Golden Finance News | Yongxing Securities research report pointed out that Miniso (09896) has opened 6,630 Miniso stores globally, with 4,034/2,596 domestic/overseas stores respectively, an increase of 651/465 year-on-year respectively, and 108/109 month-on-month respectively. It is still in a rapid expansion period. The company plans for 2024-2028 to add 900-1,100 stores annually, doubling the number of stores by the end of 2028 compared to the end of 2023. Benefiting from the increase in the number of stores, the revenue per store is growing, and the company's performance is steadily improving. In 2023/24Q1, the revenue was 13.84/3.72 billion yuan, YoY +39%/26%, net profit attributable to shareholders was 2.25/0.58 billion yuan, YoY +112%/25%. The company plans for the annual compound revenue growth rate from 2024 to 2028 to be no less than 20%.
The bank further pointed out that China has a significant growth space in per capita annual consumption of IP commodity retail, with only 51 yuan in 2023, about 1/4 of the global average level and 1/60 of the average level in the USA. With the vision of "becoming the world's number one IP design retail group", the company sees super IP as the core product capability and is currently cooperating with over 80 global IP rights holders. IP products bring higher added value. According to the company's Investor Day data, IP users spend 163% more per capita and 76% more frequently than non-IP users. IP is represented by Lego, and in recent years, the gross margin has remained stable in the range of 68%-71%. The company plans to increase the revenue share of IP products from 26% in 2023 to 50% in 2028.
The bank stated that as the world's largest self-owned brand comprehensive household retail chain, the company still maintains a relatively rapid expansion speed for its domestic/overseas stores. The revenue share of IP products is expected to continue to increase. The rapid development of the overseas high-gross-margin direct operation model overall drives profit improvement. The bank expects the company's net profit attributable to shareholders for 2024-2026 to be 2.81/3.52/3.96 billion yuan. Based on the closing price on October 9, the corresponding EPS is 2.23/2.80/3.14 yuan, corresponding to PE 14.3/11.4/10.2. First coverage, with a "buy" rating.
