Jingu Finance News | Huatai Securities issued research reports, bullish on the global business internationalization and IP global strategy of Miniso (09896), which has now established extensive cooperation with 150+ global IPs. The company has repositioned its brand as a "global IP joint collaboration store," planning to leverage its strong supply chain and innovative design capabilities to empower the differentiation upgrade of domestic and foreign stores, building a global leading retail headquarter integrating essential and optional consumer choices. In terms of product categories, the company plans to focus on blind boxes, plush toys, travel, and fragrance categories, meeting interest-based and emotional value consumption needs. Plans to launch collaborations with overseas well-known IPs like Sanrio and Flying Packing Dolls in the plush toy category will be introduced soon.
The bank continues to point out that looking ahead, with the assistance of the holiday economy, the company's October same-store performance has improved month-on-month. The bank expects that with the launch of Harry Potter IP products on a global scale by the end of October, it is expected to boost the performance of domestic and international same-store sales. In addition to the earlier accelerated overseas store expansion, it is expected to accommodate the peak season foot traffic, and the bank believes that the Q4 performance growth rate and profit performance are likely to improve. In the medium to long term, optimistic about the company's combination of a strong supply chain and IP empowerment, creating a product brand with both cost-effectiveness and differentiation, solidifying competitive barriers and steadily improving profitability.
The bank expects adjusted net income of 2.88/3.68/4.6 billion yuan for 2024-2026, with reference to Bloomberg comparable company 2025 consensus average of 18x PE. Considering the uncertainty of the terminal consumption recovery pace and overseas expansion, a slight discount to 16x adjusted PE for 2025 is given, maintaining a target price of 51.21 Hong Kong dollars. The bank is optimistic that Q4, with the volume release of Harry Potter IP products and overseas peak season sales driving the performance growth rate to improve month-on-month, and the medium to long-term IP strategy showing effective improvement in profitability. Maintains a 'buy' rating.
