Investment Rating - The investment rating for the company is "Buy" [1][5]. Core Views - The company is expected to benefit from domestic recovery and sustained high growth in overseas direct sales, leading to rapid performance growth. The IP strategy is anticipated to enhance brand momentum, with continued expansion in both domestic and overseas markets [5][6]. Summary by Sections Financial Performance - In Q1 2024, the company achieved revenue of 3.724 billion yuan, representing a year-over-year increase of 26.0%. Overseas revenue was 1.222 billion yuan, up 52.6%, while domestic revenue reached 2.502 billion yuan, growing by 16.2%. Adjusted net profit for the same period was 617 million yuan, reflecting a year-over-year increase of 27.7% [5][6]. - The adjusted net profit margin was 16.6%, an increase of 0.2 percentage points year-over-year. The gross profit margin improved from 35.7% in Q3 2022 to 43.4% in Q1 2024, marking a year-over-year increase of 4.1 percentage points [6]. Growth Projections - The company forecasts revenues of 17.356 billion yuan, 20.980 billion yuan, and 25.101 billion yuan for 2024, 2025, and 2026, respectively. Adjusted net profits are projected to be 2.869 billion yuan, 3.448 billion yuan, and 4.132 billion yuan for the same years [5][7]. - The target price is set at 60.30 HKD for 2024, based on a price-to-earnings ratio of 24.1x [5]. Store Expansion - In Q1 2024, the company added a net of 108 stores domestically and 109 stores overseas, with a target of 350-450 new stores in China and 550-650 overseas for the full year. The company aims to increase the number of TOPTOY stores from a target of 50-80 to 100 for the year [6].
名创优品2024Q1业绩点评：IP提振品牌势能，海外直营高增持续可期