金吾财讯 | 东吴证券发研指，2024年，名创优品(09896)实现营收170亿元，同比+22.8%；Non-IFRS净利润为27.2亿元，同比+15.4%。对应2024Q4，公司实现营收47.1亿元，同比+22.7%；Non-IFRS净利润为7.93亿元，同比+20.0%。该行指，2024Q4国内MINISO实现营收23.0亿元，同比+6.5%。国内门店净开136家至4386家。根据该行计算，公司单店收入同比-5%，已有环比改善；公司业绩会也披露2024年国内同店录有高个位数下滑。该行认为这可能主要受线下商圈客流量下滑影响。未来国内将通过优化门店选址、优化加盟商结构、推行IPLand大店等措施优化国内单店/同店收入表现。该行续指，2024Q4，公司海外MINISO收入为21.3亿元，同比+42.7%。本季度海外净增182家门店达3118家，其中直营店净增81家达503家，第三方店净增101个达2615家。公司将进一步深化全球供应链布局，美国本土直采比例近40%，能有效分散关税风险。该行表示，公司是线下品牌连锁零售龙头，未来海外扩张+国内下沉仍有广阔成长空间。考虑国内的同店情况和购买永辉超市股权的交易产生的相关资金成本，该行将公司2025~2026年Non-IFRS归母净利润从32.4/36.1亿元调整至31.5/35.7亿元，新增2027年预期为39.8亿元，同比+15.6%/+13.6%/+11.4%，对应3月21日港股收盘价为14/13/11倍P/E，维持“买入”评级。
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