Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [5][19]. Core Views - The company achieved a revenue of 12.2813 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 22.8%. The adjusted net profit was 1.9281 billion yuan, up 13.7% year-over-year [4]. - The company has accelerated its overseas expansion, with a total of 7,420 stores globally as of September 30, 2024, including 4,250 domestic stores and 2,936 overseas stores, marking increases of 448 and 623 stores respectively year-over-year [4]. - The overseas market's revenue contribution has increased, with overseas revenue reaching 4.543 billion yuan in the first three quarters of 2024, a year-over-year growth of 41.5% [4]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 4.5226 billion yuan, a year-over-year increase of 19.3%, and an adjusted net profit of 686.2 million yuan, up 6.9% year-over-year [4]. - The company’s domestic revenue for the first three quarters of 2024 was 7.738 billion yuan, reflecting a year-over-year growth of 14.0% [4]. Store Expansion - The company opened 859 new stores in the first three quarters of 2024, nearing its target of net new stores between 900 and 1,100 for the year [4]. - The number of TOP TOY stores reached 234, with a year-over-year increase of 112 stores, indicating a continued rapid expansion [4]. Profitability and Margins - The gross margin improved to 44.1% in the first three quarters of 2024, supported by the higher revenue share from the overseas direct sales market, which accounted for 19.9% of total revenue [4]. - The overseas direct sales market's revenue grew significantly, with a year-over-year increase of 55.4% in Q3 2024 [4]. Future Projections - The company is projected to achieve net profits of 2.66 billion yuan, 3.33 billion yuan, and 4.16 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.12 yuan, 2.65 yuan, and 3.31 yuan [5].
名创优品2024年三季报点评：海外直营加速拓展，IP战略持续推进