Jinwu Financial News | According to Huachuang Securities Research Report, Mingchuang Premium (09896) released 24Q1 financial report. 24Q1 (natural year), the company achieved revenue of 3,723 billion yuan, a year-on-year increase of 26% (thanks to a 19% increase in the number of stores and a 9% increase in same-store sales), gross margin of 43.4% (+4.1pct), operating profit of 743 million yuan, an increase of 29.1% year on year. The adjusted net profit was 586 million yuan, up 27.7% year on year. 16.6% (+0.2pct).
The bank gave investment suggestions: North American stores performed well, and gross margins continued to rise, and the guideline for 900-1100 net new stores remained unchanged. According to the previous fiscal year, the bank maintained the 2024-2026 EPS forecast of 2.06 yuan, 2.55 yuan, and 3.18 yuan, and the corresponding valuation was 21X/17X/14X. Referring to similar overseas business formats, it selected Japan's Don Quixo and the US Dale supermarket, US dollar tree, Walmart, and Fivebelow as comparable companies. 24X, 22X Considering that Mingchuang's overseas, especially the direct market, is still in a high growth stage, and there is still room for opening stores, TOPTOY's profitability is expected to be further optimized. As an offline monetization channel for IP, the company sells emotional value products (IP products/aromatherapy, etc.) at cost-effective prices, giving a 20-fold valuation for FY2025, corresponding to a target price of HK$55.69, maintaining a “recommended” rating.