智通财经APP获悉，名创优品(09896)早盘涨超5%，截至发稿，涨4.31%，报32.7港元，成交额1.39亿港元。
信达证券指出，名创优品25Q1同店趋势改善，公司运用供应链多元化，当前美国业务直采比例已近40%，同时建立东南亚、拉美等多国供应链应对制裁风险。后续IP通过自有IP、投资孵化IP及第三方合作同步推进，迪士尼、三丽鸥等长青IP将继续通过独家框架深挖品类合作。该行认为名创当前在IP驱动下的旗舰店扩张战略具备差异化壁垒，公司美国业务稳健拓展，当前估值具备性价比。
群益证券则指出，公司2025年新开店数预计略低于2024年，门店提质增效将成关注重点。同时，预计2025年公司将维持IP方面投入，国内方面，通过管道结构升级和提升会员复购率来改善同店销售；海外看，海外市场发展仍将维持高速扩张，短期直营门店盈利爬坡期或使公司加大费用管控力度，长期看有较大的利润释放空间。
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