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基金經理觀點
> 正文
名創優品:海外市場驅動業務增長
6/24/2024 3:43:41 PM
名創優品集團(09896.HK)是一家以IP設計為特色且豐富多樣的潮流生活家居產品零售商。公司擁有兩個品牌—MINISO(名創優品)和TOP TOY,均保持著強勁的業務增長勢頭。上個月公司公布截至2024年3月31日止季度的未經審計財務業績,公司實現營業收入37.2億元(人民幣,下同),按年增長26%;經營利潤為7.4億元,按年增長29.1%,收入與利潤均雙雙提升。
國內發展穩健
在國內市場,名創優品繼續保持其穩健的拓展步伐,且深入佈局一、二線城市,MINISO中國內地平均門店數量按年增長18.7%;同店銷售約為上一年度同期高基數的98%;TOP TOY的平均門店數量按年增長32.2%,TOP TOY總門店收入按年快速增長55.1%。期內集團國內收入約為25億元,按年增長16.2%,在高基數狀態下仍然保持雙位數增長。
海外發展潛力持續釋放
海外市場中,公司MINISO海外平均門店數量按年增長19.7%,且同店銷售強勁,按年增長約21%,期內海外收入為12.2億元,按年增長52.6%。期內公司海外市場收入佔總收入的32.8%,較去年同期的27.1%有著顯著增長,凸顯出海外的發展潛力得到持續釋放,是公司業務成長的主要引擎。
公司攜手Chiikawa打造現象級IP爆款
名創優品於今年3月份宣佈與重磅IP-Chiikawa聯名,引發粉絲極大討論與熱情。Chiikawa源自2020年的日本漫畫,通過動畫改編並榮獲日本角色年度大獎,其人氣在日本、韓國乃至全球範圍內迅速攀升,曾與多個知名品牌(例如三麗鷗、可口可樂、優衣庫等)達成合作,成為現象級國民IP。Chiikawa周邊商品銷售火爆,代購需求旺盛,展現出強大的市場吸引力。名創優品基於對「興趣消費」趨勢的洞察,堅持超級IP戰略,已與全球80多個IP合作,IP聯名產品更多次成為熱銷案例(2023年與芭比的聯名產品兩周內售罄率高達70%)。公司與Chiikawa聯名產品的推出,憑藉公司強大的供應鏈與規模優勢,將再次激發市場的購買熱情,帶動銷售增長,對公司業績產生積極影響。
名創優品的Beta系數偏高
近來恒生指數波動率(Volatility)不算高,以10日來計算的波動率是14.36%,以90 日交易數據計算,名創優品的Beta系數是1.46,如看好大市,也看好名創優品的投資者,可預期名創優品的回報更能跑贏大市。若大市波動率未來三個月仍處於這個水平,看好名創優品的投資者可以$45.2港元為三個月的目標價。
業績報告數據來源:
https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0514/2024051400198_c.pdf
馬家俊博士
時富量化金融董事總經理
從事金融科技業多年,是香港首批量化投資策略師及量化投資組合經理,重點研究量化投資策略在金融市場上的應用,涵蓋多種不同資產類別。馬博士於香港多間大學任教量化/計量金融及風險管理學,是特許金融分析師 (CFA)、專業風險管理師 (PRM)、精算師學會之專業會員 (ASA), 特許工程師 (CEng)等。
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