Investment Rating - The report maintains a "Buy" rating for Miniso Group (9896.HK) [2] Core Views - The company's revenue for the first half of 2024 reached 77.59 billion RMB, a year-on-year increase of 25.0%, with adjusted net profit at 12.42 billion RMB, up 17.8% [1] - The company continues to expand its store network, aiming to open 900-1100 new stores globally in 2024, with a total of 6,868 stores as of June 30, 2024 [1] - The report highlights strong performance in overseas markets, with revenue growth of 42.6% year-on-year in the first half of 2024 [1] Summary by Sections Financial Performance - For 24H1, the company achieved a revenue of 77.59 billion RMB, with a domestic revenue of 50.27 billion RMB (up 17.2%) and overseas revenue of 27.32 billion RMB (up 42.6%) [1] - Adjusted net profit margin for 24H1 was 16.2%, reflecting a stable profitability despite increased costs due to store expansion [1] Store Expansion - As of June 30, 2024, the company had opened 6,868 stores, with 4,115 in China and 2,753 overseas, marking an increase of 1,077 stores year-on-year [1] - The company plans to add 340-450 domestic stores and 550-650 overseas stores in 2024, with progress at 42%-54% for domestic and 41%-48% for overseas as of mid-2024 [1] Future Projections - The report forecasts adjusted net profits of 28.28 billion RMB, 34.87 billion RMB, and 41.67 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 20.0%, 23.3%, and 19.5% [1] - The projected P/E ratios for 2024, 2025, and 2026 are 14X, 11X, and 10X, respectively [1]
名创优品：2024年半年报点评：盈利能力稳健提升，海外业务持续高增，维持全年业绩与开店目标