Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 4Q24 at 4.71 billion yuan, a year-on-year increase of 22.7%, with an adjusted net profit of 790 million yuan, reflecting a 20% increase year-on-year [1]. - For the full year 2024, the company achieved a revenue of 16.99 billion yuan, up 22.8% year-on-year, and an adjusted net profit of 2.72 billion yuan, a 15% increase year-on-year [1]. - The gross profit margin reached a historical high of 47% in 4Q24, driven by rapid growth in overseas direct markets and an increase in the proportion of IP products [1]. Summary by Sections Financial Performance - 4Q24 revenue was 4.71 billion yuan, with a net profit margin of 16.8% [1]. - The company expects adjusted net profits for 2025, 2026, and 2027 to be 3.27 billion yuan, 4.08 billion yuan, and 4.94 billion yuan respectively, with corresponding P/E ratios of 13, 11, and 9 times [3]. Domestic Market - By the end of 2024, the company had 4,386 stores in China, with a net increase of 460 stores [2]. - Same-store sales in China faced pressure, with a slight decline expected in 2024, but a focus on optimizing same-store performance is planned for 2025 [2]. International Market - The company's overseas revenue grew significantly, with a 41.9% increase in revenue and a 27.4% increase in GMV for 2024 [2]. - The number of overseas stores reached 3,118, with a notable increase in direct stores [2]. Cost Structure - The report indicates that expenses related to direct store operations, depreciation, and logistics have increased significantly, but operational leverage is expected to improve in 2025 [1][2].
名创优品：国内转向优质精细化运营，高势能大店+海外延续高速展店值得期待-20250323