Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company continues to experience rapid growth, with a significant increase in revenue and profits in Q2 2024, achieving a revenue of 4.035 billion yuan, a year-on-year increase of 24.1% [3] - The company has announced a share buyback plan to repurchase up to 10% of its issued shares over the next year [3] - The company plans to distribute a total of 620 million yuan in interim dividends for 2024 [3] Domestic Performance - The company opened 81 new MINISO stores in Q2 2024, bringing the total to 4,115 stores, a year-on-year increase of 14.2% [3] - Same-store sales performance improved slightly in Q2, with a revenue increase of 1.38% year-on-year [3] - TOPTOY stores also saw a revenue increase of 24.3% year-on-year, despite a decline in same-store sales [3] International Performance - The company added 157 new overseas stores in Q2 2024, totaling 2,753 stores, a year-on-year increase of 566 stores [3] - Same-store sales in international markets grew by 16.3% in H1 2024, with North America, Europe, and Latin America showing strong growth [3] - International revenue reached 1.51 billion yuan in Q2 2024, a year-on-year increase of 35.5% [3] Financial Metrics - The company achieved a gross margin of 43.9% in Q2 2024, an increase of 4.1 percentage points year-on-year [3] - Adjusted net profit for Q2 2024 was 625 million yuan, a year-on-year increase of 9.4% [3] - The company expects revenue to grow to 17.286 billion yuan in 2024, with net profit projected at 2.642 billion yuan [4] Valuation - The company is currently valued at a P/E ratio of 13.5 for 2024, which is expected to decrease to 8.6 by 2026 [4] - The report anticipates continued strong performance, with projected revenues of 20.892 billion yuan and net profits of 3.356 billion yuan in 2025 [4]
名创优品：维持高速增长，长期再蓄力