Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 4.523 billion yuan in Q3 2024, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million yuan, up 6.9% [2] - The report maintains profit forecasts for 2024-2026, expecting net profit attributable to shareholders to be 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with current price-to-earnings ratios of 19.1, 15.4, and 12.6 times [2] - The company is focusing on quality retail and interest consumption strategies, with expectations for high-quality growth driven by its store type matrix and O2O strategy in China, accelerated overseas store expansion, and continued profitability from TOP TOY [2] Summary by Sections Domestic Performance - In Q3 2024, MINISO's revenue was 2.44 billion yuan, a 5.7% increase, with offline revenue growing by 3.8% [2] - The company added 324 new stores year-to-date, reaching a total of 4,250 stores, and aims to achieve a net increase of 350-450 stores in 2024 [2] - The report anticipates improved store efficiency driven by differentiated consumer demand and increased O2O touchpoints, with expectations for Q4 performance boosted by IP collaborations [2] Overseas Expansion - In Q3 2024, overseas revenue reached 2.732 billion yuan, a 43% increase, with direct and agency market revenues growing by 45% and 22% respectively [2] - The company added 449 new stores overseas, totaling 2,936 stores, with a target of 650-700 new stores for the year [2] - The report highlights steady same-store growth across various regions, with expectations for continued improvement in store efficiency during the Q4 peak season [2] Profitability - The gross margin for Q3 2024 was 44.9%, an increase of 3.1 percentage points year-on-year, driven by a higher proportion of overseas high-margin direct sales [2] - The operating expense ratio for Q3 2024 was 27.3%, up 5.9 percentage points year-on-year, primarily due to increased costs associated with store expansion [2] - The adjusted operating profit margin was 15.2%, reflecting a decrease of 1.8 percentage points year-on-year, attributed to rising expense ratios from rapid store expansion [2]

证券研究报告 | 2024年12月03日 名创优品（09896.HK） 优于大市 单季度毛利率创历史新高，四季度旺季有望实现业绩加速 受高基数影响公司单 Q3 收入增速略有放缓。公司前三季度实现营收 122.8 亿 /yoy+22.8% ， 经 调 净 利 润 为 19.3 亿 /yoy+13.7% ， 经 调 净 利 润 率 15.7%/yoy-1.3pct，剔除汇兑损益影响，经调整净利率为 15.9%/yoy-0.6pct。 单 Q3 实现收入 45.23 亿/yoy+19.3%，经调净利润 6.86 亿/yoy+6.9%，经调 净利润率 15.2%/yoy-1.7pct。由于去年同期爆款 IP 芭比公司收入高基数影 响，单 Q3 收入增速略有放缓，同时由于公司加速开拓直营门店导致利润率 有所下降。Q4 来看，预计收入整体同比增长 25-30%，其中海外实现同比增 速 45-50%；国内预计同比增长 10-15%；TOP TOY 延续 50-55%同比增速。 从名创中国业务来看，2024Q3 名创品牌国内实现收入 24.39 亿/yoy+5.7%， 新增门店 135 家至 4240 家。前三季度名创优品中 ...

[Table_StockNameRptType] 名创优品（09896） 公司点评 24Q3 业绩点评：海外业务维持高速增长，期待四季度海外消费旺季表现 | --- | --- | --- | |--------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | 主要观 ...

本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加明创优品2024Q3业绩交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位投资者大家上午好非常感谢参加我们今天的电话会我是国泰圈的研究员李月南然后我们今天的非常有幸请到了这个明创优品的张总来上线跟大家进行交流明创是我们 推荐了这个三年的这样一个非常优秀的这样一个商业公司最近的股市经济的这样的一个崛起其实也给大家看到了这个更多的有公司发展的这样一个可能性那么公司在前不久刚刚公布了几个急报的这样一个情况 然后我们现在今天的电话会大概还是分成两个部分第一个部分是麻烦张总先帮我们再梳理一下公司最近的情况然后后面会给投资者一个提问的时间张总要不您先帮我们再梳理一下谢谢越南总谢谢国进团队的组织各位投 ...

