Investment Rating - The report maintains an "Outperform the Market" rating for the company [6]. Core Insights - The company demonstrated a significant acceleration in revenue growth in Q3, achieving a revenue of 5.797 billion, a year-on-year increase of 28.2%, surpassing previous guidance [2]. - The adjusted operating profit for Q3 was 1.022 billion, up 14.8% year-on-year, while the adjusted net profit reached 767 million, reflecting an 11.7% increase [2]. - The company expects Q4 revenue growth to be between 25% and 30%, with double-digit same-store sales growth anticipated in both China and the U.S. [2]. - The domestic business is benefiting from a large store strategy and refined operations, with same-store sales showing a positive trend [4]. - The overseas business is expanding rapidly, with a net addition of 117 stores in Q3, bringing the total overseas store count to 3,424 [2]. Financial Performance Summary - Q3 revenue for the brand was 5.222 billion, a year-on-year increase of 22.9%, with domestic revenue at 2.909 billion, up 19.3% [2]. - The company forecasts a full-year revenue growth of 25%, with adjusted operating profit expected to be between 3.65 billion and 3.85 billion [4]. - The financial projections for 2023 to 2027 indicate a steady increase in revenue and net profit, with 2023 revenue projected at 13.839 billion, growing to 28.578 billion by 2027 [5]. - The adjusted net profit for 2023 is estimated at 2.253 billion, with a projected increase to 3.257 billion by 2027 [5].
名创优品（09896）：三季度营收同比增长28%，同店表现持续改善