Investment Rating - The report maintains a "Buy" rating for MINISO, indicating strong expected performance relative to the market [6][14]. Core Insights - MINISO reported a 2Q24 revenue of RMB 4.04 billion, reflecting a year-on-year increase of 24.1%, with a historic high gross margin of 43.9% [4][9]. - The company's adjusted net profit reached RMB 630 million, up 9.4% year-on-year, demonstrating solid financial health [4][9]. - The domestic market showed high-quality growth, with revenue from mainland China reaching RMB 2.53 billion, a year-on-year increase of 18.1% [5][10]. - The overseas market saw significant expansion, with 2,753 stores as of 2Q24, a 157-store increase quarter-on-quarter, and revenue growth of 109.3% year-on-year [5][11]. - The gross profit margin improved due to a higher proportion of direct sales and effective implementation of IP and brand upgrade strategies [5][12]. - The company has initiated share buybacks and dividends, reinforcing its commitment to shareholder returns [5][13]. Summary by Sections Financial Performance - MINISO's 2Q24 revenue was RMB 4.04 billion, with a gross margin of 43.9% and adjusted EBITDA of RMB 1.0 billion [4][9]. - The adjusted net profit for 2Q24 was RMB 630 million, reflecting a 9.4% increase year-on-year [4][9]. Domestic Market Growth - Revenue from the mainland market reached RMB 2.53 billion, with the core business contributing RMB 2.31 billion, up 18.3% year-on-year [5][10]. - The number of domestic stores increased to 4,115, with same-store sales recovering to 98.3% of the previous year's level [5][10]. Overseas Expansion - The overseas store count reached 2,753, with a revenue contribution of RMB 1.51 billion, accounting for 37.4% of total revenue [5][11]. - Same-store sales in the overseas market grew by 16.3%, with a significant increase in direct sales contribution [5][11]. Profitability and Cost Management - The gross profit margin increased from 39.6% to 43.7% year-on-year, attributed to a higher proportion of direct sales and product upgrades [5][12]. - Selling expenses rose to RMB 83 million, accounting for 20.5% of revenue, indicating a need for effective cost control measures [5][12]. Shareholder Returns - The company repurchased shares and announced a cash dividend of RMB 621 million, representing 50% of adjusted net profit [5][13]. - A new share buyback plan of up to HK$2 billion was also announced, reflecting management's confidence in future business prospects [5][13].

Core Insights - MINISO has opened its first Sanrio-themed store in Australia on September 7, 2024, located on George Street in Sydney, marking its first flagship store in the country [1][3] - The store features over 2,500 SKUs, with more than 70% of its offerings being IP products, including nearly 30% dedicated to Sanrio characters [1] - The store achieved record sales per square meter during its opening weekend, indicating strong market demand [1] Store Location and Accessibility - The new flagship store is situated in a prime location in Sydney, surrounded by major retail areas and attractions, ensuring a steady flow of foot traffic [2] - George Street is recognized as one of the busiest streets in the city center, enhancing the store's visibility and accessibility [2] Marketing and Promotions - To celebrate the store launch, MINISO introduced a limited-edition reusable shopping bag inspired by Australia's kangaroo, which was gifted to customers who spent a specified amount on opening day [3] - A creative video campaign was released to promote the Kroo Bag, inviting Australians to engage with the brand [3] Expansion Strategy - This store is MINISO's second overseas Sanrio-themed location, following the successful launch in Indonesia, indicating the brand's commitment to global expansion [3] - MINISO plans to continue expanding its presence in Australia, targeting key cities and enhancing store design and product offerings [4] - The brand aims to create a joyful shopping experience and spread its Joy Philosophy to a broader audience in Australia [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company achieved a revenue of approximately 7.759 billion RMB in H1 2024, representing a year-on-year growth of 25%. The net profit attributable to shareholders was about 1.17 billion RMB, up 16.45% year-on-year, with an adjusted net profit of 1.24 billion RMB, reflecting a growth of 17.8% [5]. - The board approved a share buyback plan, intending to repurchase up to 2 billion HKD worth of shares over the next 12 months [5]. - The second quarter's performance met expectations, with a stable adjusted net profit margin. In Q2 2024, the company reported a revenue of 4.04 billion RMB, a year-on-year increase of 24.1% [5]. - The domestic TOP TOY and overseas direct store expansions showed significant breakthroughs, with a total of 455 new stores opened in H1 2024 [5]. - The company continues to implement its long-term strategy focusing on cost-effectiveness, globalization, product innovation, and IP design, with expectations for net profits of 2.6 billion RMB in 2024 and 3.2 billion RMB in 2025 [6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of approximately 7.759 billion RMB, a 25% increase year-on-year. The net profit attributable to shareholders was around 1.17 billion RMB, reflecting a 16.45% increase year-on-year [5]. - The second quarter saw a revenue of 4.04 billion RMB, up 24.1% year-on-year, with a gross margin increase of 4.1 percentage points to 43.9% [5]. Store Expansion - The company opened a total of 455 new stores in H1 2024, with 189 in mainland China and 266 in overseas markets [5]. - The average number of stores increased by 18.8%, and same-store sales grew by 7% [5]. Strategic Outlook - The company is focusing on multi-store formats to cover more consumer scenarios and demographics domestically, while its overseas business is in an aggressive expansion phase [6]. - The product development capabilities are continuously improving, as evidenced by the increasing proportion of IP products and breakthroughs in TOP TOY's self-developed products [6].

