Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report emphasizes the company's competitive advantages in "high quality and low price + supply chain efficiency + IP emotional value" and forecasts revenue growth from 2025 to 2027 [8] - The company is expected to achieve revenue of 213.2 billion, 252.1 billion, and 300.8 billion RMB, with corresponding net profits of 25.4 billion, 33.8 billion, and 42.6 billion RMB for the same period [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 11,473 million RMB - 2024A: 16,994 million RMB - 2025E: 21,324 million RMB - 2026E: 25,213 million RMB - 2027E: 30,076 million RMB - The revenue growth rates are projected at 13.76%, 48.12%, 25.48%, 18.24%, and 19.29% respectively [7] - The net profit forecasts are: - 2023A: 1,769 million RMB - 2024A: 2,618 million RMB - 2025E: 2,542 million RMB - 2026E: 3,381 million RMB - 2027E: 4,262 million RMB - The net profit growth rates are projected at 177.19%, 47.97%, -2.88%, 33.01%, and 26.05% respectively [7] Business Strategy Summary - The company is restructuring consumer experiences through scenario-based and curated large stores, with three core store formats: 1. MINISO LAND: 1,000-2,000 square meters, with 70-80% IP products 2. MINISO SPACE: 400-600 square meters, with 90-100% IP products 3. MINISO FRIENDS: 400-1,000 square meters, with 70-80% IP products [8] - The company is expanding its presence in core cities domestically and initiating international expansion, with plans to open 25-30 new stores in key cities by the end of 2025 [8]
名创优品（09896）：“IP+大店+体验”，重构零售渠道