Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of HKD 60, indicating a potential upside of 28.2% [3][16][4]. Core Insights - The company is positioned in the self-owned brand home goods and trendy toy markets, capturing high growth in both sectors. The global market for self-owned brand retail is expected to grow at a double-digit CAGR, reaching USD 86.8 billion in the next three years [3][34]. - The company employs three operational models for rapid expansion: the partner model, agency model, and direct sales model, with expectations for continued growth in the partner model and an increase in overseas direct sales stores [3][21]. - Revenue and profit are projected to grow over 20% in the next three years, supported by a robust expansion strategy and a diversified product offering [3][20]. Financial Performance - For the first three quarters of 2024, the company reported revenue of RMB 77.38 billion in mainland China, a year-on-year increase of 14.0%, with TOP TOY revenue growing by 42.5% [20]. - The company plans to open 900-1100 new stores in 2024, with a significant portion in both domestic and overseas markets [21][20]. - The gross margin for the first three quarters of 2024 was 44.1%, up 3.7 percentage points year-on-year, driven by increased overseas revenue contributions [29][20]. Market Positioning - The company has a strong competitive advantage in the self-owned brand home goods market, with a significant market share in both domestic and international markets [3][34]. - The trendy toy market is also expanding rapidly, with expectations for continued growth driven by consumer trends towards self-indulgence and unique product offerings [2][34]. - The company’s strategic acquisition of a stake in Yonghui Supermarket is expected to enhance its market presence and product diversity, further supporting its long-term growth objectives [23][24].

Investment Rating - The investment rating for the company is "Buy" [3][19]. Core Views - The company has demonstrated strong growth momentum with a revenue increase of 22.8% year-on-year, reaching 12.281 billion yuan for the first three quarters of 2024, and an adjusted net profit of 1.928 billion yuan, up 13.7% year-on-year [3]. - The company's overseas business continues to expand rapidly, particularly in Asia and North America, with a 39.8% year-on-year increase in overseas revenue for Q3 2024 [3]. - The gross profit margin has reached a new high of 44.9% in Q3 2024, reflecting an improvement in profitability [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.523 billion yuan, a year-on-year increase of 19.3%, and an adjusted net profit of 686 million yuan, up 6.9% year-on-year [3]. - The company’s gross profit margin for Q1-3 2024 was 44.1%, an increase of 3.7 percentage points year-on-year [3]. - The projected revenues for 2024-2026 are 17.167 billion yuan, 20.572 billion yuan, and 24.062 billion yuan, respectively, with corresponding net profits of 2.533 billion yuan, 3.198 billion yuan, and 3.998 billion yuan [6]. Domestic and Overseas Business - Domestic same-store sales faced pressure, with a decline of 1.7% in the first half of 2024, while Q3 same-store sales showed a decrease of 6.4% [3]. - The company opened 135 new domestic MINISO stores in Q3 2024, bringing the total to 4,250 stores, an increase of 448 stores year-on-year [3]. - The overseas business saw a net increase of 183 stores in Q3 2024, totaling 2,936 stores, with significant growth in Asia and North America [3]. Profitability and Cost Management - The company’s adjusted net profit margin for Q3 2024 was 15.2%, a decrease of 1.7 percentage points year-on-year [3]. - Selling and administrative expenses increased due to the accelerated opening of new stores, with selling expense ratio at 22.03% and management expense ratio at 5.22% for Q3 2024 [3]. - The company is expected to continue its strategic transaction with Yonghui, which is anticipated to be completed in the first half of 2025 [3].

