全球化IP设计零售

Search documents
名创优品(09896):2Q业绩超预期,国内拐点已至、海外保持高质成长
SINOLINK SECURITIES· 2025-08-22 02:24
Investment Rating - The report maintains a "Buy" rating for the company, with expected adjusted net profits of 29.5 billion, 34 billion, and 41.9 billion for the years 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 15, 13, and 11 times [4]. Core Insights - The company reported H1 revenue of 9.39 billion (up 21%) and adjusted net profit of 1.279 billion (up 3%), exceeding market expectations. Q2 revenue reached 4.97 billion (up 23.1%) with an adjusted net profit of 690 million (up 10.6%) [2]. - Domestic and overseas performance showed positive trends, with domestic same-store sales showing a low single-digit increase in Q2, and overseas sales in North America and Europe performing well [2][3]. - The company is focusing on expanding its IP portfolio and enhancing its store network, with a total of 4,305 stores as of Q2, reflecting a net increase of 190 stores [2][3]. Summary by Sections Financial Performance - H1 revenue was 9.39 billion, with Q2 revenue at 4.97 billion, showing a year-on-year increase of 23.1%. Adjusted net profit for H1 was 1.279 billion, with Q2 adjusted net profit at 690 million [2]. - The adjusted net profit margin for Q2 was 13.9%, with a slight decrease compared to the previous quarter [2]. Domestic Operations - Domestic same-store sales showed a low single-digit increase in Q2, indicating a recovery trend. The company has successfully opened IP flagship stores and optimized its operational strategies [2]. - The total number of domestic stores reached 4,305, with significant growth in first, second, and third-tier cities [2]. Overseas Operations - The overseas segment reported a GMV of 7.33 billion for H1, with a year-on-year increase of 14.5%. The total number of overseas stores reached 3,307, with notable growth in Asia and Europe [2]. - North America showed signs of recovery, while Europe performed strongly, contributing to the overall growth in the overseas segment [2][3]. Future Projections - The company expects adjusted net profits to grow significantly over the next few years, with projections of 29.5 billion, 34 billion, and 41.9 billion for 2025, 2026, and 2027 respectively [4][8]. - The report anticipates continued growth driven by store expansion and the development of proprietary IP, with a clear growth path for the IP retail group [3].