Investment Rating - The investment rating for Miniso (9896.HK) is "Buy" based on the company's strong performance and growth potential [1]. Core Views - The report highlights that Miniso's adjusted net profit is expected to grow by 28% year-on-year [1]. - The company achieved revenue of 3.724 billion yuan in Q1 2024, representing a 26% increase compared to the same period last year [1]. - The growth in revenue is attributed to an increase in the average number of stores and same-store sales recovery [1]. Summary by Relevant Sections Financial Performance - Revenue from mainland China reached 2.502 billion yuan, up 16.2% year-on-year, driven by an 18.7% increase in average store count and same-store sales recovery to approximately 98% of the previous year's level [1]. - Overseas revenue amounted to 1.222 billion yuan, a 52.6% increase year-on-year, accounting for 32.8% of total revenue, with a 5.7 percentage point year-on-year increase [1]. - The gross margin for Q1 2024 was 43.4%, up 4.1 percentage points year-on-year, marking a historical high for the quarter [1]. Store Expansion - In Q1 2024, Miniso opened 108 new stores in mainland China, bringing the total number of stores to 4,034 [1]. - The average number of stores for the TOP TOY brand increased by 32.2%, contributing to a revenue growth of 55.1% [1]. Profitability Metrics - The operating profit margin was maintained at around 20%, with sales and management expense ratios at 18.7% and 5.1%, respectively [1]. - The report forecasts net profit attributable to the parent company for FY2024 to be 2.528 billion yuan, representing a 42.93% year-on-year growth [2]. Future Outlook - The company is positioned as a strong alpha stock in the retail sector, with significant potential in overseas markets [2]. - The expected earnings per share (EPS) for FY2024 is projected at 2.01 yuan, with further increases anticipated in subsequent years [2].
2024Q1点评：业绩再超预期，经调整净利润同比增长28%