Investment Rating - The investment rating for the company is "Buy" [6]. Core Views - The company reported a revenue of 4.04 billion yuan in Q2 2024, representing a year-on-year increase of 24.1%. Revenue growth for MINISO China, MINISO Overseas, and TOPTOY was 18.3%, 35.5%, and 24.3% respectively [10]. - The gross margin reached a historical high of 43.9% in Q2 2024, with adjusted net profit of 630 million yuan, up 9.4% year-on-year. Excluding foreign exchange gains and losses, the adjusted net profit increased by 24.6% [10]. - The company is experiencing steady same-store sales domestically, with a same-store sales recovery rate of 98.3% compared to H1 2023, and a year-to-date growth of 16.1% in offline GMV [10]. - The company is accelerating its store expansion, adding 189 new stores in H1 2024, primarily in first- and second-tier cities, while maintaining a stable franchise structure [10]. - The overseas market continues to grow rapidly, with a comparable revenue growth of 70% in the direct market and 19% in the agency market for H1 2024 [10]. - The self-developed product ratio for TOP TOY has increased to 35%, with a gross margin of approximately 60% [10]. - The company expects revenue for 2024-2026 to be 17.31 billion, 21.12 billion, and 25.48 billion yuan respectively, with comparable growth rates of 25.1%, 22.0%, and 20.7% [10]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 4.04 billion yuan, a 24.1% increase year-on-year. The gross margin was 43.9%, and adjusted net profit was 630 million yuan, up 9.4% year-on-year [10]. - For H1 2024, the company added 189 new stores, focusing on first- and second-tier cities, while maintaining a healthy inventory turnover [10]. Market Position - The company is actively exploring diverse store models, including MINISO LAND and 24-hour super stores, to enhance its market presence [10]. - The North American market remains a key growth driver, with 62 new stores added in H1 2024 and a same-store sales growth of 12% [10]. Future Outlook - The company maintains a revenue growth target of 10%-15% for the year, supported by a same-store sales recovery rate above 97% in Q3 [10]. - The global expansion strategy is expected to continue driving revenue growth, with projected revenues of 17.31 billion, 21.12 billion, and 25.48 billion yuan for 2024-2026 [10].
名创优品：国内同店稳健，直营拓店加速