Core Viewpoint - Nomura reports that Miniso's profitability is under greater pressure, leading to a 3% reduction in its target stock price from $23.2 to $22.5 while maintaining a buy rating [1] Financial Performance - Miniso's Q1 earnings fell short of expectations, with operating profit margin declining by 4 percentage points year-on-year [1] - The decline in profit margin is attributed to an increase in revenue contribution from lower-margin Direct-to-Consumer (DTC) business and a decrease in profit margin from DTC stores in the US and China [1] Future Outlook - Miniso maintains that revenue growth for 2025 is expected to outpace that of 2024, but will reassess this by the end of Q2 2025 [1] - The report indicates that adjusted earnings growth for 2025 is anticipated to exceed that of 2024, highlighting ongoing pressure on profitability [1] - Nomura emphasizes the need to closely monitor the trend of slower profit growth compared to revenue growth in the US, which has persisted for four consecutive quarters [1]
野村：名创优品盈利能力面临更大压力 降美股目标价3%