Here are three stocks with buy ranks and strong growth characteristics for investors to consider today May 16th:Powell Industries (POWL) : This metal-working shop which support the petrochemical facilities, carries a Zacks Rank #1 (Strong Buy), and has witnessed the Zacks Consensus Estimate for its current year earnings increasing 19.9% over the last 60 days.Powell Industries has a PEG ratio of 1.32 compared with 1.57 for the industry. The company possesses a Growth Score of A.PDD Holdings Inc. (PDD) : This ...

[Table_Page] 公告点评|零售业 证券研究报告 [【Table_T广itle] 发 商 社 & 海 外 】 名 创 优 品 公[Ta司ble评_Inv级est ] 买入-美股/买入-H 当前价格 24.53美元/49.35港元 (MNSO/09896.HK) 合理价值 27.80美元/55.92港元 前次评级 买入/买入 24Q1 点评：利润持续创新高，海外直营业务高速发展 报告日期 2024-05-16 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现 ⚫ 事件：公司披露 24 年 1-3 月季度财报，该季度实现收入 37.2 亿元人 100% 名创优品 标普500 民币（下同），同比+26.0%，Non-IFRS净利润6.2亿元，同比+27.7%。 50% 收入结构方面，本季度公司国内收入 25.0 亿元，同比+16.2%，其中 0% （1）MINISO收入同比增长14.2%至22.8亿元，MINISO国内线下门 -50% 店收入同比增长+15.6%，主要得益于门店同比+18.7%，同店销售恢复 至去年同期的98%。（2）TOPTOY收入同比增长 ...

Investment Rating - The investment rating for the company is "Buy" [1][5]. Core Views - The company is expected to benefit from domestic recovery and sustained high growth in overseas direct sales, leading to rapid performance growth. The IP strategy is anticipated to enhance brand momentum, with continued expansion in both domestic and overseas markets [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.724 billion yuan, representing a year-over-year increase of 26.0%. Overseas revenue was 1.222 billion yuan, up 52.6%, while domestic revenue reached 2.502 billion yuan, growing by 16.2%. Adjusted net profit for the same period was 617 million yuan, reflecting a year-over-year increase of 27.7% [5][6]. - The adjusted net profit margin was 16.6%, an increase of 0.2 percentage points year-over-year. The gross profit margin improved from 35.7% in Q3 2022 to 43.4% in Q1 2024, marking a year-over-year increase of 4.1 percentage points [6]. Growth Projections - The company forecasts revenues of 17.356 billion yuan, 20.980 billion yuan, and 25.101 billion yuan for 2024, 2025, and 2026, respectively. Adjusted net profits are projected to be 2.869 billion yuan, 3.448 billion yuan, and 4.132 billion yuan for the same years [5][7]. - The target price is set at 60.30 HKD for 2024, based on a price-to-earnings ratio of 24.1x [5]. Store Expansion - In Q1 2024, the company added a net of 108 stores domestically and 109 stores overseas, with a target of 350-450 new stores in China and 550-650 overseas for the full year. The company aims to increase the number of TOPTOY stores from a target of 50-80 to 100 for the year [6].

证券研究报告 | 2024年05月16日 名创优品（09896.HK） 买入 一季度经调净利润增长 28%，海外直营市场快速扩张 核心观点 公司研究·财报点评 公司2024年一季度业绩持续稳健增长。公司2024Q1实现营收37.24亿 商贸零售·专业连锁Ⅱ /yoy+26.0%，主要由19%的平均门店数量增长和9%的同店增长共同贡献；经 证券分析师：张峻豪 证券分析师：孙乔容若 调整净利润6.17亿/yoy+27.7%。公司2024Q1在去年同期高基数下表现仍强 021-60933168 021-60375463 zhangjh@guosen.com.cn sunqiaorongruo@guosen.com.c 劲，IP和全球化战略已初见成效，同时公司加快开店速度，单Q1门店净增 n S0980517070001 S0980523090004 217家，与上一年度同期的净新增门店数量相比增长近三倍。 基础数据 从国内业务来看，2024Q1公司国内实现收入25.02亿/yoy+16.2%，MINISO 投资评级 买入(维持) 线下门店收入同比增长15.6%，净增门店108家，同店销售恢复至去年同期 合理估值 收 ...

名创优品（09896.HK） 买入-A(维持) 2024Q1 毛利率刷新单季新高，海外市场延续快速开店 2024年5月16日 公司研究/公司快报 公司近一年市场表现 事件描述  5月14日，公司公布截至2024年3月31日止季度的未经审计财务业绩。 2024Q1，公司实现营收37.24亿元，同比增长26.0%；实现经调整净利润6.17 亿元，同比增长27.7%；实现归母净利润5.82亿元，同比增长25.1%。 事件点评  2024Q1公司营收增速略超预期，经调整净利润增速继续快于收入。2024Q1， 资料来源：最闻，山西证券研究所 公司实现营收37.24亿元，同比增长26.0%，营收增速略超我们预期，其中，国 市场数据：2024年5月14日 内市场收入同比增长16.2%，海外市场收入同比增长52.6%。2024Q1，公司实现 收盘价（元）： 49.350 经调整净利润6.17亿元，同比增长27.7%，经调整净利率16.6%，同比提升0.2pct； 年内最高/最低（元）： 59.850/28.600 实现归母净利润5.82亿元，同比增长25.1%，归母净利率15.6%，同比下滑0.2pct。 流通A股/总股 ...

