Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [2] Core Views - The company achieved a record high gross margin in Q2 2024, driven by the expansion of its overseas direct sales market [4] - The company plans to repurchase up to HKD 2 billion of its shares within 12 months to enhance shareholder returns [2] - The company aims for a revenue growth of 20%-30% in 2024, with adjusted net profit expected to reach at least HKD 2.8 billion [5] Financial Performance - For Q2 2024, MINISO reported revenue of HKD 4.035 billion, a year-on-year increase of 24.1%, and adjusted net profit of HKD 625 million, up 9.4% [2] - In H1 2024, the company achieved revenue of HKD 7.759 billion, a 25.0% increase year-on-year, and adjusted net profit of HKD 1.242 billion, up 17.8% [2] - The gross margin for H1 2024 was 43.7%, an increase of 4.1 percentage points year-on-year, with Q2 2024 gross margin reaching 43.9% [4] Store Expansion - The company is on track to meet its target of adding 900-1100 new stores in 2024, with a total of 4,115 stores in China by the end of H1 2024 [5] - The overseas market saw a revenue increase of 43% in H1 2024, with direct sales revenue growing by 70% [2][5] Market Performance - The same-store sales in China remained flat year-on-year, while overseas same-store sales grew by 16% [5] - The company’s stock closed at HKD 32.90 on August 30, 2024, with a market capitalization of HKD 414.3 billion [2]
名创优品：2024Q2毛利率单季历史新高，海外直营市场持续拓展公司研究/公司快报