Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is positioned as a global IP retail store, leveraging "IP + retail" to unlock overseas growth potential [1] - The emotional consumption era is on the rise, with the IP retail industry experiencing upward momentum [1] - The company has a strong competitive edge through efficient supply chain management, robust IP operation capabilities, and scale advantages [2] Summary by Sections Company Overview - The company, established in 2013, has developed a comprehensive supply chain system and is now a leading player in the domestic household goods retail sector [15] - The company operates two brands: MINISO, focusing on household goods, and TOP TOY, targeting the trendy toy market [20] Industry Analysis - The IP retail sector is in its growth phase, with significant potential for expansion as China's per capita IP retail consumption is only about 1/4 of the global average [34] - The emotional consumption trend is gaining traction, with increasing consumer interest in IP-related products [40] Competitive Advantages - The company excels in supply chain efficiency, IP operation capabilities, and has a significant scale advantage with over 7,186 stores globally [2][60] - The company has established partnerships with over 150 top IPs, enhancing its product offerings and market presence [60] Market Expectations - The report anticipates better-than-market expectations for same-store sales in both domestic and overseas markets, driven by refined IP operations and targeted product categories [3][66] - The company is expected to continue expanding its store network, particularly in overseas markets, which will support same-store sales growth [3][67] Financial Projections - Revenue forecasts for 2024-2026 are projected at 172 billion, 213 billion, and 256 billion respectively, with year-on-year growth rates of 24.3%, 23.9%, and 20.2% [5] - Adjusted net profit is expected to reach 28.0 billion, 35.8 billion, and 43.7 billion for the same period, reflecting growth rates of 19%, 28%, and 22% [5]
名创优品深度报告：IP航母扬帆出海