Investment Rating - The report maintains a "Recommended" rating for MINISO (09896.HK) [1][4] Core Views - MINISO's Q1 2024 financial results show strong growth, with revenue reaching 3.723 billion yuan, a year-on-year increase of 26% driven by a 19% increase in store count and a 9% increase in same-store sales [1] - The company aims to add 900-1100 new stores in 2024, with a total of 6,630 stores as of the end of March [1] - The gross profit margin reached a new high of 43.4%, up 4.1 percentage points year-on-year, attributed to the higher margin from overseas direct sales and optimization of the TOP TOY model [1] Financial Performance Summary - Revenue for 2023 was 11,473 million yuan, with projected revenues of 15,413 million yuan for 2024, 19,199 million yuan for 2025, and 24,065 million yuan for 2026, reflecting growth rates of 34.3%, 24.6%, and 25.3% respectively [2][8] - Net profit attributable to shareholders is expected to grow from 1,769 million yuan in 2023 to 2,598 million yuan in 2024, 3,214 million yuan in 2025, and 4,007 million yuan in 2026, with growth rates of 46.9%, 23.7%, and 24.6% respectively [2][8] - The earnings per share (EPS) forecast is 2.06 yuan for 2024, 2.55 yuan for 2025, and 3.18 yuan for 2026, with corresponding price-to-earnings ratios of 21X, 17X, and 14X [2][8] Market Position and Strategy - The overseas revenue grew by 53% to 1.222 billion yuan, with a 19.7% increase in store count and a 21% increase in same-store sales [1] - The overseas direct sales market has shown consistent growth, with revenue increasing by 92% year-on-year [1] - The company is positioned as a channel for offline monetization of IP products, focusing on cost-effective emotional value products [1]
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