Investment Rating - The report maintains an "Accumulate" rating for the company [2][3]. Core Views - The company is expected to achieve revenue growth of approximately 23.5% in FY2024Q2, with projected revenue around 4.017 billion RMB. Domestic revenue is anticipated to grow by 17%, while overseas direct and agency markets are expected to grow by 60% and 15%, respectively [3][6]. - The company is projected to have revenue of 17.356 billion RMB, 20.980 billion RMB, and 25.101 billion RMB for the years 2024, 2025, and 2026, respectively, with adjusted net profits of 2.869 billion RMB, 3.448 billion RMB, and 4.132 billion RMB for the same years [3][6]. - The target price is set at 49.60 HKD based on a 20x PE for 2024, indicating significant growth potential driven by domestic store expansion and accelerated overseas store openings [3][6]. Summary by Sections Financial Performance - The company is expected to see a significant increase in revenue and net profit over the next few years, with a projected revenue growth rate of 51.28% for FY2024 and 20.88% for FY2025 [6]. - The gross profit margin is expected to stabilize quarter-on-quarter and improve year-on-year, with an adjusted operating profit margin of approximately 19% and an adjusted net profit margin of around 16% for FY2024Q2 [3][6]. Market Expansion - The company plans to open 70-80 new stores domestically and approximately 150 stores overseas in FY2024Q2, aligning with its annual target of 350-450 domestic stores and 550-650 overseas stores [3][6]. - The introduction of the Chiikawa brand is expected to significantly boost domestic sales, with the potential to replicate the successful sales performance of the 2023 Barbie series [3][6]. IP Strategy - The report highlights the importance of the company's IP strategy in enhancing brand strength and driving sales, particularly in high-profit margin products [3][6]. - The ongoing expansion in high-tier cities and the optimization of product offerings in overseas markets are expected to further enhance the company's profitability and operational efficiency [3][6].
名创优品FY2024Q2业绩前瞻：IP提振持续发力，海外拓店提速释放可期