Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The opening of flagship stores in key global locations, along with the company's IP strategy and supply chain expansion, is expected to drive growth [3] - The company has successfully launched its "super store" flagship in Singapore, enhancing brand recognition and sales through strategic partnerships and live events [3] - The ongoing rollout of global flagship stores is anticipated to elevate consumer awareness of the MINISO brand, contributing to brand upgrade efforts [3] - The company's IP strategy is effectively enhancing brand strength, with IP products accounting for approximately 25% of domestic sales and over 40% of overseas sales in Q1 2024 [3] - MINISO is positioned to leverage its domestic supply chain advantages to expand into overseas markets, particularly in Europe and the US, which are experiencing rapid growth [3] - The forecast for Non-IFRS net profit for FY2024-2026 is set at 2.60 billion, 3.27 billion, and 3.83 billion yuan, reflecting year-on-year growth rates of 42%, 26%, and 17% respectively [3] Financial Summary - Total revenue is projected to grow from 11,473 million yuan in FY2023 to 23,133 million yuan in FY2026, with a compound annual growth rate (CAGR) of approximately 18.81% [2][8] - The company's net profit is expected to increase significantly, from 1,769 million yuan in FY2023 to 3,791 million yuan in FY2026, indicating a strong growth trajectory [2][8] - The latest diluted EPS is forecasted to rise from 1.40 yuan in FY2023 to 3.01 yuan in FY2026, showcasing improved profitability [2][8] - The P/E ratio is projected to decrease from 24.62 in FY2023 to 11.49 in FY2026, suggesting an attractive valuation as earnings grow [2][8]
名创优品：海外地标级旗舰店陆续落地，IP战略+供应链出海前景可期