Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a significant increase in gross margin and continued high growth in overseas direct sales [4][5] - The total revenue for Q2 2024 reached 4.04 billion RMB, a year-on-year increase of 24.1%, with a gross margin of 43.9%, marking a historical high [4][5] - Adjusted net profit for Q2 2024 was 625 million RMB, up 9.4% year-on-year, and 24.6% when excluding foreign exchange losses [4][5] - The company plans to distribute an interim dividend of 0.0686 USD per share for the six months ending June 30, 2024 [4] Financial Performance Summary - For Q2 2024, the company's revenue breakdown shows: - Domestic revenue of 2.53 billion RMB, up 18.1% year-on-year - Overseas revenue of 1.51 billion RMB, up 35.5% year-on-year [5] - The total revenue for H1 2024 was 7.76 billion RMB, a 25.0% increase year-on-year [4] - The company maintained its full-year guidance, expecting revenue growth of 20% to 30% and adjusted net profit of no less than 2.8 billion RMB [6] Store Expansion and Market Position - As of Q2 2024, the total number of stores reached 6,868, with 4,115 in mainland China and 2,753 overseas, reflecting a significant increase in store count [3][6] - The company’s same-store sales recovery rate was 98.3% compared to last year, indicating strong performance in existing stores [6] Earnings Forecast - The company’s revenue projections for FY2024 to FY2026 are as follows: - FY2024: 15.39 billion RMB (34% growth) - FY2025: 19.10 billion RMB (24% growth) - FY2026: 22.94 billion RMB (20% growth) [7] - The projected net profit for FY2024 to FY2026 is: - FY2024: 2.40 billion RMB (36% growth) - FY2025: 3.15 billion RMB (31% growth) - FY2026: 3.82 billion RMB (22% growth) [7]
名创优品：2024Q2点评报告：海外直营开店提速，全年指引不变