Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing high growth in overseas direct sales, while domestic same-store performance is expected to improve [1][5] - The overall gross margin reached a historical high of 47.0% in Q4 2024, with a year-on-year increase of 3.9 percentage points and a quarter-on-quarter increase of 2.1 percentage points [5] - The company plans to open over 1,000 new stores in 2024, accelerating its expansion in overseas markets [8] Summary by Relevant Sections Overall Performance in 2024 - The company's total revenue for 2024 is projected to be 169.94 billion yuan, representing a year-on-year growth of 22.8% [8] - Adjusted net profit is expected to be 27.21 billion yuan, with a year-on-year increase of 15.4% [8] Direct Sales Market - The revenue share from direct sales continues to expand, contributing to the improvement in gross margin [5] - The company is focusing on optimizing store selection and expanding store sizes to enhance domestic same-store performance [5] TopToy Growth - TopToy's revenue for 2024 is expected to reach 980 million yuan, with a year-on-year growth of 44.7% [5] - The company plans to expand TopToy's overseas business, with future sales expected to exceed 50% from international markets [5] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 209.8 billion yuan, 254.3 billion yuan, and 303.9 billion yuan, respectively, with year-on-year growth rates of 23%, 21%, and 20% [6] - Adjusted net profit projections for the same years are 31.0 billion yuan, 36.0 billion yuan, and 40.2 billion yuan, with year-on-year growth rates of 14%, 16%, and 12% [6]
名创优品：2024业绩点评：海外直营高增长，国内同店表现有望优化-20250326