Investment Rating - The investment rating for the company is "Buy" [4][11][12] Core Views - The company reported a steady growth in Q1 2024, achieving revenue of 3.724 billion with a year-on-year increase of 26.0%, driven by a 19% increase in average store count and a 9% same-store sales growth [1][7] - Adjusted net profit for Q1 2024 was 617 million, reflecting a year-on-year growth of 27.7% [1][9] - The company's IP and globalization strategies are showing initial success, with a significant acceleration in store openings, adding 217 new stores in Q1, nearly three times the number from the same period last year [1][7] Summary by Sections Domestic Business - In Q1 2024, domestic revenue reached 2.502 billion, up 16.2% year-on-year, with MINISO's offline store revenue growing by 15.6% and a net addition of 108 stores [1][7] - TOPTOY's revenue was 214 million, a year-on-year increase of 55.1%, with a net addition of 44 stores, and same-store sales growing by 26% [1][7] Overseas Business - Overseas revenue for Q1 2024 was 1.222 billion, up 52.6% year-on-year, with 109 new stores added [1][7] - Direct overseas revenue grew by 92%, accounting for 58% of total overseas revenue, with overall GMV increasing by 46% [1][7] Financial Metrics - The company's gross margin and adjusted net profit margin for Q1 2024 were 43.4% and 16.6%, respectively, reflecting increases of 4.07 percentage points and 0.20 percentage points year-on-year [2][9] - Sales and management expense ratios were 18.7% and 5.1%, with sales expenses rising significantly due to increased personnel and logistics costs [2][9] Future Outlook - The company is expected to continue strong growth driven by its core capabilities in product development, supply chain integration, and globalization [11][12] - Future net profit forecasts for 2024-2026 are 2.755 billion, 3.330 billion, and 3.958 billion, respectively, with corresponding P/E ratios of 21, 17, and 14 [11][12]
一季度经调净利润增长28%，海外直营市场快速扩张