Jinwu Financial News | According to Guosheng Securities Research Report, on May 14, Mingchuang Premium (09896) released its 2024Q1 quarterly report. During the reporting period, it achieved operating income of 3,724 million yuan/year over year +26.0%, gross margin of 43.4% /year on year +4.1pct, net profit to mother 582 million yuan/+25.1% year on year, and adjusted net profit of 617 million yuan/YoY +27.7%. The company has strong growth potential, excellent profitability, and slightly exceeded expectations.
According to the bank, as a global leader in miscellaneous retail, the company is rapidly expanding globally using an asset-light model with advantages such as channels and supply chains, and has also incubated the trendy brand TOPTOY, which is expected to contribute to the second growth curve. Currently, various business formats, products, and supply chains are constantly being optimized, overseas business is growing rapidly, and profitability has improved markedly, and performance continues to exceed expectations. Referring to the company's performance for the first quarter, the bank adjusted the company's profit forecast to 2024-2026 to be 175.98/217.21/26.138 billion yuan, and net profit to mother 29.4/37.5/4.65 billion yuan, corresponding to the current valuation of 18/14/11 times PE, maintaining the “buy” rating.