Investment Rating - The report initiates coverage with a "Buy" rating for Miniso [5]. Core Insights - Miniso is positioned as a leading IP-driven retail brand, focusing on global expansion and innovative product offerings, with a significant market share in both domestic and international markets [2][3]. - The company has established a strong presence with over 7,063 stores globally by mid-2024, leveraging its dual-brand strategy with Miniso and TOP TOY [2][11]. - Financial projections indicate robust revenue growth, with expected revenues of RMB 165.72 billion, RMB 190.31 billion, and RMB 211.61 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 20%, 15%, and 11% [3][4]. Summary by Sections 1. Company Overview - Miniso has achieved a global market share of 6.7% and 11.4% in the self-owned brand retail market, leading the industry [2][11]. - The company operates two main brands: Miniso, which offers a wide range of household products, and TOP TOY, focusing on trendy toys [12][31]. 2. Market Dynamics - The global self-owned brand retail market is projected to grow significantly, with Miniso capitalizing on this trend through its innovative product offerings and competitive pricing [25][28]. - The trend towards personalized and high-quality products is driving the growth of the household goods market, which is expected to reach RMB 5.1 trillion in 2023 [25][28]. 3. Financial Performance - Miniso's revenue for FY2024 is projected to increase by 34% to RMB 153.91 billion, with overseas revenue expected to grow by 44.45% to RMB 55.21 billion [20][22]. - The company has seen a consistent improvement in gross margins, with an overall gross margin of 43.1% anticipated for FY2024 [20][22]. 4. Competitive Landscape - The competitive landscape in the self-owned brand retail market is fragmented, with Miniso leading with a market share of 11.4% in China [36]. - In the trendy toy market, TOP TOY has quickly captured a 1.1% market share, ranking seventh in the industry [31][36].
名创优品：超级品牌新十年，全球扩张进行时