Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported Q2 revenue of 4.035 billion yuan, a 24% increase, with adjusted net profit of 625 million yuan, up 9.4%. The adjusted net profit growth rate slowed mainly due to exchange rate effects, with a foreign exchange loss of 4.2 million yuan in Q2 2024 compared to a gain of 66.1 million yuan in Q2 2023. Excluding foreign exchange impacts, the adjusted net profit increased by 24.6% year-on-year [1][2] - The company is steadily advancing its IP strategy, achieving a record high gross margin of 43.9% in Q2, up 4.1 percentage points year-on-year and 0.5 percentage points quarter-on-quarter. The adjusted net profit margin was 15.5%, down 2.1 percentage points year-on-year and 1.1 percentage points quarter-on-quarter [1] - The company aims to open 550-650 new stores overseas in 2024, with a focus on direct sales growth, particularly in the U.S. and Indonesia, where store counts have significantly increased [2][3] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 7.76 billion yuan, a 25% increase, with adjusted net profit of 1.24 billion yuan, up 18%. Comparable store sales grew by 7%, and the number of stores increased by 19 [1][2] Overseas Expansion - Overseas revenue for Q2 and H1 reached 1.51 billion yuan (+35%) and 2.73 billion yuan (+43%), respectively. As of the end of Q2, the company had 2,753 overseas stores, accounting for 40% of total stores, with a net increase of 157 stores in Q2 [2] - The U.S. market saw a 12% increase in same-store sales, driven by a 50% increase in store count [2] Domestic Market - Domestic revenue for Q2 was 2.31 billion yuan (+18%), slightly exceeding previous expectations. The company opened 81 new stores in Q2, with 61% located in first- and second-tier cities [3] - The company launched a successful collaboration product, MINISO×Chiikawa, which generated significant consumer interest and sales [3] Future Projections - The company forecasts revenue growth of 25% for 2024, with adjusted net profit expected to reach 2.85 billion yuan, reflecting a 21% increase [9]
名创优品Q2业绩点评报告：国内同店具韧性，海外直营以开店驱动为主