高盛发表报告指，受海外市场超预期推动，名创优品首季整体销售额按年增长19%至44亿元，略高于高盛预测的43亿元；经调整营业利润按年下滑5%，较高盛低9%，意味由于直销业务敞口扩大，经调整营业利润率收窄4.2个百分点。管理层维持今年年营收指引，但因业务模式转型(更多DTC门店)对边际利润的语调趋软化。
该行认为，DTC业务投资有望逐步显效并利好未来盈利，而名创优品计划从5月起推出S级IP(即最受欢迎系列)，例如近期配合电影推出的史迪奇IP产品，或成为正面催化剂。
撇除永辉超市联营亏损但计及可转债/永辉投资相关现金利息开支后，该行降2025至2027年经调整纯利预测平均约10%，以反映经营开支预测被上调，H股目标价从50港元下调至46港元，美股目标价由25.7美元下调至23.4美元，维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.