Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of HKD 48.62, compared to the current price of HKD 34.00 [1]. Core Insights - The company's revenue for the first half of 2024 increased by 25% year-on-year to HKD 7.76 billion, with a gross margin of 43.7%, up by 4.1 percentage points. Adjusted net profit rose by 18% to HKD 1.24 billion, with an adjusted net profit margin of 16.0% [2]. - The company accelerated its store openings, adding 455 new stores globally, bringing the total to 6,868 stores. Domestic stores accounted for 4,115, with 189 new openings, while overseas stores reached 2,753, with 266 new openings [2]. - The company is actively exploring new business models and IPs, such as pop-up stores and 24-hour super stores, which support the recovery of same-store sales [2]. - The gross margin reached a new high of 43.7%, primarily due to improved margins in the overseas direct sales market [2]. - The company plans to distribute dividends amounting to 50% of the adjusted net profit for the first half of 2024 and has approved a share buyback plan of HKD 2 billion, representing 4.8% of the market capitalization [2]. Financial Summary - Total revenue is projected to grow from HKD 11.47 billion in 2023 to HKD 17.28 billion in 2024, reflecting a year-on-year growth rate of 50.6% [3]. - The net profit attributable to shareholders is expected to increase from HKD 1.77 billion in 2023 to HKD 2.81 billion in 2024, with a growth rate of 58.8% [3]. - Earnings per share (EPS) is forecasted to rise from HKD 1.40 in 2023 to HKD 2.23 in 2024, with a price-to-earnings (P/E) ratio of 14 [3].
名创优品：2024年中报点评：整体符合预期，股东回报提升