According to Jinwu Financial News | Guosheng Securities Research, MINISO (09896) achieved revenue of 12.281 billion yuan in Q1-3 of 2024, with a year-on-year growth of 22.8%. The adjusted Net income reached 1.928 billion yuan, with a year-on-year increase of 13.7%. Excluding foreign exchange gains and losses, the adjusted Net income grew by 18.3% year-on-year. In Q3 2024, revenue reached 4.523 billion yuan, with a year-on-year increase of 19.3%, and the adjusted Net income was 0.686 billion yuan, a year-on-year increase of 6.9%.

The research indicates that the company, as a Global leader in daily goods retail, is rapidly expanding globally using a light asset model, leveraging advantages in channel and supply chain, and has already incubated the trendy toy brand TOPTOY, which is expected to contribute to a second growth curve. Currently, various formats, products, and supply chains are being continuously optimized, with high growth in overseas business and significant improvement in profitability, leading to sustained performance exceeding expectations.

The research points out that, based on the company's third-quarter performance, excluding contributions from super stores, it expects revenue for 2024-2026 to be 17.17/20.57/24.06 billion yuan, with attributable Net income of 2.53/3.2/4 billion yuan respectively, and expects adjusted Net income to be 2.8/3.43/4.17 billion yuan respectively, corresponding to current valuations of 21.0/16.6/13.3 times PE, maintaining a 'Buy' rating.