Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9]. Core Views - The company reported Q1 2024 revenue of 3.724 billion yuan, a year-on-year increase of 26%, and an adjusted net profit of 617 million yuan, up 28%. The overseas performance continues to improve, and the turning point for TOP TOY has been reached. The profit forecasts for 2024-2026 have been raised, with expected net profits of 2.86 billion, 3.51 billion, and 4.30 billion yuan respectively, corresponding to EPS of 2.3, 2.8, and 3.4 yuan. The current stock price corresponds to P/E ratios of 19.7, 16.1, and 13.2 times [1]. Summary by Sections Financial Performance - MINISO achieved Q1 2024 revenue of 2.285 billion yuan, a 14% increase, with offline revenue up 16%. Same-store sales recovered to 98% of the high base from the same period last year. The company added 108 new stores, bringing the total to 4,034, with an expected net increase of 350-450 stores in 2024 [1]. - TOP TOY reported Q1 2024 revenue of 214 million yuan, a 55% increase, with same-store sales up 26%. The company added 44 new stores, reaching a total of 160, and has raised its store opening target to 100 [1]. Overseas Expansion - MINISO's overseas revenue reached 1.222 billion yuan in Q1 2024, a 53% increase, with direct sales and agency markets growing by 84% and 23% respectively. North America saw a GMV increase of 108%, accounting for 13% of total revenue. The company added 109 new stores, totaling 2,596, with an expected net increase of 550-650 stores for the year [1]. - Same-store sales growth in Q1 2024 for North America, Latin America, Asia (excluding China), and Europe was 32%, 25%, 19%, and 13% respectively, with positive trends expected to continue into Q2 [1]. Profitability - The gross margin for Q1 2024 was 43.4%, up 4.1 percentage points year-on-year, driven by an increase in the proportion of high-margin overseas direct sales. The operating profit margin was 20.0%, with improvements in both domestic and overseas operations. The net profit margin was 16.6%, reflecting a 0.2 percentage point increase year-on-year [1].
港股公司信息更新报告：Q1业绩超预期，海外业绩持续向上及TT拐点已至