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2024Q1 业绩点评：归母净利润同比+25%符 2024 年 05月 16日 合预期，海外表现亮眼 证券分析师 吴劲草 买入（维持） 执业证书：S0600520090006 wujc@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 FY2022A FY2023A FY2024E FY2025E FY2026E 证券分析师 阳靖 营业总收入（百万元） 10086 11473 15514 19470 23133 执业证书：S0600523020005 yangjing@dwzq.com.cn 同比(%) 11.18 13.76 35.22 25.50 18.81 归母净利润（百万元） 638.17 1,768.93 2,503.19 3,207.83 3,790.59 股价走势 同比(%) 145.10 177.19 41.51 28.15 18.17 名创优品 恒生指数 Non-IFRS净利润（百万元） 721.00 1,831.80 2,597.50 3,273.85 3,830.20 同比(%) 15. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company reported Q1 2024 revenue of 3.724 billion yuan, a year-on-year increase of 26%, and an adjusted net profit of 617 million yuan, up 28%. The overseas performance continues to improve, and the turning point for TOP TOY has been reached. The profit forecasts for 2024-2026 have been raised, with expected net profits of 2.86 billion, 3.51 billion, and 4.30 billion yuan respectively, corresponding to EPS of 2.3, 2.8, and 3.4 yuan. The current stock price corresponds to P/E ratios of 19.7, 16.1, and 13.2 times [1]. Summary by Sections Financial Performance - MINISO achieved Q1 2024 revenue of 2.285 billion yuan, a 14% increase, with offline revenue up 16%. Same-store sales recovered to 98% of the high base from the same period last year. The company added 108 new stores, bringing the total to 4,034, with an expected net increase of 350-450 stores in 2024 [1]. - TOP TOY reported Q1 2024 revenue of 214 million yuan, a 55% increase, with same-store sales up 26%. The company added 44 new stores, reaching a total of 160, and has raised its store opening target to 100 [1]. Overseas Expansion - MINISO's overseas revenue reached 1.222 billion yuan in Q1 2024, a 53% increase, with direct sales and agency markets growing by 84% and 23% respectively. North America saw a GMV increase of 108%, accounting for 13% of total revenue. The company added 109 new stores, totaling 2,596, with an expected net increase of 550-650 stores for the year [1]. - Same-store sales growth in Q1 2024 for North America, Latin America, Asia (excluding China), and Europe was 32%, 25%, 19%, and 13% respectively, with positive trends expected to continue into Q2 [1]. Profitability - The gross margin for Q1 2024 was 43.4%, up 4.1 percentage points year-on-year, driven by an increase in the proportion of high-margin overseas direct sales. The operating profit margin was 20.0%, with improvements in both domestic and overseas operations. The net profit margin was 16.6%, reflecting a 0.2 percentage point increase year-on-year [1].

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 2024年05月 15日 投资评级 24Q1 营收 37 亿同增26%，品牌战略升级成效显著 行业 非必需性消费/专业零 售 5月 14日，公司发布截至 2024年 3月 31日止季度的业绩公告。公告显示，2024Q1 6个月评级 买入（维持评级） 公司实现收入37.24亿元同增26.0%，主要由于集团层面的平均门店数量同增19.3% 当前价格 49.35港元 及同店销售增长 9%，其中国内营收 25.02 亿同增 16.2%，海外营收 12.22 亿同增 52.6%，经调整净利6.17亿元同增27.7%，经调整净利润率为16.6%，同增0.2pct。 目标价格 港元 基本数据 毛利率提升显著。24Q1公司毛利率为43.4%同增4.1pct。主要由于，1）直营市场 港股总股本(百万股) 1,259.28 占海外市场的收入贡献自46%提升至58%；2）TOPTOY产品结构转向盈利能力更高 港股总市值(百万港元) 62,145.60 的产品，毛利率有所提升。 每股净资产(港元) 7.92 资产负债率(%) 38.96 一 年内最高/最低(港元) 5 ...

