Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 7.76 billion RMB in 2024H1, representing a year-on-year increase of 25%. The adjusted net profit was 1.24 billion RMB, up 18% year-on-year, and after excluding foreign exchange losses, the adjusted net profit increased by 25.5% [3] - Domestic single-store revenue showed improvement, with 2024Q2 domestic revenue reaching 2.31 billion RMB, a year-on-year increase of 18%. The company opened 81 new stores, bringing the total to 4,115. The growth in single-store revenue of 1.4% is notable given the current consumer environment [3] - The overseas market saw significant revenue growth, with 2024Q2 overseas revenue at 1.51 billion RMB, up 35.4% year-on-year. The company added 157 new stores, reaching a total of 2,753, with 62 new direct stores [3] - The TOP TOY brand continued to grow, achieving revenue of 215 million RMB in 2024Q2, a year-on-year increase of 24% [3] - The company announced a substantial dividend of 620 million RMB, representing 50% of the adjusted net profit for 2024H1, and a share buyback plan of up to 2 billion HKD [3] Financial Forecasts - The company is expected to achieve adjusted net profits of 2.81 billion RMB, 3.37 billion RMB, and 3.94 billion RMB for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 19%, 20%, and 17% [4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.02 RMB, 2.49 RMB, and 2.99 RMB, respectively [4] - The price-to-earnings (P/E) ratios based on the closing price on August 30 are projected to be 14.85, 12.00, and 10.01 for the years 2024, 2025, and 2026, respectively [4]
名创优品：2024H1业绩点评：经调整净利润同比+18%，期待海外直营店旺季表现