Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's overseas business continues to grow rapidly, with expectations for strong performance in the fourth quarter due to the overseas consumption peak season [2] - The company's Q3 revenue was 45.2 billion yuan, showing a year-on-year increase of 19.3%, which is in line with expectations. Adjusted net profit was 6.9 billion yuan, up 6.9% year-on-year, slightly below Bloomberg consensus [2] - Domestic store openings exceeded expectations, with 135 new Miniso stores opened in Q3, surpassing the Bloomberg consensus of 107 stores. Overseas business revenue in Q3 reached 18.1 billion yuan, a year-on-year increase of 40% [2] - The overseas direct sales market maintained high growth, with revenue from the overseas direct sales market increasing by 55.4% year-on-year, while the agency market saw a quarter-on-quarter increase in growth rate [2] - The report suggests that the expansion of overseas direct sales will further enhance the company's overall gross margin, and it is recommended to pay attention to the performance during the overseas consumption peak season in Q4 [2] Summary by Sections Financial Performance - For the first three quarters, the company's gross margin increased by 3.7 percentage points year-on-year, with the overseas direct sales market contributing positively to the overall gross margin [2] - The overseas revenue for the company was 45.43 billion yuan, a year-on-year increase of 41%, with direct sales revenue of 24.48 billion yuan (up 64% year-on-year) and agency market revenue of 20.95 billion yuan (up 22% year-on-year) [2] - The report projects the company's revenue for 2024, 2025, and 2026 to be 172 billion yuan, 206 billion yuan, and 232 billion yuan respectively, with year-on-year growth rates of 24%, 20%, and 13% [2] Market Dynamics - The report notes that same-store sales in the overseas market maintained strong growth, particularly in Latin America, where growth rates were between 10% and 20% [2] - The net profit margin was constrained by increased upfront costs associated with the rapid pace of new store openings in the direct sales market, suggesting a focus on Q4 performance due to the upcoming peak season and new product launches [2]
名创优品：24Q3业绩点评：海外业务维持高速增长，期待四季度海外消费旺季表现