Summary of Conference Call on Miniso Company Overview - The conference focused on Miniso, a retail company known for its cost-effective products, which has been in operation since 2013 [1][5] - Miniso's revenue structure is primarily derived from the domestic market, accounting for over 60% of its income, with the remainder coming from overseas markets through a combination of direct sales and partnerships [3][4] Core Business Insights - Miniso has maintained a steady growth trajectory in the Chinese market despite challenges posed by the pandemic, while experiencing even higher growth rates in overseas markets, particularly in the Americas [4][6] - The company has undergone a strategic brand upgrade since 2021, which has positively impacted its revenue and operational metrics [6][8] Financial Performance - The company has shown resilience in its financial performance, with improvements in gross margin and operating metrics since the second quarter of 2022 [11] - As of the latest reports, the gross margin continues to trend upwards, with operating margins stabilizing around 15-16% [11][17] Market Expansion Strategy - Miniso is actively expanding its store presence globally, with a focus on North America and Southeast Asia, where significant growth potential remains [12][13] - The company plans to increase its store count beyond the current approximately 3,000 locations, indicating a robust growth strategy [14][16] Supply Chain and Operational Efficiency - Miniso has made significant efforts to enhance its supply chain resilience, particularly in response to tariffs and supply chain disruptions [17] - The company has achieved a local sourcing ratio of 30%, with plans to further localize its supply chain to mitigate tariff impacts [17] Future Outlook - The management expressed confidence in the company's ability to navigate macroeconomic pressures and maintain growth, with a five-year business plan that remains intact [19] - The anticipated improvements in store performance and operational efficiency are expected to lead to further valuation increases for Miniso [19] Additional Considerations - The company’s strong control by its leadership is seen as a double-edged sword, providing clear direction but also raising concerns about governance [7] - Miniso's ability to leverage its extensive store network for IP collaborations and product offerings is viewed as a significant competitive advantage [15][16] This summary encapsulates the key points discussed during the conference call regarding Miniso's business model, financial performance, market expansion, supply chain strategies, and future outlook.

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 58.29, indicating a potential upside of 23.9% from the current share price of HKD 47.05 [2][4]. Core Insights - The company has demonstrated robust global store expansion, achieving a record high gross margin of 44.1% in Q3 2024, up 3.7 percentage points year-on-year [2][4]. - Revenue for the first three quarters of 2024 reached HKD 12.281 billion, reflecting a year-on-year increase of 13.7% [2][4]. - The adjusted net profit margin for Q3 was 15.7%, slightly down from 15.2% in the previous year, indicating a minor decline of 1.3 percentage points [2][4]. - Domestic same-store sales faced pressure, with a decline of approximately 1.7%, particularly in lower-tier cities, while higher-tier cities performed better [2][4]. - The company is expected to benefit from strategic initiatives that enhance average transaction value, with a projected increase in same-store sales driven by IP strategies [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of HKD 12.281 billion, a 13.7% increase year-on-year, with Q3 revenue at HKD 4.523 billion, up 6.9% [2][4]. - The adjusted net profit for the first three quarters was HKD 1.768 billion, reflecting a year-on-year increase of 177.2% [2][4]. - The company’s gross margin improved due to a higher contribution from overseas markets, with overseas revenue share rising from 32% to 37% year-on-year [2][4]. - The report forecasts continued revenue growth, with projected revenues of HKD 17.212 billion in 2024, HKD 20.729 billion in 2025, and HKD 24.359 billion in 2026 [6][7]. Store Expansion and Market Strategy - As of Q3 2024, the company had a total of 4,250 stores in China, with a net increase of 135 stores during the quarter [2][4]. - The overseas store count reached 2,936, with a net addition of 183 stores in Q3, indicating strong international expansion [2][4]. - The report highlights the potential for further growth in overseas markets, particularly with the upcoming Harry Potter IP release expected to boost sales [2][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 4.523 billion yuan in Q3 2024, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million yuan, up 6.9% [2] - The report maintains profit forecasts for 2024-2026, expecting net profit attributable to shareholders to be 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with current price-to-earnings ratios of 19.1, 15.4, and 12.6 times [2] - The company is focusing on quality retail and interest consumption strategies, with expectations for high-quality growth driven by its store type matrix and O2O strategy in China, accelerated overseas store expansion, and continued profitability from TOP TOY [2] Summary by Sections Domestic Performance - In Q3 2024, MINISO's revenue was 2.44 billion yuan, a 5.7% increase, with offline revenue growing by 3.8% [2] - The company added 324 new stores year-to-date, reaching a total of 4,250 stores, and aims to achieve a net increase of 350-450 stores in 2024 [2] - The report anticipates improved store efficiency driven by differentiated consumer demand and increased O2O touchpoints, with expectations for Q4 performance boosted by IP collaborations [2] Overseas Expansion - In Q3 2024, overseas revenue reached 2.732 billion yuan, a 43% increase, with direct and agency market revenues growing by 45% and 22% respectively [2] - The company added 449 new stores overseas, totaling 2,936 stores, with a target of 650-700 new stores for the year [2] - The report highlights steady same-store growth across various regions, with expectations for continued improvement in store efficiency during the Q4 peak season [2] Profitability - The gross margin for Q3 2024 was 44.9%, an increase of 3.1 percentage points year-on-year, driven by a higher proportion of overseas high-margin direct sales [2] - The operating expense ratio for Q3 2024 was 27.3%, up 5.9 percentage points year-on-year, primarily due to increased costs associated with store expansion [2] - The adjusted operating profit margin was 15.2%, reflecting a decrease of 1.8 percentage points year-on-year, attributed to rising expense ratios from rapid store expansion [2]

