Core Insights - MINISO Group Holding Limited Unsponsored ADR (MNSO) is a notable stock in the Retail-Wholesale sector, currently holding a Zacks Rank of 2 (Buy) indicating positive analyst sentiment [2][3] - MNSO has returned approximately 9.6% year-to-date, outperforming the average return of 9.1% for the Retail-Wholesale sector [2] - The Zacks Consensus Estimate for MNSO's full-year earnings has increased by 3.7% over the past quarter, reflecting an improving earnings outlook [2] Company Performance - MNSO belongs to the Retail - Apparel and Shoes industry, which has an average gain of 12.6% year-to-date, indicating that MNSO is slightly underperforming its specific industry [3] - In comparison, another stock in the Retail-Wholesale sector, Prosus N.V. Sponsored ADR (PROSY), has shown a significant year-to-date increase of 27.4% and holds a Zacks Rank of 1 (Strong Buy) [3] Industry Context - The Retail-Wholesale sector consists of 212 individual stocks and currently ranks 10 in the Zacks Sector Rank, which evaluates 16 different sector groups [1] - The Internet - Commerce industry, to which Prosus N.V. belongs, has performed better with a year-to-date increase of 15.2% [3]

Core Viewpoint - MINISO Group Holding Limited announced a change in the venue for its annual general meeting of shareholders scheduled for June 20, 2024, due to administrative reasons [1]. Group 1: Company Overview - MINISO Group is a global value retailer that offers a variety of trendy lifestyle products featuring IP design [2]. - The company serves consumers primarily through a large network of MINISO stores, promoting a relaxing and engaging shopping experience [2]. - Aesthetically pleasing design, quality, and affordability are central to MINISO's product portfolio, which is frequently updated with new offerings [2]. - Since its first store opening in China in 2013, MINISO has established itself as a globally recognized brand with a massive store network worldwide [2].

Investment Rating - The report maintains an "OUTPERFORM" rating for MINISO Group with a target price of USD 31.90, reflecting a potential upside from the current price of USD 24.15 [2][4]. Core Insights - MINISO's revenue for Q1 reached RMB 3.72 billion, representing a 26% year-over-year increase. The gross profit margin hit a record high of 43.4%, up 4.1 percentage points year-over-year [8]. - The company has shown robust growth in both domestic and overseas markets, with domestic revenue at RMB 2.5 billion (up 16% YoY) and overseas revenue at RMB 1.22 billion (up 53% YoY) [8]. - The adjusted net profit for Q1 was RMB 617 million, a 28% increase YoY, with an adjusted net profit margin of 16.6% [8]. Financial Performance Summary - Revenue projections for 2024-2026 are RMB 17.6 billion, RMB 22.0 billion, and RMB 26.8 billion, respectively, with adjusted net profits of RMB 2.88 billion, RMB 3.67 billion, and RMB 4.53 billion [4][8]. - The company plans to open 80-100 new stores in the U.S. in 2024, indicating a strong expansion strategy [8]. - The gross profit margin is expected to continue improving due to increased overseas direct sales and optimization of product mix [8]. Market Position and Competitive Landscape - The report highlights that MINISO's TOPTOY segment has reached a turning point, with revenue growth of 55% YoY and profitability achieved for two consecutive quarters [8]. - The company is focusing on product innovation and enhancing its instant retail business to sustain same-store sales performance [8]. - MINISO's valuation has been adjusted to a 25x price-to-earnings ratio for 2024, reflecting confidence in its growth trajectory [4].

还有650家的这样的一个新增门店数的话可能下半年开的这个门店数会稍微多一些因为其实过去几年大家应该也可以看到其实大部分的门店我们都是在下半年开出来的 但是今年的话其实我们也是有意的希望说把控我们海外开店的这样的一个节奏能够让更加多的比较好的门店能够在我们Q4旺季到来之前开出来所以今年整体而言可能我们会希望说上半年开的门店和比起之前会更多一些那今年海外Q1也是开了大概100家门店左右吧 因为截止到二三年的年底的话,这个TT门店是大概148家左右吧 那如果是整个24年全年的话我们也是预计TT的一个门店数的增长会是在100家左右所以基本上是差不多要接近翻倍了那这也是因为我们其实从过去这两个季度来看的话整个TT已经是连续两个季度开始盈利了然后包括它的整一个利润率的一个情况还有费用的情况我们看到都有了比较明显的一个提升所以我们也是感觉 整个TT的业务可能是即将迎来一个拐点而今年的话他也会有更加清晰的一个开店的一个计划那这是门店的一个角度那从收入端来看的话我们是预计今年24年全年可能整个集团的一个收入会是在20%到30%的这样的一个区间 Q1的收入增长大概是26%左右,Q2的话我们预计也会跟Q1差不多,会在20%到25% ...

