Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company is issuing $550 million in stock-linked securities to support overseas expansion and share buybacks, with a low interest rate of 0.5% reflecting confidence in business growth [2][3]. - The funds will be allocated 50% for overseas store network expansion and supply chain optimization, and 50% for share repurchase [2]. - The issuance price of HKD 64.395 per share represents a 33.38% premium over the five-day average closing price of HKD 48.28, indicating strong market confidence [1][2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are CNY 17.143 billion, CNY 20.687 billion, and CNY 23.124 billion respectively, with growth rates of 23.9%, 20.7%, and 11.8% [4][8]. - The company's net profit attributable to equity shareholders is forecasted to be CNY 2.724 billion, CNY 3.402 billion, and CNY 4.051 billion for 2024, 2025, and 2026 respectively, reflecting growth rates of 20.9%, 24.9%, and 19.1% [4][8]. - Earnings per share (EPS) are expected to increase to CNY 2.18, CNY 2.72, and CNY 3.24 for the same years [4][8]. Valuation Metrics - The report provides a P/E ratio forecast of 21, 17, and 14 for 2024, 2025, and 2026 respectively, indicating a positive outlook on valuation [4][10]. - The return on equity (ROE) is projected to be 23.0%, 22.3%, and 21.0% for the years 2024, 2025, and 2026 [4][10]. Market Data - The current stock price is HKD 51.05, with a total market capitalization of HKD 638.06 billion [5]. - The stock has shown a relative performance of 54.54% over the last three months [6].
名创优品：发行股票挂钩证券点评：股票挂钩证券溢价发行，助力公司海外扩张与回购