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].
名创优品：海外业务维持高增，永辉交易稳步推进