Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company demonstrates resilience in domestic store performance, with accelerated overseas expansion expected to release operational leverage [5] - For H1 2024, the company achieved revenue of 7.76 billion yuan, a year-on-year increase of 25.0%, and an adjusted net profit of 1.24 billion yuan, up 17.8% [5] - The report anticipates a gradual improvement in profitability due to operational leverage being released as overseas expansion continues [5] Summary by Relevant Sections Domestic Performance - In H1 2024, the company reported revenue of 4.593 billion yuan, a 16% increase, with same-store sales declining by 1.7% due to a 2.5% drop in foot traffic [5] - The company added 189 new stores, bringing the total to 4,115, with a target of 350-450 new stores for 2024 [5] Overseas Expansion - H1 2024 revenue from overseas operations reached 2.73 billion yuan, a 43% increase, with direct sales and agency markets growing by 70% and 19% respectively [5] - The company aims to add 550-650 new stores overseas in 2024, with over 200 stores in the U.S. [5] Profitability Metrics - H1 2024 gross margin was 43.7%, up 4.1 percentage points year-on-year, driven by an increase in high-margin direct sales [5] - The operating profit margin for H1 2024 was 20.3%, with a net profit margin of 16.2% after excluding foreign exchange impacts [5] Financial Projections - The company’s projected net profit for 2024-2026 is 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with corresponding EPS of 2.2, 2.7, and 3.3 yuan [5][6]
名创优品：港股公司信息更新报告：国内店效具备韧性，海外加速拓店经营杠杆释放可期