Investment Rating - The report maintains a "Buy" rating for the company [1][10][11] Core Insights - The company achieved a record high gross margin of 47.0% in Q4 2024, driven by its IP strategy and strong performance in the overseas direct sales market [6][7] - Total revenue for 2024 reached 169.9 billion RMB, reflecting a year-on-year increase of 22.8% in Q4 [6][10] - The company expects revenue growth in the second half of 2025 to outpace the first half, despite a slight decrease in the number of new store openings compared to 2024 [6][10] Financial Performance - In Q4 2024, the company reported a net profit of 7.9 billion RMB, a 20.0% increase year-on-year, with an adjusted net profit margin of 16.8% [6][7] - The company’s total number of stores reached 7,504 by the end of 2024, with significant growth in overseas locations [7][10] - The adjusted EBITDA for Q4 was 12.3 billion RMB, showing a year-on-year increase of 23.3% [7] Revenue Breakdown - In Q4 2024, revenue from the Miniso brand was 44.3 billion RMB, up 21.3% year-on-year, with overseas revenue growing by 42.7% [7] - The TOPTOY brand contributed 2.8 billion RMB in revenue, marking a 50.3% increase year-on-year [7] Future Projections - Revenue is projected to grow to 208 billion RMB in 2025, with a year-on-year growth rate of 23% [10][11] - Adjusted net profit is expected to reach 32 billion RMB in 2025, reflecting a 19% increase [10][11] - The company anticipates a gradual increase in gross margin, supported by the rising contribution from overseas and IP sales [7][10]
名创优品（09896）：2024年报点评报告：Q4毛利率创新高，看好后续直营市场表现及IP战略发力