Investment Rating - The report maintains a "Buy" rating for Miniso (09896.HK) [1] Core Views - The company reported a revenue of 12.28 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 22.8%, with an adjusted net profit of 1.928 billion RMB, up 13.7% [2] - The revenue for Q3 2024 was 4.52 billion RMB, reflecting a 19.3% increase year-on-year, with an adjusted net profit of 686 million RMB, a 6.9% increase [2] - Domestic revenue grew by 9% while overseas revenue surged by 40% in Q3 2024 [2] - The company plans to open 900-1100 new stores globally in 2024, focusing on innovative store formats and expanding in North America [2] Financial Performance - The projected revenue for 2024 is 17.177 billion RMB, with a growth rate of 24.12% [4] - Adjusted net profit is expected to reach 2.815 billion RMB in 2024, with a growth rate of 19% [4] - The company’s gross margin for Q3 2024 was 43.7%, an increase of 3.1 percentage points year-on-year [2] - The P/E ratios for 2024, 2025, and 2026 are projected to be 15.89, 12.98, and 10.43 respectively [4] Operational Insights - The company has successfully expanded its store count to 4,250 in China, with significant growth in high-tier cities [2] - The overseas store count reached 2,936, with a notable increase in North America and Latin America [2] - The company is leveraging IP product innovation and supply chain integration to enhance its market position [2]
名创优品：海外靓丽、国内同店略承压，期待4Q旺季&IP提振盈利表现