金吾财讯 | 招商证券研报指，名创优品(09896)25Q1收入44.3亿/+18.9%，经调整净利润5.9亿元/-4.8%，其中国内名创品牌收入24.9亿/+9.1%，名创品牌海外收入为15.9/+30.3%，TOP TOY收入3.4亿/+58.9%。该机构指，公司国内稳健增长，海外快速开拓。长期看，兴趣消费市场广阔，公司“1个中国供应链+全球IP+全球设计+全球渠道”的“1+3”护城河稳固，看好名创国内稳步拓展，海外市场持续高增长，TOP TOY持续孵化带来的长期成长。考虑永辉影响及海外直营门店持续投入，预计公司25E/26E/27E经调净利分别30.3/34.7/43.3亿，维持“强烈推荐”评级。
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