Investment Rating - The investment rating for the company is "Buy" and it is maintained [6]. Core Insights - In Q3 2024, the company achieved revenue of approximately 45.23 billion, representing a year-on-year growth of 19.3%. The adjusted net profit for the period was approximately 6.86 billion, reflecting a year-on-year increase of 6.9%, with an adjusted net profit margin of 15.2% [2][4]. Revenue Performance - Domestic growth met expectations, with the domestic business showing a year-on-year increase of 8.7%. The domestic Miniso brand grew by 5.7%, while TOP TOY experienced a significant growth of 50.4%. The overseas business saw a remarkable year-on-year growth of 39.8%, with overseas direct market revenue increasing by 55.4% and overseas agency market revenue growing by 26.5% [7]. Profitability Analysis - The gross margin improved to 44.9%, up by 3.1 percentage points year-on-year. The increase is attributed to a higher proportion of direct sales overseas, product mix optimization, and improved margins from TOP TOY. However, the adjusted net profit margin decreased from 16.9% in the same period last year to 15.2% this year due to increased operational costs associated with new store openings [7]. Strategic Initiatives - The company is focusing on enhancing product capabilities and innovating store formats, particularly in domestic markets. The "seven-layer store matrix strategy" is being implemented, targeting both IP scenario and category scenario innovations. The company plans to develop a series of themed stores around four major categories, aiming to cater to young consumers and emerging consumption trends [7]. Future Outlook - The investment highlights include: 1) refined operations through innovative store formats in the domestic market; 2) strong performance in overseas direct store openings and significant IP-driven growth; 3) a temporary contraction in profitability due to accelerated store openings, with expectations for recovery in profitability as new and recently opened stores mature and benefit from economies of scale [7]. - The projected adjusted net profits for 2024, 2025, and 2026 are estimated at 28 billion, 35 billion, and 43 billion respectively [7].
名创优品2024年三季报点评：Q3表现稳健，期待四季度海外旺季和重点IP上市