Financial Data and Key Metrics - Revenue increased by 26% YoY to RMB 37.2 billion, driven by a 19% increase in average store count and a 9% YoY comparable same-store sales growth [9] - Adjusted net profit rose by 28% YoY to RMB 6.2 billion, with an adjusted net margin of 16.6%, up 0.2 percentage points YoY [16] - Gross margin reached a historical high of 43.4%, up 4.1 percentage points YoY, primarily due to increased overseas revenue contribution and TOP TOY's margin optimization [9][16] Business Line Performance - **MINISO Mainland China**: Revenue grew by 16% YoY to RMB 25.0 billion, with same-store sales recovering to 98% of 2023 levels [16][21] - **MINISO Overseas**: Revenue surged by 53% YoY to RMB 12.2 billion, with direct-operated markets contributing 58% of overseas revenue, up from 46% in 2023 [16][23] - **TOP TOY**: Revenue increased by 55% YoY to RMB 2.1 billion, with 160 stores operating across nearly 70 cities [12][18] Market Performance - **North America**: GMV grew by 108% YoY, contributing 13% to overseas GMV, up from 7% in 2021 [24] - **Latin America**: GMV increased by 40% YoY, remaining the largest contributor to overseas GMV at 38% [24] - **Asia (excluding China)**: GMV rose by 34% YoY, contributing 36% to overseas GMV [24] Company Strategy and Industry Competition - The company aims to achieve 50% IP product sales by 2028, leveraging its strong IP conversion capabilities and partnerships with brands like Disney and Chiikawa [9][12] - TOP TOY's profitability improved significantly, with gross margin increasing by 8 percentage points YoY, driven by optimized product mix and higher bargaining power with suppliers [8][12] - The company plans to open 900-1,100 new stores globally in 2024, with a focus on high-quality locations and direct-operated markets [9][12] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth potential in overseas markets, particularly in North America and Europe, where the company has seen rapid GMV growth [24] - The company remains confident in achieving its full-year growth targets, supported by its strategic focus on IP products and high-quality store expansion [6][9] Other Important Information - The company's IP product sales accounted for 26% of total sales, with overseas IP shipments growing by over 100% YoY [12] - TOP TOY's store count increased by 44 YoY to 160, with plans to expand to over 250 stores by the end of 2024 [12][18] Q&A Session Q: Domestic same-store performance by city tier and the impact of large stores on average transaction value? - The company is refining its large-store strategy, with successful openings in key locations like Guangzhou, Shanghai, and Beijing, aiming to optimize the store model [2] Q: Single-store performance and location selection in the US? - The US market continues to show strong growth, with same-store sales increasing by 30-40% YoY in Q1 2024 The company plans to add 80-100 new stores in the US in 2024 [3] Q: Domestic gross profit margin (GPM) decline and future trends? - Domestic GPM is lower than the group average, with tier-1 cities recovering to 98% of pre-pandemic levels, while lower-tier cities saw a low single-digit decline Future GPM improvement will be driven by product mix optimization, including increased sales of blind boxes and travel-related products [4] Q: Drivers behind the 21% YoY increase in overseas same-store sales? - The increase was primarily driven by higher brand awareness, new customer acquisition, and product mix optimization, with IP products now accounting for 40% of sales [5] Q: Plans for Chiikawa pop-up stores? - The company plans to open over 10 pop-up stores in cities with high youth populations, such as Wuhan, Chengdu, and Xi'an [6] Q: US market unit economics (UE) model? - The company did not provide detailed UE metrics but noted significant cost-saving opportunities in logistics and distribution [7] Q: Reasons for TOP TOY's target adjustment and same-store sales growth drivers? - TOP TOY's improved profitability is attributed to a healthier competitive landscape, increased bargaining power with suppliers, and optimized product mix, leading to an 8 percentage point increase in gross margin [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong Q1 2024 performance with total revenue of 3.72 billion RMB, a year-on-year increase of 26.0% [5] - The gross margin improved to 43.4%, up 4.1 percentage points from the previous year, driven by the growth in high-margin direct sales in overseas markets [5] - The adjusted net profit for Q1 2024 was 620 million RMB, reflecting a year-on-year increase of 27.7% [5] Summary by Relevant Sections Market Data - Current price: 49.35 HKD - Market capitalization: 61,140.98 million HKD - Average daily trading volume: 278.35 million HKD [3] Revenue Breakdown - Domestic revenue for Q1 2024 was 2.5 billion RMB, up 16.2% year-on-year, with same-store sales growth of approximately 15.6% [3] - Overseas revenue reached 1.22 billion RMB, a 52.6% increase year-on-year, with direct sales in overseas markets growing by 92% [3] Profitability Metrics - The company achieved a net profit of 580 million RMB in Q1 2024, a 25.1% increase year-on-year, with a net profit margin of 15.6% [5] - The adjusted net profit margin improved to 16.6%, up 0.2 percentage points from the previous year [5] Store Expansion - As of Q1 2024, the total number of stores reached 6,630, with 4,034 in mainland China and 2,596 overseas [8] - The company plans to add 900 to 1,100 new stores throughout 2024 [8] Financial Forecast - Projected revenues for FY2024, FY2025, and FY2026 are 15.16 billion RMB, 18.21 billion RMB, and 21.24 billion RMB, respectively, with growth rates of 32%, 20%, and 17% [9] - Expected net profits for the same periods are 2.48 billion RMB, 2.99 billion RMB, and 3.54 billion RMB, with growth rates of 40%, 21%, and 18% [9]