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]

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 ...

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 ...

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].