able to view the PowerPoint presentation during the call. [1] 5. **IR Website Access**: The presentation can also be accessed on the company's IR website later. [1]

Now, I would like to hand the conference over Mr. Yeh and Ms. Alice Chen from Innisfil IRT will translate for Mr. Yeh. Please go ahead, sir. 大家好,欢迎参加明超优品集团采报电话会议。 我们刚刚度过了公司历史上开店市场最多的331季度, 为全年900到1100家门店新增目标打下了艰势基础, 并在快速拓展海外直营业务的同时保持了稳健的产物表现。 Hello, everyone. Welcome to Minnesota Group's earnings conference call. March quarter marked our highest Q1 store opening paid ever and latest solar foundation for the target of net addition 900 to 1,100 stores in 2024. Also, we have maintained a solar financial perfor ...

Financial Performance - Revenue for the quarter ended March 31, 2024, was RMB 3,723.5 million (USD 515.7 million), representing a year-over-year increase of 26.0%[10] - Gross profit for the same period was RMB 1,616.5 million (USD 223.9 million), with a year-over-year growth of 39.1%[10] - The gross margin improved to 43.4%, up from 39.3% in the same quarter of 2023[10] - Operating profit reached RMB 743.3 million (USD 102.9 million), reflecting a year-over-year increase of 29.1%[10] - Adjusted net profit for the quarter was RMB 616.9 million (USD 85.4 million), a year-over-year increase of 27.7%[10] - Adjusted EBITDA for the quarter was RMB 965.3 million (USD 133.7 million), reflecting a year-over-year growth of 36.7%[10] - The adjusted EBITDA margin improved to 25.9%, compared to 23.9% in the same quarter of 2023[10] - Revenue for the three months ended March 31, 2024, increased by 26.0% to RMB 3,723,531, compared to RMB 2,954,148 in the same period of 2023[42] - Gross profit for the same period rose to RMB 1,616,458, reflecting a gross margin of 43.4%, up from RMB 1,161,745 and a margin of 39.3% in 2023[42] - Operating profit increased to RMB 743,285, representing a growth of 29.1% from RMB 575,921 in the previous year[42] - Adjusted net profit for the three months ended March 31, 2024, was RMB 616,891, up 28.0% from RMB 483,016 in 2023[44] - The company reported a net profit of RMB 585,954 for the three months ended March 31, 2024, compared to RMB 470,927 in the same period of 2023, representing a year-over-year increase of 24.4%[43] Store Expansion - The number of MINISO stores reached 6,630 as of March 31, 2024, with a net addition of 217 stores in the quarter, nearly tripling the net additions from the same period last year[13] - The number of stores in mainland China surpassed 4,000, reaching 4,034, with a net addition of 108 stores in the quarter, close to double the net additions from the previous year[13] - The overseas store count increased to 2,596, with a net addition of 109 stores in the quarter, significantly up from 16 stores added in the same period last year[13] - The number of MINISO stores in mainland China reached 4,034 as of March 31, 2024, an increase of 651 stores year-over-year[48] - The number of overseas MINISO stores grew to 2,596, marking an increase of 465 stores compared to the previous year[50] - The company plans to open 900 to 1,100 new stores in 2024, building on the fastest store opening pace in its history during the March quarter[15] Revenue Sources - Revenue from overseas markets grew by 52.6% to RMB 1,221.9 million (USD 169.2 million), accounting for 32.8% of total revenue, up from 27.1% in the same period last year[16] - Total revenue reached RMB 3,723.5 million (USD 515.7 million), a year-on-year increase of 26%, driven by a 19.3% increase in average store count and approximately 9% same-store sales growth[16] - The average store count in mainland China increased by 18.7%, contributing to a 15.6% revenue growth from offline stores[16] - The company’s overseas revenue surged by 52.6% to RMB 1,221,866, compared to RMB 800,916 in the same period of 2023[46] Expenses and Costs - Sales and distribution expenses grew by 58.5% to RMB 696.0 million (USD 96.4 million), primarily due to increased personnel-related costs and logistics expenses[19] - Sales and distribution expenses increased to RMB 696,027, up from RMB 439,018 in the previous year, reflecting a growth of 58.7%[42] Strategic Goals - The company remains committed to a long-term growth strategy, targeting a compound annual revenue growth rate of no less than 20%[15] - The company plans to continue expanding its market presence and enhancing product offerings in the future[36] - The company has outlined its strategic goals and operational plans, which include addressing market demand and improving relationships with consumers and suppliers[36] Asset Management - As of March 31, 2024, total assets amounted to RMB 14,905,726 thousand, an increase from RMB 14,485,309 thousand as of December 31, 2023, representing a growth of approximately 2.9%[39] - Non-current assets increased from RMB 4,157,675 thousand to RMB 4,326,624 thousand, reflecting a rise of about 4.1%[39] - Cash and cash equivalents rose from RMB 6,415,441 thousand to RMB 6,737,918 thousand, indicating an increase of approximately 5%[39] - Inventory decreased from RMB 1,922,241 thousand to RMB 1,873,861 thousand, showing a decline of around 2.5%[39] - Trade and other receivables decreased from RMB 1,518,357 thousand to RMB 1,440,199 thousand, a reduction of about 5.1%[39] Financial Metrics - The adjusted net profit margin is calculated based on adjusted net profit divided by revenue, providing a clearer view of operational performance[32] - The company reported a significant increase in adjusted EBITDA, which is defined as adjusted net profit plus depreciation, amortization, finance costs, and income tax expenses[32] - The company emphasizes the importance of non-IFRS financial metrics for evaluating operational performance and business planning[33]

