Jinwu Financial News | China Merchants Securities Research Report shows that Mingchuang Premium (09896)'s 24Q3 revenue was 4.52 billion yuan/ +19.3%, adjusted net profit 0.67 billion yuan/ +6.9%, its revenue from famous brands in China was 2.44 billion/ +5.7%, overseas revenue of Mingchuang brands was 1.81 billion/ +39.8%, and TOPTOY's revenue was 0.27 billion/ +50.4%. There is a broad consumer market of interest. The “1+3” moat of the company's “1 Chinese supply chain+global IP+global design+global channel” is stable. They are optimistic about the steady expansion of Mingchuang domestically, the overseas market continues to grow at a high rate, and the long-term growth brought about by TOPTOY's continuous incubation.
The bank said that the overseas revenue of famous 24Q3 brands was 1.81 billions/ +39.8%, of which direct market revenue increased 55.4% year on year and overseas agency market revenue increased 26.5% year on year. There were 183 net overseas stores opened in Q3, and the number of stores at the end of Q3 was 2,936. 24Q3 Mingchuang's overseas revenue has reached 40% /+5.9pct of the company's revenue, and the overseas share continues to increase. In 2024, YTD, the number of same-stores of famous brands in overseas markets grew to a high number of units. Among them, same-store sales in the direct market and agency market both achieved high unit growth.
The bank continued that in the short term, the company's domestic operations are growing steadily and developing rapidly overseas. Looking at the long-term, there is a broad consumer market of interest. The “1+3” moat of the company's “1 Chinese supply chain+global IP+global design+global channel” is stable. They are optimistic about the steady expansion of Mingchuang domestically, the overseas market continues to grow at a high rate, and the long-term growth brought about by TOPTOY's continuous incubation. The company's 2024E/25E/26E adjusted net profit is estimated to be 2.8/3.47/4.16 billion, respectively, maintaining the “Highly Recommended” rating.