MNSO(MNSO) 天风证券·2025-03-31 14:25Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Insights - The company achieved a record high gross margin of 44.9% in 2024, driven by accelerated overseas direct sales and improved single-store efficiency [3][4]. - Total revenue for 2024 reached 17 billion CNY, reflecting a year-on-year growth of 22.8%, with significant contributions from both domestic and overseas markets [1][2]. - The company plans to continue its expansion strategy, with expectations of revenue and profit growth in 2025 and 2026 [5]. Summary by Sections Financial Performance - In Q4 2024, the overall revenue was 4.71 billion CNY, a year-on-year increase of 22.7%. For the entire year, revenue was 17 billion CNY, up 22.8% [1]. - The gross margin for 2024 was 44.9%, an increase of 3.7 percentage points from the previous year [4]. Regional Performance - Domestic revenue in mainland China for Q4 was 2.3 billion CNY, growing by 6.5% year-on-year, while overseas revenue reached 2.13 billion CNY, marking a 42.7% increase [1]. - For the full year, domestic revenue was 9.33 billion CNY (up 10.9%) and overseas revenue was 6.67 billion CNY (up 41.9%), accounting for 39.3% of total revenue [1]. Channel Performance - The brand achieved total revenue of 16 billion CNY in 2024, a 22% increase, while the TOP TOY brand generated 980 million CNY, growing by 44.7% [2]. - The company opened 1,219 new stores globally, bringing the total to 7,780 stores by the end of 2024 [2]. Strategic Initiatives - The company is focusing on enhancing its IP strategy and expanding its overseas presence, with the first TOP TOY store opening in Bangkok, Thailand [4]. - The adjusted net profit for 2024 was 2.721 billion CNY, reflecting a year-on-year growth of 15.4% [4]. Shareholder Returns - The company returned a total of 1.575 billion CNY to shareholders in 2024 through cash dividends and share buybacks [5].