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) ...

Financial Performance - For the six months ended December 31, 2023, MINISO reported revenue of RMB 7,632,467, a significant increase from RMB 5,266,878 for the same period in 2022, representing a growth of approximately 44.9%[15] - Gross profit for the same period was RMB 3,241,039, up from RMB 1,985,660 in the prior year, indicating a gross margin improvement[15] - Operating profit for the six months ended December 31, 2023, was RMB 1,553,707, compared to RMB 957,070 for the same period in 2022, reflecting a growth of approximately 62.2%[15] - Profit for the period attributable to equity shareholders was RMB 1,248,405, an increase from RMB 764,090 in the previous year, marking a growth of approximately 63.5%[15] - Basic earnings per share for the six months ended December 31, 2023, was RMB 1.00, compared to RMB 0.61 for the same period in 2022, representing a growth of approximately 63.9%[15] - Adjusted net profit for the six months was RMB 1,302,509, up from RMB 790,491 in the prior year, indicating a growth of approximately 64.5%[15] - For the year ended June 30, 2023, MINISO reported a profit of RMB 1,781,829 thousand, an increase from RMB 763,911 thousand for the same period in 2022, representing a growth of approximately 133.3%[26] - The adjusted net profit for the year ended June 30, 2023, was RMB 1,844,711 thousand, compared to RMB 790,491 thousand for the same period in 2022, indicating an increase of about 133.3%[26] Store Expansion - As of December 31, 2023, the total number of MINISO stores increased to 6,413 from 5,791 as of June 30, 2023, reflecting a growth of approximately 10.8%[29] - The number of TOP TOY stores increased from 118 as of June 30, 2023, to 148 as of December 31, 2023, marking a growth of about 25.4%[29] - As of December 31, 2023, MINISO operated over 3,900 stores in China and around 2,500 stores overseas[35] - The number of directly operated MINISO stores in China increased from 15 to 26 between June 30, 2023, and December 31, 2023[36] - The number of MINISO stores operated under the Retail Partner model in China rose from 3,569 to 3,878 during the same period[36] - The total number of MINISO stores in China increased from 3,604 as of June 30, 2023, to 3,926 as of December 31, 2023, marking a net increase of 322 stores[45] - The number of MINISO Retail Partners in China rose from 1,040 at the beginning of the period to 1,064 by December 31, 2023, with a net increase of 24 partners[50] - The company plans to focus on expanding its store network in lower-tier cities in China, where it has established a strong presence[46] - The number of new MINISO Retail Partners added during the six months ended December 31, 2023, was 82, primarily due to the expansion strategy into lower-tier cities[52] Revenue Breakdown - Revenue for the six months ended December 31, 2023, was RMB 7,632.5 million, with 63.5% generated in China and 36.5% from overseas markets[91] - Revenue from China was RMB 4,843.1 million, up 44.1% from RMB 3,360.2 million year-over-year, driven by a 44.6% increase from MINISO and a 65.8% increase from TOP TOY[117] - Revenue from overseas markets reached RMB 2,789.3 million, reflecting a 46.3% increase from RMB 1,906.7 million for the same period in 2022[117] Operational Efficiency - The company is committed to investing in new product development and technology to improve operational efficiency and customer experience[15] - The company plans to implement a "Super Store" strategy targeting "Big Beauty," "Big Toys," and "Big IPs" to enhance brand image and improve average GMV per store[85] - The company aims to expand its store network in lower-tier cities in China and adopt flexible operating models in overseas markets to enhance its presence[86] Financial Health - Current ratio as of December 31, 2023, was 2.3, down from 2.5 as of June 30, 2023, due to increases in trade payables and lease liabilities[115] - Cash and cash equivalents totaled RMB6,887.0 million as of December 31, 2023, down from RMB7,303.3 million as of June 30, 2023[148] - As of December 31, 2023, the company's gearing ratio was 0.1%, calculated as loans and borrowings divided by total equity[161] Legal and Compliance - The company paid RMB30.0 million to settle a lawsuit related to illicit competition during the six months ended December 31, 2023[171] - The company faced a federal securities class action lawsuit, with the court allowing the lead plaintiff to amend the complaint as of February 2024[175] - The company has committed to pay a total of no less than RMB965.0 million in tax levies to the local government in Guangzhou over a five-year period, with specific amounts for each year[166] Risks and Challenges - The company is subject to various risks and uncertainties, which are detailed in the "Risk Factors" section of the prospectus and Form 20-F filed with the SEC[194] - Business growth and profitability are dependent on consumer demand and discretionary spending, with potential adverse effects from economic downturns in China or globally[197] - International operations face various costs and legal, regulatory, political, and economic risks[199] - Maintaining relationships with MINISO Retail Partners and local distributors is crucial; failure to attract new partners could negatively impact business[199]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][11]. Core Views - The company reported a revenue of 3.84 billion yuan for Q4, representing a year-on-year growth of 54%. The gross margin reached 43.1%, an increase of 3.1 percentage points year-on-year. Adjusted net profit was 660 million yuan, up 77% year-on-year, with an adjusted net profit margin of 17.2% [2][6]. - Domestic business showed steady growth with revenue of 2.35 billion yuan, a 56% increase year-on-year. The company is focusing on a large store strategy, with a net increase of 124 stores in Q4, and plans to add 350-450 stores in 2024 [2][6]. - The overseas business also achieved record revenue of 1.49 billion yuan in Q4, a 51% increase year-on-year, with a significant growth in direct sales markets [2][6]. Summary by Sections Financial Performance - Revenue for 2023 was 13.84 billion yuan, with a year-on-year growth of 39.4%. Forecasts for 2024, 2025, and 2026 are 17.53 billion, 21.84 billion, and 26.58 billion yuan respectively, with growth rates of 26.7%, 24.6%, and 21.7% [5][8]. - Adjusted net profit for 2023 was 2.34 billion yuan, with a year-on-year increase of 110%. Forecasts for the next three years are 2.89 billion, 3.63 billion, and 4.47 billion yuan, with growth rates of 23.8%, 25.4%, and 23.2% [5][8]. - The gross margin is projected to improve from 41.2% in 2023 to 43.2% by 2026 [5][8]. Market Expansion - The company has a total of 3,926 stores as of the end of 2023, with a low closure rate of 4%. The expansion strategy includes a focus on larger store formats [2][6]. - The overseas store count reached 2,487, with plans to open 550-650 new stores in 2024 [2][6]. Valuation - The company is expected to have a price-to-earnings (P/E) ratio of 20-25 times for 2024, leading to a target market capitalization range of 64.3 billion to 80.3 billion HKD, translating to a reasonable share price range of 50.9 to 63.6 HKD [2][6].