证券研究报告 投资要点： 商贸零售 | 专业连锁Ⅱ 港股|首次覆盖报告 | --- | --- | |--------------------------------------------|------------------------------------------------| | | | | hyzqdatemark 2024 年 12 月 02 日 | 名创优品(09896.HK) | | 投资评级： 增持（首次） | ——海外持续高增，IP 战略+谷子经济打造持续影响力 | 2024Q3 公司实现营收 45.23 亿元，同比增长 19.3%；实现归母净利润 6.42 亿元， 同比增长 4.8%；实现经调净利润 6.86 亿元，同比增长 6.9%。2024 年前三季度， 公司实现营收 122.81 亿元，同比增长 22.8%；实现归母净利润 18.12 亿元，同比增 长 12.0%；实现经调净利润 19.28 亿元，同比增长 13.7%，剔除净汇兑亏损及收益 影响后经调整净利润为 19.50 亿元，同比增长 18.3%。 联系人 证券分析师 朱芸 SAC：S1350524070001 zhuy ...

证券时报网讯，美股三大指数小幅高开，纳指涨0.19%，道指涨0.03%，标普500指数涨0.14%。 超微电脑涨超15%，超微电脑完成独立特别委员会的审查，独立特别委员会未发现任何不当行为的证 据。 热门中概股多数上涨，金山云、名创优品涨超14%，小鹏汽车涨超5%。 校对：彭其华 ...

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Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [1][7] Core Views - MINISO's domestic business shows a steady increase in average transaction value, with gross margin continuing to improve in Q3 2024 compared to previous quarters [1][3] - The company achieved a revenue of 12.281 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.8%, and an adjusted net profit of 1.928 billion yuan, up 13.7% year-on-year [1][3] Summary by Sections Company Performance - For Q3 2024, MINISO reported a revenue of 4.523 billion yuan, a year-on-year increase of 19.3%, with domestic revenue growing by 8.7% and overseas revenue by 39.8% [3][6] - The company has opened 324 new stores in China, bringing the total to 4,250 stores by the end of Q3 2024 [3][6] Financial Metrics - The gross margin for Q1-Q3 2024 was 44.1%, an increase of 3.7 percentage points year-on-year, with Q3 gross margin at 44.9%, up 3.1 percentage points [6][7] - The adjusted net profit margin for Q1-Q3 2024 was 15.7%, down 1.3 percentage points year-on-year [6][7] Future Outlook - The company aims to achieve a net increase of 900-1100 stores in 2024, with a revenue growth target of 20%-30% year-on-year [7][9] - Revenue projections for 2024-2026 are 17.349 billion, 21.166 billion, and 25.418 billion yuan respectively, with adjusted net profits of 2.828 billion, 3.452 billion, and 4.135 billion yuan [7][9]