各位投资者大家早上好我是智商证券的玛丽在港股回暖的一个背景下投资者普遍在问我们现在当下首推什么样的标的毫无疑问我们继续首推的是明创优品那明创和泡泡马特都是海外已经跑通了的新型消费品的龙头首先我们来看海外作为它的增长的最大的推动力2024年以来的一个发展情况 那根据公司的一个官方公众号的不完全的统计呢一季度海外就新开门店是161家如果按照大趋势这个拆分的话呢亚洲除了中国以外的地区一季度新开了86家北美新开了29家拉美是21家欧洲是13家中东北非新开是11家 那如果按照国家去拆分的话呢一季度海外开店最多的三个国家分别是印尼美国和印度分别新开了40家24家和18家这个都是属于直营店里面开店是比较快的大家别忘了这个是属于单纯的一季度的一个开店的情况 那如果结合这个一季度的开店的情况来看呢我们认为全年完全是可以实现公司在年初所给的24年海外竞开550家到650家这样的一个指引那23年底呢明创海外已经有了这个2500家店铺了那毫无疑问这个光是开店上推动了一个增长都会非常的明显现在最关键的是它海外开店 依然是属于开一家火一家这个人气的火爆呢体现在电效的一个持续提升的提升上单电电效在这个我们来看一下单电电效的2022年的时候 ...

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[名I Tnaf 创bol]e 优_Ti品tle]（ 9896） [评Tab级le_：Inv est] 增持 当前价格（港元）： 45.15 海外驱动 IP 提振，2024Q1 业绩或超预期 2024.05.02 海 ——名创优品FY2024Q1 业绩前瞻 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 苏颖(分析师) 52周内股价区间（港元） 29.15-58.45 当前股本（百万股） 1,264 公 021-38677706 021-38038344 当前市值（百万港元） 57,056 司 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2024Q1业绩或好于前期指引，Chiikawa上新引爆同店拉动可期；海外拓店提速、直 名创优品 恒生指数 香 营业务持续高增，IP销售占比提升仍有较大空间，IP设计零售集团值得期待。 7 ...

证券研究报告 专业连锁Ⅱ 2024年04月24日 名创优品(09896.HK)公司深度Ⅱ： “兴趣”出海，择高而立 评级：买入(维持) ...