3月29日，名创优品X Chiikawa主题快闪全国首站登陆上海静安大悦城，单店10小时销售额达268万，再创历史新高。本次名创优品联名“新晋顶流萌物”Chiikawa为中国首发，涵盖毛绒公仔、生活用品、包饰等多款联名产品，快闪首日即吸引大量消费者，活动现场火爆异常。 据悉，名创优品X Chiikawa主题快闪系列活动，将于4月1日在北京朝阳大悦城、上海五角场合生汇同步落地。此外，该系列联名产品也即将在全国门店陆续发售。 ...

更新报告 买入 盈利能力再创新高，看好海外迈入全面加速期 名创优品 (MNSO.N/ 9896.HK) 2024-3-26 星期二 投资要点 ➢ 名创优品公布2023/12/31季度业绩，盈利能力再创新高，指引乐观： 目标价： 28.60 美元 CY23Q4 营收同比+54%至 38.4 亿元(国内+56%，海外+52%)，毛利率同比 现 价： 20.83 美元 +3.2pp至43.1%至单季新高，除汇兑外的经调整净利润率达新高（17.4%）， 预计升幅: 37.3% 经调整NPM同比+2.5pp至17.2%。经调整归母净利润同比+80%至6.6亿。 24年指引为收入同增20-30%（较20-25%的原指引上调），利润好于收入。 24年开店目标为国内350-450个，海外550-650个，海外直营/代理各一半。 重要数据 国内:季内营收同增56%，其中门店数+18%/单店+39%，1-2月GMV增13%； 日期 2024/3/25 海外:季内营收同增52%，其中门店数+18%/单店+31%，1-2月GMV增40%。 收盘价（美元） 20.83 ➢ 国内改扩店有充足空间，迈入加速期的海外业务确定性与成长性兼备： ...

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 2024年03月20日 投资评级 单季度营收、盈利能力均创历史新高！ 行业 非必需性消费/专业零 售 3月12日，公司发布截至2023年12月31日止六个月的业绩公告。公告显示，2023 6个月评级 买入（首次评级） 年下半年公司实现收入76亿元同增45%，经调整净利13亿元同增65%，派发现金 当前价格 37.8港元 股息人民币6.5亿元，占调整后净利润50%。23Q4公司实现收入38.4亿元同增54%， 创单季度历史新高，国内营收23.5亿同增56%，海外营收14.9亿同增51%，经调 目标价格 港元 整净利6.6亿元同增77%，同创历史新高，经调整净利率为17.2%同增2.2pct。 基本数据 毛利率提升显著。23Q4公司毛利率为43.1%同增3.1pct，创历史新高。主要由于， 港股总股本(百万股) 1,263.69 1）海外市场产品优化及直营市场收入占比提升；2）国内品牌升级战略，使得新推 港股总市值(百万港元) 47,767.47 出产品贡献出较高毛利率，同时采取了有效的降本措施；3）TOPTOY产品结构转向 盈利能力更高的产品。 ...

