Investment Rating - The report maintains a "Buy" rating for the company on both US and Hong Kong stock exchanges, with a target price of $27.80 per ADS and HKD 55.92 per share for fiscal year 2025 [4]. Core Insights - The company reported a revenue of RMB 3.72 billion for the first quarter of 2024, representing a year-on-year increase of 26.0%. The Non-IFRS net profit reached RMB 620 million, up 27.7% year-on-year [2][3]. - Domestic revenue was RMB 2.50 billion, growing 16.2% year-on-year, with MINISO's revenue increasing by 14.2% to RMB 2.28 billion. The domestic same-store sales recovered to 98% of last year's levels [2]. - The overseas revenue surged by 52.6% to RMB 1.22 billion, accounting for 32.8% of total revenue, with a significant contribution from direct sales [2]. - The gross margin improved to 43.4%, a rise of 4.1 percentage points year-on-year, attributed to a higher proportion of direct sales in overseas operations and a shift towards more profitable products [2]. - The company added 217 new stores in the quarter, bringing the total to 6,630, with 4,034 in China and 2,596 overseas [2]. Financial Summary - The company forecasts adjusted net profits of RMB 2.61 billion, RMB 3.20 billion, and RMB 3.87 billion for fiscal years 2024, 2025, and 2026, respectively, with a projected revenue growth rate of 34.6% in 2024 [3][2]. - The report highlights a significant increase in return on equity (ROE) from 9.1% in 2022 to an estimated 22.3% in 2024 [3]. - The company’s operating income is expected to grow from RMB 10.09 billion in 2022 to RMB 23.31 billion by 2026, reflecting a compound annual growth rate (CAGR) of 21.8% [3].
名创优品：24Q1点评：利润持续创新高，海外直营业务高速发展