Investment Rating - The report maintains a "Buy" rating for MINISO (09896.HK) [1] Core Views - MINISO held a global brand strategy upgrade conference on October 30, emphasizing "quality without price competition" and positioning itself as a "global IP co-branding collection store" [2] - The company anticipates a transformation in offline consumption, focusing on experiential consumption and emotional value for consumers, aiming to become the world's leading IP design retail group [2] - MINISO has collaborated with over 150 global IPs, achieving cumulative sales of over 800 million items, with plans to launch over 10,000 new IP products annually, targeting 50% of sales from IP products by 2028 [2] Financial Forecasts and Valuation - The total revenue forecast for MINISO is projected to grow from 13,838 million RMB in 2023 to 24,311 million RMB by 2026, with year-on-year growth rates of 39.42%, 22.90%, 21.13%, and 18.00% respectively [1][4] - The net profit attributable to the parent company is expected to increase from 2,253 million RMB in 2023 to 3,730 million RMB in 2026, with growth rates of 111.48%, 12.28%, 24.12%, and 18.77% respectively [1][4] - The report forecasts a diluted EPS of 1.79 RMB in 2023, increasing to 2.96 RMB by 2026, with corresponding P/E ratios decreasing from 19.96 to 12.06 [1][4] Store Expansion Strategy - MINISO's global flagship store strategy has effectively enhanced brand awareness, with potential for 40,000 stores worldwide based on demographic calculations [3] - The company is restructuring its domestic store product lines and franchise system to optimize store expansion, including seven defined store formats and a shift from store authorization to a commercial system authorization [3]
名创优品：举办全球品牌战略升级成果发布会：注重体验不卷价格，定位“全球IP联名集合店”