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）： 37.80 Chiikawa 联名上新在即，IP 赋能潜力可期 2024.03.17 海 ——名创优品事件点评 [ 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） 47,767 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 Chiikawa联名上新在即，IP赋能销售有望显著提振；国内消费复苏，海外拓店提速、 名创优品 恒生指数 香 直营业务持续高增，IP销售占比提升仍有较大空间，IP设计零售集团值得期待。 55% 摘要： 港 ...

证券研究报告 | 半年报点评 2024年03月18日 名创优品（09896.HK） 海外增速亮眼，毛利率再创新高 事件：3 月12 日，公司发布FY2024H1 报告，报告期内实现营业收入76.32 亿元/ 买入（维持） 同比+44.9%，毛利率为 42.5%/同比+4.8pct，归母净利润为 12.48 亿元/同比 股票信息 +63.4%，经调整净利润为13.03亿元/同比+64.8%，业绩略超预期。 行业 多元化零售商 国内MINISO稳健展店，单店优于行业，TOPTOY展店环比提速。1）国内MINISO 前次评级 买入 门店四季度新增124家/环比-74家，稳健展店，达成FY2024Q1时对该报告期指引， 3月15日收盘价(港元) 37.80 至2023年底，国内MINISO门店共计3926家/同比+601家；四季度单店收入同比 总市值(百万港元) 47,767.47 +32.7%，表现仍然优异，以上两点共同带动公司国内MINISO实现营收21.55亿元 总股本(百万股) 1,263.69 /同比55.5%；2）TOPTOY展店提速，单店表现持续优化。四季度TOPTOY门店环 其中自由流通股(%) 10 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company has exceeded performance expectations in Q4 2023, benefiting from domestic recovery and accelerated overseas expansion, with a strong focus on IP strategy [5]. - The projected revenue for 2024-2026 is estimated at 17.36 billion, 20.98 billion, and 25.10 billion RMB respectively, with adjusted net profits of 2.87 billion, 3.46 billion, and 4.14 billion RMB [5]. - The target price for 2024 is set at 60.30 HKD, based on a PE ratio of 24.1x [5]. Financial Performance Summary - In Q4 2023, the company achieved revenue of 3.84 billion RMB, a year-on-year increase of 54.0%, with overseas revenue contributing 1.49 billion RMB (up 51.4%) and domestic revenue at 2.35 billion RMB (up 55.7%) [5]. - The adjusted net profit for Q4 2023 was 661 million RMB, reflecting a year-on-year increase of 77.0%, with a net profit margin of 17.2% [5]. - The gross profit margin reached a historical high of 43.1%, up from 35.7% in Q3 2022, indicating improved operational efficiency [5]. Expansion Strategy - The company opened a net of 124 new stores domestically and 174 overseas in Q4 2023, with a total of 973 new stores opened throughout the year [5]. - The domestic store expansion target for 2023 was achieved with a net increase of 601 stores, while overseas expansion also met its target with a net increase of 372 stores [5].

3月 12 日公司披露4Q23（截至2023 年12 月 31日）季度财报， 4Q23 营收38.4 亿元，同比+54%，调整后净利6.6 亿元，同比+77%， 净利率17.2%（+2.2pct)；CY23 营收 138.4 亿元，同比+39.4%，调 整后净利23.6 亿元，同比+109.7%，4Q业绩超预期。 盈利能力再创新高，主因受益毛绒/香薰/IP 等产品结构优化、直 营占比提升： 4QCY23 国内/海外分别实现营收23.5/14.9 亿元（同 比+56%/+51%），毛利率 43.1%（同/环比+3.1/+1.8pct）创历史新 高，主因：①美国为代表的高毛利海外直营市场快速成长：4Q 直 营市场占海外收入比例50%（+8pct)；②IP类&美妆类等产品占比 提升，预计兴趣类消费（大美妆、大玩具、大IP 等）占比持续提 港币(元) 成交金额(百万元) 升；③TOPTOY 毛利率有所提升。 65.00 800 700 59.00 国内：4Q延续高速展店，提升产品力、优化店铺位置、推进主题 600 53.00 500 大店三维度驱动未来同店成长：1)国内名创: CY23 线下 GMV/同店 47.00 ...