《大行》 瑞銀:名創優品(MNSO.US)同店銷售增長呈加速勢頭 升目標價至28美元
瑞銀研究報告指出,名創優品(09896.HK)(MNSO.US)同店銷售增長在中國和美國均呈現加速趨勢,得益於低基數效應及毛絨玩具類別的強勁需求。中國業務上,管理層在渠道升級的努力(如MINISO Land及旗艦店)取得成功,第二季中國同店銷售增長按年轉正,第三季預計從第二季的低單位數顯著加速至高單位數。盈利能力方面,瑞銀預計上半年門店層面利潤率按年持平,7月顯著改善,預計下半年持續改善。
在IP策略方面,該行指名創優品自有IP「YOYO」於今年6月成功推出,首批產品迅速售罄並出現短缺,預計今年將產生約4,000萬元人民幣的商品交易總額,2026年目標超過1億元人民幣。名創優品至今已與9位藝術家簽約。至於Top Toy收購IP「Nommi」,預計今年將產生2.5億元人民幣GMV,相對於2024年為1億元人民幣。
瑞銀將名創優品2025至2027年經調整淨利潤預測上調1%至2%,評級「買入」,美股目標價由25美元上調至28美元。
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