Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 47.00 [5][8]. Core Insights - The company is focusing on high-quality growth through channel optimization and product offerings, with expectations for same-store sales to turn positive in May [1][2]. - The company is enhancing its overseas operations with localized strategies and optimizing direct store expenses, which is expected to drive revenue growth [3][4]. - Short-term profit fluctuations are anticipated due to the ramp-up phase of high-growth businesses, but improvements in operational models are expected to enhance profitability [4]. Summary by Sections Domestic Operations - The company is adjusting its product offerings to better match market demands, focusing on high-quality products in higher-tier markets and cost-effective options in lower-tier markets [2]. - The closure of underperforming stores and the opening of flagship "IP Land" stores are part of the strategy to drive growth, with expectations for same-store sales to stabilize [2]. Overseas Operations - The company aims to increase its store count by 500-600 locations this year, with improvements in same-store sales in North America due to cost optimization strategies [3]. - The establishment of a product development team in North America is expected to enhance operational efficiency and profitability [3]. Financial Projections - The adjusted net profit forecasts for 2025-2027 are RMB 29.9 billion, RMB 37.3 billion, and RMB 45.7 billion respectively, with a target price based on a PE ratio of 18x for 2025 [5][7]. - Revenue projections show a growth trajectory with expected revenues of RMB 20.7 billion in 2025, reflecting a year-on-year increase of 21.83% [7][19].
名创优品（09896）：深化精细化运营，推动高质量发展