Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue for Q1 2025 was 4.43 billion, representing a year-over-year increase of 18.9%. The gross margin was 44.2%, up 0.8 percentage points year-over-year. Operating profit was 710 million, down 4.05% year-over-year, while adjusted net profit was 590 million, down 4.9% year-over-year, with an adjusted net profit margin of 13.3%, down 3.3 percentage points year-over-year [5] - The company expects revenues of 20.54 billion, 24.43 billion, and 28.28 billion for 2025, 2026, and 2027 respectively, with year-over-year growth rates of 21%, 19%, and 16%. Adjusted net profits are projected to be 2.76 billion, 3.35 billion, and 4.06 billion for the same years, with year-over-year growth rates of 1%, 21%, and 21% [6] - Domestic business is shifting from rapid store expansion to a focus on high-quality growth, with same-store sales expected to improve. In Q1 2025, domestic revenue was 2.5 billion, up 9.1% year-over-year, with same-store sales showing improvement from a previous decline [9] - The overseas business is experiencing rapid growth, with Q1 2025 overseas revenue at 1.6 billion, up 30.3% year-over-year, accounting for 36% of total revenue. The number of overseas stores reached 3,213, with a net increase of 95 stores [9] Financial Summary - For 2024A, the company reported total revenue of 16.99 billion, with a year-over-year growth rate of 23%. Adjusted net profit was 2.72 billion, with a year-over-year growth rate of 15% [8] - The company’s financial ratios indicate a return on equity (ROE) of 26.3% for 2024A, with a projected decline to 17.8% in 2025E [11]
名创优品：25Q1业绩点评：国内同店改善，海外维持高速增长-20250528