Investment Rating - The report assigns a "Buy" rating for Miniso (9896.HK) based on its strong performance and positive outlook for Q4 sales [1]. Core Views - Miniso's revenue for Q3 2024 reached 4.523 billion RMB, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million RMB, up 6.9% [1]. - The company is expected to benefit from robust sales performance in both domestic and overseas markets during the peak season in Q4 2024 [1]. - The report highlights the steady growth in the Chinese mainland market and the rapid expansion in overseas markets, with a significant increase in revenue from international operations [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, Miniso achieved total revenue of 12.281 billion RMB, a year-on-year increase of 22.8%, with adjusted net profit of 1.928 billion RMB, up 13.7% [1]. - Revenue breakdown shows that the Chinese mainland and overseas markets generated 7.738 billion RMB and 4.543 billion RMB, respectively, with growth rates of 14% and 41% [1]. Market Expansion - As of September 30, 2024, Miniso had a total of 4,250 stores in the Chinese mainland, with a net increase of 324 stores in Q1-Q3 2024 [1]. - The overseas market saw a revenue increase of 41.5%, with a total of 2,936 stores, reflecting a net increase of 449 stores [1]. Product and Brand Development - The company is deepening collaborations with top global IPs such as Disney and Warner Bros, launching a range of co-branded products, including those featuring the Harry Potter franchise [1]. - Top Toy brand also showed strong growth, with a revenue increase of 42.5% in Q1-Q3 2024, and the first overseas store opened in Bangkok, Thailand [1]. Profitability and Cost Management - The gross margin improved to 44.1%, up 3.7 percentage points year-on-year, driven by an increase in high-margin product sales and the contribution from Top Toy [1]. - Selling and administrative expenses as a percentage of revenue increased to 20.51% and 5.33%, respectively, reflecting the costs associated with store expansion [1].
名创优品：24Q3点评：业绩符合预期，看好Q4海内外旺季销售表现