Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has deepened its IP strategy and accelerated globalization, achieving a record high gross margin [1] - In 2024, the company achieved revenue of 16.99 billion yuan, a year-on-year increase of 22.8%, with adjusted net profit of 2.72 billion yuan, up 15.4% [5] - The company expects to maintain strong performance in the second half of 2025, driven by its IP strategy and expansion of overseas direct stores [5] Financial Summary - Revenue projections for 2025, 2026, and 2027 are 20.95 billion yuan, 25.51 billion yuan, and 30.97 billion yuan respectively, with year-on-year growth rates of 23.3%, 21.7%, and 21.4% [5] - Net profit projections for the same years are 3.05 billion yuan, 3.72 billion yuan, and 4.57 billion yuan, with year-on-year growth rates of 16.5%, 22.1%, and 22.7% [5] - The gross margin is expected to improve from 44.9% in 2024 to 50.6% in 2027 [5] Market Performance - The company has optimized its store layout and enhanced IP penetration in China, with revenue from the mainland reaching 9.33 billion yuan, a 10.9% increase [5] - The overseas revenue reached 6.68 billion yuan, a 41.9% increase, with a significant increase in the number of direct stores [5] - The company is focusing on enhancing its online sales and expanding its product categories to drive growth [5]
名创优品：港股公司信息更新报告：IP战略深化及全球化提速，毛利率创新高-20250326