Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 55.69, compared to the current price of HKD 47.35 [7][12]. Core Insights - The company reported a revenue of CNY 3.723 billion for Q1 2024, representing a year-on-year growth of 26%, driven by a 19% increase in store count and a 9% increase in same-store sales [2][3]. - The gross profit margin reached a new high of 43.4%, up by 4.1 percentage points, attributed to the higher margin from overseas direct sales and optimization of the TOPTOY model [4][5]. - The company aims to add 900 to 1,100 new stores in 2024, with a total of 6,630 stores as of the end of March 2024, including 4,034 in China and 2,596 overseas [3][4]. Financial Performance Summary - Total revenue for 2023 is projected at CNY 11.473 billion, with expected growth rates of 34.3% in 2024, 24.6% in 2025, and 25.3% in 2026 [5][11]. - The net profit for 2023 is estimated at CNY 1.769 billion, with a significant growth rate of 177.8%, and projected to reach CNY 2.598 billion in 2024 [5][11]. - Earnings per share (EPS) are forecasted to be CNY 2.06 for 2024, CNY 2.55 for 2025, and CNY 3.18 for 2026, with corresponding price-to-earnings (P/E) ratios of 21, 17, and 14 respectively [5][11].
名创优品：2024年一季报点评：IP产品、兴趣消费线下变现渠道，海外直营表现亮眼