Investment Rating - The report maintains a "Buy" rating for Miniso (09896) with a target price of 32.9 HKD, indicating an expected return of over 20% within the next six months [1]. Core Insights - The company's revenue for H1 2024 reached 7.76 billion CNY, a year-on-year increase of 25.0%, driven by an 18.8% increase in average store count and a 7% increase in same-store sales [1]. - Adjusted net profit for H1 2024 was 1.24 billion CNY, up 17.8%, with an adjusted net profit margin of 16.0%, slightly down by 1.0 percentage points [1]. - In Q2 2024, revenue was 4.04 billion CNY, a 24.1% increase, while adjusted net profit was 630 million CNY, up 9.4% [1]. - The gross margin for H1 2024 improved to 43.7%, up 4.1 percentage points, attributed to a higher contribution from direct sales in overseas markets [1]. Revenue Breakdown - In H1 2024, revenue from mainland China was 5.03 billion CNY, a 17.2% increase, with same-store sales at 98.3% of the previous year's level [1]. - Revenue from overseas markets reached 2.73 billion CNY, a 42.6% increase, with same-store sales growing by 16.3% [1]. - As of H1 2024, overseas revenue accounted for 35.2% of total revenue, up from 30.9% in the same period of 2023 [1]. Store Expansion - The total number of Miniso stores reached 6,868 by H1 2024, with a net addition of 455 stores in the first half of the year [1]. - The number of TOP TOY stores was 195, with 47 new stores opened in H1 2024 [1]. Profitability Details - The sales and distribution expense ratio for H1 2024 was 19.6%, up 4.8 percentage points, mainly due to investments in direct stores in both domestic and overseas markets [1]. - General and administrative expense ratio was 5.4%, up 0.2 percentage points, primarily due to increased personnel-related expenses [1]. - The board approved a cash dividend of approximately 621 million CNY for H1 2024, with total returns to shareholders reaching about 1.4 billion CNY this year [1]. Investment Recommendation - The company is expected to continue competing globally through cost leadership and product differentiation, aiming to enhance its brand image and increase single-store GMV [1]. - Projected adjusted net profits for 2024, 2025, and 2026 are 2.8 billion CNY, 3.4 billion CNY, and 4.0 billion CNY, respectively [1].
名创优品：24Q2业绩符合预期，品牌升级及海外拓展带动毛利率提升