证券研究报告 | 2024年12月03日 名创优品（09896.HK） 优于大市 单季度毛利率创历史新高，四季度旺季有望实现业绩加速 受高基数影响公司单 Q3 收入增速略有放缓。公司前三季度实现营收 122.8 亿 /yoy+22.8% ， 经 调 净 利 润 为 19.3 亿 /yoy+13.7% ， 经 调 净 利 润 率 15.7%/yoy-1.3pct，剔除汇兑损益影响，经调整净利率为 15.9%/yoy-0.6pct。 单 Q3 实现收入 45.23 亿/yoy+19.3%，经调净利润 6.86 亿/yoy+6.9%，经调 净利润率 15.2%/yoy-1.7pct。由于去年同期爆款 IP 芭比公司收入高基数影 响，单 Q3 收入增速略有放缓，同时由于公司加速开拓直营门店导致利润率 有所下降。Q4 来看，预计收入整体同比增长 25-30%，其中海外实现同比增 速 45-50%；国内预计同比增长 10-15%；TOP TOY 延续 50-55%同比增速。 从名创中国业务来看，2024Q3 名创品牌国内实现收入 24.39 亿/yoy+5.7%， 新增门店 135 家至 4240 家。前三季度名创优品中 ...

[Table_StockNameRptType] 名创优品（09896） 公司点评 24Q3 业绩点评：海外业务维持高速增长，期待四季度海外消费旺季表现 | --- | --- | --- | |--------------------------------------------------------------------------------|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | [Table_Rank] 投资评级：买入（维持） | | 主要观 ...

本次电话会议仅服务于国泰金安证券正式签约客户会议音频及文字记录的内容仅供国泰金安证券客户内部学习使用不得外发并且必须经国泰金安证券研究所审核后方可留存国泰金安证券未授权任何媒体转发此次电话会议相关内容未经允许和授权 转载转发均属侵权国泰金安证券将保留追究其法律责任的权利国泰金安证券不承担因转载转发引起的任何损失及责任市场有风险投资需谨慎提请广大投资者谨慎做出投资决策 大家好欢迎参加明创优品2024Q3业绩交流目前所有的参会者均处于静音状态在演讲结束后将给大家留有提问时间现在有请主持人开始发言谢谢各位投资者大家上午好非常感谢参加我们今天的电话会我是国泰圈的研究员李月南然后我们今天的非常有幸请到了这个明创优品的张总来上线跟大家进行交流明创是我们 推荐了这个三年的这样一个非常优秀的这样一个商业公司最近的股市经济的这样的一个崛起其实也给大家看到了这个更多的有公司发展的这样一个可能性那么公司在前不久刚刚公布了几个急报的这样一个情况 然后我们现在今天的电话会大概还是分成两个部分第一个部分是麻烦张总先帮我们再梳理一下公司最近的情况然后后面会给投资者一个提问的时间张总要不您先帮我们再梳理一下谢谢越南总谢谢国进团队的组织各位投 ...

证券研究报告 投资要点： 商贸零售 | 专业连锁Ⅱ 港股|首次覆盖报告 | --- | --- | |--------------------------------------------|------------------------------------------------| | | | | hyzqdatemark 2024 年 12 月 02 日 | 名创优品(09896.HK) | | 投资评级： 增持（首次） | ——海外持续高增，IP 战略+谷子经济打造持续影响力 | 2024Q3 公司实现营收 45.23 亿元，同比增长 19.3%；实现归母净利润 6.42 亿元， 同比增长 4.8%；实现经调净利润 6.86 亿元，同比增长 6.9%。2024 年前三季度， 公司实现营收 122.81 亿元，同比增长 22.8%；实现归母净利润 18.12 亿元，同比增 长 12.0%；实现经调净利润 19.28 亿元，同比增长 13.7%，剔除净汇兑亏损及收益 影响后经调整净利润为 19.50 亿元，同比增长 18.3%。 联系人 证券分析师 朱芸 SAC：S1350524070001 zhuy ...

证券时报网讯，美股三大指数小幅高开，纳指涨0.19%，道指涨0.03%，标普500指数涨0.14%。 超微电脑涨超15%，超微电脑完成独立特别委员会的审查，独立特别委员会未发现任何不当行为的证 据。 热门中概股多数上涨，金山云、名创优品涨超14%，小鹏汽车涨超5%。 校对：彭其华 ...