证券研究报告 | 季报点评 2024年05月21日 名创优品（09896.HK） 增长势能强劲，盈利能力优异 事件：5月14日，公司发布2024Q1季报，报告期内实现营业收入37.24亿元/同比 买入（维持） +26.0%，毛利率为43.4%/同比+4.1pct，归母净利润5.82亿元/同比+25.1%，经 股票信息 调整净利润6.17亿元//同比+27.7%。公司增长势能强劲，盈利能力优异，业绩略 超预期。 行业 多元化零售商 前次评级 买入 国内：展店节奏稳健，高基数下延续增长。1）国内MINISO：2024Q1国内MINISO 5月20日收盘价(港元) 46.55 门店净增门店108家/环比-16家，其中一二线城市净增57家，至期末门店数量达 总市值(百万港元) 58,619.60 4034家/同比+651家（门店数量同比+19.2%），全年公司维持年度900-1100家 总股本(百万股) 1,259.28 MINISO门店净增目标，Q1奠定夯实基础；一季度表观单店收入同比-3.8%，同店 其中自由流通股(%) 100.00 销售为同期高基数的约98%水平，以上两点带动国内MINISO期内实现营业收入 ...

Core Viewpoint - MINISO Group Holding Limited (MNSO) has shown a significant price increase of 17% over the past four weeks, with a mean price target of $29.99 indicating a potential upside of 25.3% from the current price of $23.93 [1] Price Targets and Analyst Consensus - The mean price target consists of four short-term estimates with a standard deviation of $1.62, suggesting a relatively high agreement among analysts regarding the stock's price movement [1] - The lowest estimate of $27.90 indicates a 16.6% increase, while the most optimistic target is $31.86, reflecting a potential surge of 33.1% [1] - Analysts' price targets can often mislead investors, as empirical research shows that they rarely indicate the actual price direction of a stock [3][4] Earnings Estimates and Market Sentiment - Analysts have revised MNSO's earnings estimates upward, with a 12.6% increase in the Zacks Consensus Estimate over the past month, indicating positive sentiment regarding the company's earnings prospects [5] - The company holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimate factors, which supports the potential for stock upside [5] Conclusion on Investment Decisions - While the consensus price target may not be a reliable indicator of MNSO's potential gains, the direction implied by the price movement appears to be a useful guide for investors [5]

Investment Rating - The report maintains a "Recommended" rating for MINISO (09896.HK) [1][4] Core Views - MINISO's Q1 2024 financial results show strong growth, with revenue reaching 3.723 billion yuan, a year-on-year increase of 26% driven by a 19% increase in store count and a 9% increase in same-store sales [1] - The company aims to add 900-1100 new stores in 2024, with a total of 6,630 stores as of the end of March [1] - The gross profit margin reached a new high of 43.4%, up 4.1 percentage points year-on-year, attributed to the higher margin from overseas direct sales and optimization of the TOP TOY model [1] Financial Performance Summary - Revenue for 2023 was 11,473 million yuan, with projected revenues of 15,413 million yuan for 2024, 19,199 million yuan for 2025, and 24,065 million yuan for 2026, reflecting growth rates of 34.3%, 24.6%, and 25.3% respectively [2][8] - Net profit attributable to shareholders is expected to grow from 1,769 million yuan in 2023 to 2,598 million yuan in 2024, 3,214 million yuan in 2025, and 4,007 million yuan in 2026, with growth rates of 46.9%, 23.7%, and 24.6% respectively [2][8] - The earnings per share (EPS) forecast is 2.06 yuan for 2024, 2.55 yuan for 2025, and 3.18 yuan for 2026, with corresponding price-to-earnings ratios of 21X, 17X, and 14X [2][8] Market Position and Strategy - The overseas revenue grew by 53% to 1.222 billion yuan, with a 19.7% increase in store count and a 21% increase in same-store sales [1] - The overseas direct sales market has shown consistent growth, with revenue increasing by 92% year-on-year [1] - The company is positioned as a channel for offline monetization of IP products, focusing on cost-effective emotional value products [1]

