国盛证券：维持名创优品(09896)“买入”评级 TOPTOY有望贡献第二增长曲线

智通财经

Sep 12, 2025

智通财经APP获悉，国盛证券发布研报称，维持名创优品(09896)“买入”评级，参考公司上半年业绩表现及当下消费环境，预计2025-2027年营业收入为213.2/254.5/300.0亿元，归母净利润分别为25.9/34.0/41.2亿元。另预计经调整净利润分别为29.1/35.3/42.0亿元。公司作为全球日杂零售龙头，凭借渠道、供应链等优势，以轻资产模式在全球高速扩张，同时已孵化潮玩品牌TOPTOY，有望贡献第二增长曲线;当前各业态、产品、供应链不断优化，海内外门店拓展逐步兑现，亦通过渠道、商品、IP及会员建设持续迭代内功。

报告引述2025年中期业绩，2025H1实现营收93.9亿元/同比+21.1%，经调整净利润为12.79亿元/同比+3.0%，其中2025Q2实现营收49.7亿元/同比+23.1%，经调整净利润6.9亿元/同比+10.6%。MINISO国内：门店重回净增，同店单季度转正。2025Q2国内MINISO门店数量净增30家/增量环比+141家，至期末门店数量4305家/同比+190家，门店数量重回净增;2025Q2国内GMV同店实现低个位数增长，同店表现边际向好，该行据此估算2025Q2表观单店收入61.1万元/同比+7.87%，2025H1名创国内同店同比下滑低个位数，根据公司预计名创国内业务全年同店将实现正增长，同店表现将进一步优化;以上两点带动国内MINISO2025Q2实现营业收入26.2亿元/同比+13.6%，环比持续提升。

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