Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2024, the company achieved revenue of 16.99 billion, a year-on-year increase of 23%. The net profit attributable to the parent company was 2.62 billion, up 16% year-on-year, while the adjusted net profit was 2.72 billion, also reflecting a 16% increase [2][4]. - For Q4 2024, the company reported revenue of 4.71 billion, a 23% year-on-year growth, with a net profit of 810 million, marking a 27% increase, and an adjusted net profit of 790 million, which is a 20% increase year-on-year [2][4]. - The company is in a strategic investment phase that is temporarily diluting profit margins, with growth driven by IP and international expansion [4]. Revenue Summary - The company’s revenue growth is supported by strong performance in overseas markets and the TOPTOY brand, while domestic operations faced slight pressure due to high base effects. In 2024, domestic revenue for the company grew by 11%, while TOPTOY saw a 45% increase. In Q4, domestic revenue growth was 7% for the company and 50% for TOPTOY [7]. - The overseas market experienced a robust growth of 43% in 2024, with direct overseas operations growing by 66% on a comparable basis [7]. Profitability Summary - The adjusted net profit for 2024 was 2.72 billion, reflecting a 16% year-on-year increase, with Q4 adjusted net profit reaching 790 million, a 20% increase year-on-year. The gross margin, sales, and management expense ratios showed changes of 3.9%, 2.4%, and 1.0% respectively, with operating profit margin improving by 0.6 percentage points [7]. - The decrease in financial income and the phase of direct investment have temporarily diluted profit margins, but operational profitability continues to improve [7]. Strategic Initiatives - The company is enhancing product capabilities while implementing an innovative store matrix strategy and an online O2O approach to capture domestic growth. The "seven-layer store matrix strategy" is being executed, focusing on both IP and category scenarios [7]. - The company plans to transform smaller stores into larger ones and optimize channel and franchise structures to achieve precise inventory distribution [7]. Financial Projections - The adjusted net profit forecasts for 2025, 2026, and 2027 are 3.04 billion, 3.73 billion, and 4.59 billion respectively, indicating a positive outlook for profitability as the company scales its operations [7].
名创优品（09896）：2024全年以及Q4点评：战略投入阶段稀释利润率，IP和出海拉动成长