Core Insights - MINISO has opened its largest global flagship store in Jakarta, Indonesia, covering approximately 3,000 square meters and designed to resemble a "Dream Castle Amusement Park," featuring eight product categories and three themed IP zones, enhancing the shopping experience by integrating entertainment and retail [1] - The grand opening on August 31 set a new global single-day sales record of RMB 1.18 million (over USD 166,000) at a single MINISO store, indicating strong consumer demand for MINISO's innovative retail approach [1] - MINISO has rapidly expanded in Indonesia since entering the market in 2017, now operating over 300 stores nationwide, with plans for further expansion, solidifying its position in one of Southeast Asia's largest economies [3] Company Expansion - MINISO operates over 1,400 stores in Asia outside of mainland China as of June 2024, with recent openings including a Sanrio IP-themed store in Vietnam, highlighting the brand's growing presence in the region [4] - The company plans to open a Barbie IP Collection store in Malaysia and additional stores across Southeast Asia, aiming to accelerate its regional expansion [4] - MINISO's global expansion strategy has led to over 6,800 stores across five continents since opening its first international store in 2015, with a goal of opening 900 to 1,100 new stores annually over the next five years [5] Product and Brand Strategy - The flagship store in Jakarta embodies MINISO's "Super IP + Super Store" concept, merging globally recognized intellectual properties with a state-of-the-art retail environment [1] - The launch of the Lucky 7 Perfume series at the flagship store's grand opening featured popular Indonesian actress Prilly Latuconsina, enhancing brand engagement through celebrity interaction [2] - MINISO focuses on providing a relaxing and engaging shopping experience, with aesthetically pleasing design, quality, and affordability at the core of its product offerings [6]

Investment Rating - The report maintains a "Buy" rating for Miniso Group (9896.HK) [2] Core Views - The company's revenue for the first half of 2024 reached 77.59 billion RMB, a year-on-year increase of 25.0%, with adjusted net profit at 12.42 billion RMB, up 17.8% [1] - The company continues to expand its store network, aiming to open 900-1100 new stores globally in 2024, with a total of 6,868 stores as of June 30, 2024 [1] - The report highlights strong performance in overseas markets, with revenue growth of 42.6% year-on-year in the first half of 2024 [1] Summary by Sections Financial Performance - For 24H1, the company achieved a revenue of 77.59 billion RMB, with a domestic revenue of 50.27 billion RMB (up 17.2%) and overseas revenue of 27.32 billion RMB (up 42.6%) [1] - Adjusted net profit margin for 24H1 was 16.2%, reflecting a stable profitability despite increased costs due to store expansion [1] Store Expansion - As of June 30, 2024, the company had opened 6,868 stores, with 4,115 in China and 2,753 overseas, marking an increase of 1,077 stores year-on-year [1] - The company plans to add 340-450 domestic stores and 550-650 overseas stores in 2024, with progress at 42%-54% for domestic and 41%-48% for overseas as of mid-2024 [1] Future Projections - The report forecasts adjusted net profits of 28.28 billion RMB, 34.87 billion RMB, and 41.67 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 20.0%, 23.3%, and 19.5% [1] - The projected P/E ratios for 2024, 2025, and 2026 are 14X, 11X, and 10X, respectively [1]

Investment Rating - The report assigns a "Buy" rating for Miniso (9896.HK) based on its strong performance and growth potential [1]. Core Views - Miniso achieved a revenue of 7.76 billion yuan in H1 2024, representing a 25% year-on-year increase, with adjusted net profit of 1.24 billion yuan, up 18% [1]. - The company continues to expand its global footprint, with a total of 6,868 stores as of June 30, 2024, including 4,115 in mainland China and 2,753 overseas [1]. - The overseas market has shown significant growth, with revenue increasing by 42.6% year-on-year, contributing to 35.2% of total revenue in H1 2024 [1]. Financial Performance Summary - Revenue for H1 2024 was 7.76 billion yuan, with a net profit of 1.24 billion yuan and an adjusted net profit margin of 16.0% [1]. - In Q2 2024, revenue reached 4.04 billion yuan, a 24.1% increase, with adjusted net profit of 625 million yuan, up 9.4% [1]. - The gross margin improved to 43.7%, an increase of 4.1 percentage points year-on-year, driven by a higher proportion of revenue from overseas direct sales [1]. Regional Revenue Breakdown - Revenue from mainland China in H1 2024 was 5.03 billion yuan, a 17.2% increase, with same-store sales at 98.3% of H1 2023 levels [1]. - Top Toy's revenue grew by 37.9%, with same-store sales increasing by 13.6% [1]. - Overseas revenue accounted for 27.32 billion yuan, with same-store sales growth of 16.3% [1]. Future Profit Forecast - The company expects adjusted net profits of 2.808 billion yuan, 3.516 billion yuan, and 4.312 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 11, and 9 [2][3].