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved revenue of 12.28 billion yuan in 2024Q1-3, a year-on-year increase of 22.8%, with Non-IFRS net profit of 1.93 billion yuan, up 13.7% year-on-year [2] - In 2024Q3, the company's revenue was 4.52 billion yuan, up 19.3% year-on-year, and Non-IFRS net profit was 686 million yuan, up 6.9% year-on-year [2] - Domestic MINISO revenue in 2024Q3 was 2.44 billion yuan, up 6% year-on-year, with 135 new stores opened, bringing the total to 4,250 stores [2] - Overseas market revenue in 2024Q3 was 1.81 billion yuan, up 39.8% year-on-year, with 183 new stores opened, bringing the total to 2,936 stores [3] - TOP TOY brand revenue in 2024Q3 was 270 million yuan, up 50.1% year-on-year, with 39 new stores opened, bringing the total to 234 stores [3] - The company expects 2024Q4 revenue to grow 20-25% year-on-year, with overseas MINISO revenue growing 45-50% year-on-year, and TOP TOY maintaining a growth rate of over 50% [3] Financial Forecasts - Revenue for 2024E is projected at 17.14 billion yuan, up 23.87% year-on-year, with net profit attributable to shareholders of 2.53 billion yuan, up 12.24% year-on-year [1] - Non-IFRS net profit for 2024E is projected at 2.80 billion yuan, up 18.77% year-on-year [1] - EPS for 2024E is projected at 2.01 yuan per share, with a P/E ratio of 17.73 [1] - Revenue for 2025E is projected at 20.33 billion yuan, up 18.59% year-on-year, with net profit attributable to shareholders of 3.01 billion yuan, up 18.86% year-on-year [1] - Non-IFRS net profit for 2025E is projected at 3.24 billion yuan, up 15.61% year-on-year [1] - EPS for 2025E is projected at 2.39 yuan per share, with a P/E ratio of 14.92 [1] Key Financial Ratios - ROE for 2024E is projected at 24.58%, with a gross margin of 44.83% and a net profit margin of 14.75% [12] - ROE for 2025E is projected at 26.07%, with a gross margin of 46.44% and a net profit margin of 14.79% [12] - ROE for 2026E is projected at 26.56%, with a gross margin of 47.25% and a net profit margin of 14.66% [12] - P/B ratio for 2024E is projected at 4.34, with an EV/EBITDA of 11.21 [12] - P/B ratio for 2025E is projected at 3.86, with an EV/EBITDA of 10.41 [12] - P/B ratio for 2026E is projected at 3.43, with an EV/EBITDA of 8.64 [12] Market Data - Closing price as of the report date is 38.70 HKD [6] - The company's market capitalization is 48.62 billion HKD [6] - The P/B ratio is 5.12, with a debt-to-asset ratio of 40.72% [6]

Company and Industry Summary Company Overview - The conference call discusses the financial performance of Miniso Group for the third quarter of 2024, highlighting its growth and strategic initiatives in both domestic and international markets [1][11]. Key Points Financial Performance - For the first three quarters of 2024, the company's revenue reached 12.28 billion RMB, representing a year-on-year growth of 23% [2][11]. - The average store count increased by 14.7%, contributing to a 12.3% revenue growth from offline stores and a 19% growth from e-commerce [4][11]. - The adjusted net profit is expected to maintain a minimum of 50% for dividends, with ongoing share buybacks to provide predictable returns [4][11]. Store Expansion - The company aims to open between 350 to 450 new stores in 2024, with a focus on first and second-tier cities, which account for 60% of new openings [5][20]. - The total number of stores reached 859, with significant growth in overseas markets, particularly in the U.S. and India [2][8]. International Market Growth - Overseas revenue surpassed 4.5 billion RMB, showing a year-on-year increase of 41% [7][12]. - The overseas direct sales market contributed 2.45 billion RMB, growing by 64%, while the overseas agency market grew by 22% [12]. - The company expects to open 650 to 700 new overseas stores by the end of the year, exceeding previous estimates [8][20]. Consumer Trends and Strategic Focus - The company is focusing on quality retail and interest-based consumption, emphasizing product innovation and consumer experience [2][3]. - There is a strong emphasis on IP (Intellectual Property) collaboration, with successful partnerships with brands like Disney and Harry Potter, which have significantly boosted sales [6][31]. Cost Management and Profitability - Sales and management expenses increased by 54%, with sales expenses rising by 63% due to new store openings [13][16]. - The gross margin improved by 3.7 percentage points to 44.1% compared to the previous year [12][16]. - The company maintains a low debt ratio of less than 1%, ensuring ample cash reserves for future investments [16][17]. Future Outlook - The company anticipates a low teens growth rate in domestic sales for Q4, despite challenges in the retail environment [20][37]. - The management is optimistic about the U.S. market's performance and plans to enhance operational efficiency through localized management teams [22][38]. - The focus will remain on expanding the IP product line and enhancing the consumer experience through innovative store formats and product offerings [29][31]. Additional Insights - The company is actively exploring flexible store operation models, including potential franchise opportunities to accelerate growth in overseas markets [39]. - The emphasis on O2O (Online to Offline) business has shown significant growth, with a nearly 80% increase year-on-year [30]. Conclusion - Miniso Group is strategically positioned for growth through its multi-brand approach, international expansion, and focus on consumer trends. The company is committed to maintaining profitability while navigating the challenges of the retail landscape.