公司研 究 证 券研究 报 告 商贸零售 2024年05月18日 名 创优品（09896.HK）2024年一季报点评 推 荐 （维持） IP 产品/兴趣消费线下变现渠道，海外直营表 目标价：55.69港元 现亮眼 当前价：47.35港元 事项： 华创证券研究所  名创优品发布24Q1财报，24Q1（自然年）公司实现收入37.23亿元，同比增 长 26%（得益于 19%的门店数增长和 9%的同店销售增长），毛利率为 43.4% 证券分析师：王薇娜 （+4.1pct），经营利润为7.43亿元，同比增长29.1%，期内利润为5.86亿元， 电话：010-66500993 同比增长24.4%，经调整净利润为6.17亿元，同比增长27.7%，经调整净利率 邮箱：wangweina@hcyjs.com 为16.6%（+0.2pct）。 评论： 执业编 号：S0360517040002  期内继续保持快速增长，截至到3月末名创优品门店总数达到6630家，净新 公司基本数据 增217家门店，分海内外来看，国内门店环比净新增108家至4034家，海外 总股本(万股) 125928 门店环比净新增109家至2596家。TOP ...

Core Insights - The retail sector is divided into consumer staples and discretionary segments, both of which are crucial for U.S. GDP growth [1] - High interest rates have negatively affected consumer spending, but potential rate cuts in the next 12 to 18 months may create opportunities in undervalued consumer stocks [1] - A portfolio of selected consumer stocks is expected to outperform index returns over the next 36 months [1] Consumer Staples - Altria Group (MO) has seen a year-to-date stock increase of nearly 14%, with a forward P/E ratio of 9 and a dividend yield of 8.53% [3][4] - Altria is transforming its business focus towards non-smoking products while still relying on the smokable segment for cash flow [3] - The company reported a shipment volume of NJOY consumables at 10.9 million units, with a retail share increase to 4.3% in the U.S. [3] Consumer Discretionary - PepsiCo (PEP) has a dividend yield of 2.96% and has shown attractive valuations despite subdued growth [6] - For Q1 2024, PepsiCo reported organic revenue growth of 2.7% YOY, with a full-year guidance of 4% organic growth and 8% EPS growth [6] - PepsiCo's total revenue for the last financial year was $92 billion, with $36 billion from international markets, indicating growth potential in Asia Pacific and AMESA regions [6][7] Growth Stocks - Miniso Group (MNSO) stock has increased over 45% in the last 12 months, with a forward P/E ratio of 24 and a dividend yield of 1.67% [8] - Miniso reported Q1 2024 revenue growth of 26% YOY to $515.7 million, with an adjusted EBITDA margin of 25.9% [8] - The company plans to open 900 to 1,100 stores annually from 2024 to 2028, expecting revenue growth at a CAGR of over 20% during this period [8]

这个业绩后的这个交流及基本面的更新啊我是华泰消费的分析师樊俊豪跟我一起主持这次会的呢还有我的同事啊张思宇那明创的话呢一直是我们华泰重点推荐并持续跟踪的这样一个非常优秀的标的啊今天呢我们也是非常荣幸的啊请到了我们的老朋友公司的这个阿然后这个胡总来给大家进行这次的沟通和分享那我们这次的交流呢大概会分为 两个环节首先由胡总给大家更新一下公司近期的经营情况以及对后续的一些展望那后面的话呢我们会进入到第二个环节就是投资者互动提问也欢迎投资者踊跃的进行交流那这个我下面就把时间交给胡总有请胡总 非常感谢樊总也非常感谢华财中心帮我们主持的这一次会议也感谢各位投资人今天下午的时间来参加我们的交流会我们14号刚刚发了公司的24年QE的业绩先给各位去做一个简单的要点的总结然后我们再来开展QA的环节刚刚过去的QE 那公司的发的这个业绩其实各位相信不少投资人也已经看到了依然还是一个非常平稳的这样的一个on track的这样的业绩兑现从整个的这个收入端是YY实现了26%的增长这个也跟公司全年给的这个20到 第一个就是来自于开店 那国内跟海外都是创了历史新高的在QE季度都有实现超过100家门店的竞争这个其实尤其是我们海外啊能够在QE拆到超 ...