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of HKD 48.62, compared to the current price of HKD 34.00 [1]. Core Insights - The company's revenue for the first half of 2024 increased by 25% year-on-year to HKD 7.76 billion, with a gross margin of 43.7%, up by 4.1 percentage points. Adjusted net profit rose by 18% to HKD 1.24 billion, with an adjusted net profit margin of 16.0% [2]. - The company accelerated its store openings, adding 455 new stores globally, bringing the total to 6,868 stores. Domestic stores accounted for 4,115, with 189 new openings, while overseas stores reached 2,753, with 266 new openings [2]. - The company is actively exploring new business models and IPs, such as pop-up stores and 24-hour super stores, which support the recovery of same-store sales [2]. - The gross margin reached a new high of 43.7%, primarily due to improved margins in the overseas direct sales market [2]. - The company plans to distribute dividends amounting to 50% of the adjusted net profit for the first half of 2024 and has approved a share buyback plan of HKD 2 billion, representing 4.8% of the market capitalization [2]. Financial Summary - Total revenue is projected to grow from HKD 11.47 billion in 2023 to HKD 17.28 billion in 2024, reflecting a year-on-year growth rate of 50.6% [3]. - The net profit attributable to shareholders is expected to increase from HKD 1.77 billion in 2023 to HKD 2.81 billion in 2024, with a growth rate of 58.8% [3]. - Earnings per share (EPS) is forecasted to rise from HKD 1.40 in 2023 to HKD 2.23 in 2024, with a price-to-earnings (P/E) ratio of 14 [3].

2024 年 09 月 02 日 公司研究 评级：买入(维持) 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn liuy23@ghzq.com.cn 研究所： 联系人 ： 刘毅 S0350123090035 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对恒生指数表现 | | | 2024/08/30 | | | | | | | | | | | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 32.90 | | 52 周价格区间（元） | | | 28.20-59.85 | | 总市值（百万） | | | 40,760.65 | | 流通市值（百万） | | | 40,760.65 | | 总股本（万股） | | | 123,892.57 | | 流通股本（万股） | | | 123,892.57 | | 日均成交额 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company demonstrates resilience in domestic store performance, with accelerated overseas expansion expected to release operational leverage [5] - For H1 2024, the company achieved revenue of 7.76 billion yuan, a year-on-year increase of 25.0%, and an adjusted net profit of 1.24 billion yuan, up 17.8% [5] - The report anticipates a gradual improvement in profitability due to operational leverage being released as overseas expansion continues [5] Summary by Relevant Sections Domestic Performance - In H1 2024, the company reported revenue of 4.593 billion yuan, a 16% increase, with same-store sales declining by 1.7% due to a 2.5% drop in foot traffic [5] - The company added 189 new stores, bringing the total to 4,115, with a target of 350-450 new stores for 2024 [5] Overseas Expansion - H1 2024 revenue from overseas operations reached 2.73 billion yuan, a 43% increase, with direct sales and agency markets growing by 70% and 19% respectively [5] - The company aims to add 550-650 new stores overseas in 2024, with over 200 stores in the U.S. [5] Profitability Metrics - H1 2024 gross margin was 43.7%, up 4.1 percentage points year-on-year, driven by an increase in high-margin direct sales [5] - The operating profit margin for H1 2024 was 20.3%, with a net profit margin of 16.2% after excluding foreign exchange impacts [5] Financial Projections - The company’s projected net profit for 2024-2026 is 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with corresponding EPS of 2.2, 2.7, and 3.3 yuan [5][6]

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2024H1 业绩点评：经调整净利润同比+18%， 期待海外直营店旺季表现 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | CY2023A | CY2024E | CY2025E | CY2026E | | 营业总收入（百万元） | 13838 | 16951 | 20540 | 24243 | | 同比 (%) | 39.42 | 22.49 | 21.17 | 18.03 | | 归母净利润（百万元） | 2253 | 2539 | 3141 | 3766 | | 同比 (%) | 111.48 | 12.68 | 23.73 | 19.90 | | Non-IFRS 净利润（百万元） | 2,356.73 | 2,808.93 | 3,371.42 | 3,936.4 ...