Jingu Finance News | Huayuan Securities issued a research report, stating that in Q3 2024, Miniso (09896) achieved revenue of 4.523 billion yuan, a year-on-year increase of 19.3%; achieved a net income attributable to shareholders of 0.642 billion yuan, a year-on-year increase of 4.8%; achieved adjusted net income of 0.686 billion yuan, a year-on-year increase of 6.9%. Jingu Finance News | In the first three quarters of 2024, the company achieved revenue of 12.281 billion yuan, a year-on-year increase of 22.8%; achieved a net income attributable to shareholders of 1.812 billion yuan, a year-on-year increase of 12.0%; achieved adjusted net income of 1.928 billion yuan, a year-on-year increase of 13.7%, excluding the impact of net exchange losses and gains, the adjusted net income increased by 18.3% to 1.95 billion yuan.
The bank pointed out that in the past few years, the company has cooperated with over 150 IPs globally, with 6 out of the top 10 IP licensors worldwide. In terms of IP reserves, the company has secured licensing partnerships with leading Japanese anime games and second-dimensional hot IPs, established an in-house second-dimensional IP management and R&D team, and will introduce Miniso's self-developed millet-derived peripheral products through derivative creations, commissioned works, etc., to create creatively differentiated products. The combination of IP strategy and the second dimension's efforts may lead to a sustained improvement in product quality and an increase in store unit prices, thereby stabilizing the company's same-store performance.
The bank stated that it expects revenues for 2024-2026 to be 17.18 billion yuan, 20.763 billion yuan, and 23.835 billion yuan respectively, with adjusted net income attributable to shareholders of 2.828 billion yuan, 3.531 billion yuan, and 4.22 billion yuan. The bank selected Pop Mart, Five Below, and Dollar Tree as comparable companies, with the company's PE ratio lower than the average level of comparable companies, and initiated coverage with a "shareholding" rating.
