Investment Rating - The report maintains a "Buy" rating for Miniso with a target price of HKD 51.21 [7][8]. Core Views - Miniso plans to acquire a 29.4% stake in Yonghui Supermarket for approximately RMB 62.7 billion, becoming the largest shareholder, which is expected to enhance its offline retail strategy [2]. - The acquisition is seen as a strategic move to leverage Yonghui's resources and improve supply chain efficiency, while Miniso will continue to focus on its core business and rapid store expansion [5][4]. - Financial projections for Miniso indicate adjusted net profits of RMB 28.8 billion, RMB 36.8 billion, and RMB 46.0 billion for 2024, 2025, and 2026 respectively, with a maintained PE ratio of 20x for 2024 [2][6]. Summary by Sections Acquisition Details - Miniso announced the acquisition of Yonghui's shares from three entities, which will be executed through its wholly-owned subsidiary, Jun Cai International [2]. - The acquisition is expected to create synergies in product offerings, channel operations, and supply chain management [5]. Financial Position - As of the first half of 2024, Miniso has RMB 62.3 billion in cash, indicating a strong financial position to support the acquisition [4]. - The report projects significant revenue growth, with expected revenues of RMB 17.321 billion in 2024, reflecting a 50.97% increase from 2023 [6]. Market Outlook - The report expresses optimism about the growth potential of the offline retail sector in China, particularly with Yonghui's strong cash flow and market position [4]. - Miniso aims for a compound annual growth rate of no less than 20% in revenue from 2024 to 2028, with plans to open 900 to 1100 new stores annually [5].
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