Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a strong Q1 2024 performance with total revenue of 3.72 billion RMB, a year-on-year increase of 26.0% [5] - The gross margin improved to 43.4%, up 4.1 percentage points from the previous year, driven by the growth in high-margin direct sales in overseas markets [5] - The adjusted net profit for Q1 2024 was 620 million RMB, reflecting a year-on-year increase of 27.7% [5] Summary by Relevant Sections Market Data - Current price: 49.35 HKD - Market capitalization: 61,140.98 million HKD - Average daily trading volume: 278.35 million HKD [3] Revenue Breakdown - Domestic revenue for Q1 2024 was 2.5 billion RMB, up 16.2% year-on-year, with same-store sales growth of approximately 15.6% [3] - Overseas revenue reached 1.22 billion RMB, a 52.6% increase year-on-year, with direct sales in overseas markets growing by 92% [3] Profitability Metrics - The company achieved a net profit of 580 million RMB in Q1 2024, a 25.1% increase year-on-year, with a net profit margin of 15.6% [5] - The adjusted net profit margin improved to 16.6%, up 0.2 percentage points from the previous year [5] Store Expansion - As of Q1 2024, the total number of stores reached 6,630, with 4,034 in mainland China and 2,596 overseas [8] - The company plans to add 900 to 1,100 new stores throughout 2024 [8] Financial Forecast - Projected revenues for FY2024, FY2025, and FY2026 are 15.16 billion RMB, 18.21 billion RMB, and 21.24 billion RMB, respectively, with growth rates of 32%, 20%, and 17% [9] - Expected net profits for the same periods are 2.48 billion RMB, 2.99 billion RMB, and 3.54 billion RMB, with growth rates of 40%, 21%, and 18% [9]
名创优品（09896）2024Q1业绩点评报告：Q1毛利率同比提升显著，海外直营延续高增