2024财年二季报点评：FY24Q2业绩超预期，海内外拓店加速，超级大店提升运营效率

Investment Rating - The report maintains a "Buy" rating for Miniso Group (9896.HK) [3][4] Core Insights - Miniso's FY24Q2 performance exceeded expectations with revenue of 3.841 billion RMB (approximately 541 million USD), representing a year-on-year increase of 54.0%. Adjusted net profit reached 661 million RMB (0.90 USD), up 77.3% year-on-year [1] - The company's net profit margin improved by 2.2 percentage points to 17.2% in FY24Q2, driven by a gross margin of 43.1%, which increased by 3.1 percentage points year-on-year due to optimized product mix in overseas markets and increased revenue from direct sales [1] - Miniso continues to expand its store network aggressively, with a total of 6,413 stores globally as of FY24Q2, an increase of 973 stores year-on-year. The company plans to open 900-1,100 new stores annually from 2024 to 2028, with a focus on both domestic and international markets [2] - The implementation of a "super store" model has significantly boosted single-store revenue, with average revenue per store in China increasing by 39.2% year-on-year and overseas by 30.7% [2] - Short-term outlook remains positive due to recovering foot traffic and ongoing store expansion, while long-term competitive advantages include high-quality products, a robust supply chain, and a light-asset operational model [3] Financial Projections - For FY24-26, the projected net profits are 2.557 billion RMB, 3.249 billion RMB, and 3.889 billion RMB, with year-on-year growth rates of 44.6%, 27.0%, and 19.7% respectively. Corresponding P/E ratios are expected to be 18X, 14X, and 12X [3][4]