Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 4.523 billion yuan in Q3 2024, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million yuan, up 6.9% [2] - The report maintains profit forecasts for 2024-2026, expecting net profit attributable to shareholders to be 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with current price-to-earnings ratios of 19.1, 15.4, and 12.6 times [2] - The company is focusing on quality retail and interest consumption strategies, with expectations for high-quality growth driven by its store type matrix and O2O strategy in China, accelerated overseas store expansion, and continued profitability from TOP TOY [2] Summary by Sections Domestic Performance - In Q3 2024, MINISO's revenue was 2.44 billion yuan, a 5.7% increase, with offline revenue growing by 3.8% [2] - The company added 324 new stores year-to-date, reaching a total of 4,250 stores, and aims to achieve a net increase of 350-450 stores in 2024 [2] - The report anticipates improved store efficiency driven by differentiated consumer demand and increased O2O touchpoints, with expectations for Q4 performance boosted by IP collaborations [2] Overseas Expansion - In Q3 2024, overseas revenue reached 2.732 billion yuan, a 43% increase, with direct and agency market revenues growing by 45% and 22% respectively [2] - The company added 449 new stores overseas, totaling 2,936 stores, with a target of 650-700 new stores for the year [2] - The report highlights steady same-store growth across various regions, with expectations for continued improvement in store efficiency during the Q4 peak season [2] Profitability - The gross margin for Q3 2024 was 44.9%, an increase of 3.1 percentage points year-on-year, driven by a higher proportion of overseas high-margin direct sales [2] - The operating expense ratio for Q3 2024 was 27.3%, up 5.9 percentage points year-on-year, primarily due to increased costs associated with store expansion [2] - The adjusted operating profit margin was 15.2%, reflecting a decrease of 1.8 percentage points year-on-year, attributed to rising expense ratios from rapid store expansion [2]
名创优品：港股公司信息更新报告：Q3海外直营拓店加速带动毛利率提升，期待旺季表现