大和升蜜雪集团目标价至608港元 评级跑赢大市 金十数据5月28日讯，大和发表研究报告指，昨日内地茶饮行业股强劲反弹，主要是由于美团 (03690.HK)在其财报电话会议上表示会不惜一切代价扞卫其市场份额，引发食品外卖平台之间的持续价 格战。该行重申蜜雪集团(02097.HK)跑赢大市评级，将目标价由539港元上调至608港元，以反映对最新 外卖平台竞争令同店销售增长预测较高，以及全初至今开店速度较快，每股盈利预测上调5-6%。 ...

Key Insights - The report highlights the macroeconomic environment, indicating a weakening policy support effect on bonds, while still suggesting that bonds have underlying support [6] - The report emphasizes the growth potential of the tea beverage industry, particularly focusing on the performance and expansion of the company, Mixue Group, which is positioned as a leader in the ready-to-drink tea market [7][8] - The report discusses the financial performance of various companies, including Mylab Biotech and Aibo Medical, noting their strategic adjustments and growth trajectories [11][16] Group 1: Mixue Group - Mixue Group is the largest ready-to-drink tea company globally, with a store count reaching 46,479 by the end of 2024, and a revenue of 24.83 billion RMB, reflecting a 22.3% year-on-year growth [7] - The company has a strong focus on cost-effective products priced between 2-8 RMB, with a significant portion of its stores located in lower-tier cities, accounting for 57.4% of its total store count [7] - The revenue composition for 2024 shows that product sales, equipment sales, and franchise services contribute 94.5%, 3.0%, and 2.5% respectively, with product sales being the core revenue driver [7] Group 2: Industry Growth - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [8] - Mixue holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [8] - The report notes that the Southeast Asian market is a primary target for Mixue's international expansion, where it has achieved a market share of approximately 19.5% [8] Group 3: Mylab Biotech - Mylab Biotech reported a revenue of 2.549 billion RMB in 2024, a decline of 11.98%, with a net profit of 127 million RMB, down 59.44% [11] - The company is undergoing a strategic transition, focusing on increasing its share of self-developed products, which now account for 75.07% of its revenue [11] - The report indicates that Mylab's self-developed products are expected to grow, with a focus on smart laboratory solutions [12] Group 4: Aibo Medical - Aibo Medical achieved a revenue of 1.41 billion RMB in 2024, marking a 48.24% increase, with a net profit of 388 million RMB, up 27.77% [16] - The company is in the growth phase for its vision care business, with the first domestically produced intraocular lens approved for sale [16] - The report highlights the potential for Aibo's products to capture market share, particularly in the context of increasing demand for vision correction solutions [17]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 145.4K, 149.3K, and 152.7K RMB for 2025-2027, with a stable cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700, 8,855, and 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Recommendations - The report suggests a target price of 603.30 - 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6] - The company is expected to benefit from valuation premiums typical for high-growth beverage brands [4]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time [6] Core Insights - The company is positioned as the leading player in the affordable tea beverage market, with a focus on expansion into lower-tier cities and international markets [15] - The company aims to leverage its supply chain efficiencies to enhance profitability and maintain growth momentum [14][39] - The projected revenue and net profit for 2024 are 24.83 billion RMB and 4.44 billion RMB, respectively, reflecting a year-on-year growth of 22.3% and 41.4% [5] Summary by Sections Company Overview - Founded in 1997, the company has grown to become the largest beverage chain globally, with over 46,479 stores expected by the end of 2024 [1][15] - The company has a strong focus on high-cost performance products priced between 2-8 RMB [21] Market Analysis - The ready-to-drink tea market is projected to reach approximately 310.9 billion RMB by 2025, with a compound annual growth rate (CAGR) of about 19.7% from 2023 to 2028 [2] - The company holds a market share of 20.2% in the ready-to-drink tea segment, leading the competition [2] Growth Drivers - The growth formula is defined as store revenue multiplied by store count and supply chain efficiency [3] - Expected single-store revenue growth is projected at 4.8% for 2025, with a steady cost-sharing model [3] - The company plans to increase its store count significantly, with net additions of 7,700 to 8,930 stores from 2025 to 2027 [3] Financial Projections - Revenue is expected to grow from 20.3 billion RMB in 2023 to 43.1 billion RMB by 2027, with a CAGR of 24.2% [5] - Net profit is projected to increase from 3.14 billion RMB in 2023 to 7.83 billion RMB by 2027, reflecting a CAGR of 24.8% [5] Investment Strategy - The company plans to utilize IPO proceeds to expand production capacity, enhance brand IP, and invest in digital transformation [42] - The target price for 2025 is set between 603.30 and 635.00 HKD, indicating a potential upside of 14.3% to 20.3% from the current price [6][39]

其中，蜜雪冰城于3月3日在香港交易所上市，证券简称"蜜雪集团"（02097.HK），每股发行价为202.50 港元，募资净额为32.91亿港元。 5月20日，备受瞩目的全球动力电池龙头——宁德时代（03750.HK）正式登陆港交所。上市首日高开 12.55%，报296港元。最新总市值超1.3万亿港元，成为近年来港股规模最大的IPO之一，也缔造了今年 全球最大的IPO。 据了解，宁德时代此次港股上市的募集资金净额约353亿港元，为今年全球最大的新股募资活动，这也 助推香港今年的新股募资额重回全球第一。此前，香港特区政府财政司司长陈茂波透露，宁德时代的上 市，令香港今年的新股集资额超过600亿港元，较上年同期多逾6倍。 宁德时代董事长、CEO曾毓群在公司港股上市仪式上表示，港股上市意味着公司将更广泛地融入全球资 本市场。这或许也是很多其他赴港上市明星企业的共同诉求。 今年以来，除了宁德时代之外，以蜜雪冰城、古茗、沪上阿姨等为代表的消费领域企业也纷纷选择登陆 港股市场，为港股市场的繁荣贡献力量。 知名经济学者、工信部信息通信经济专家委员会委员盘和林向观察者网表示，这些不同行业领军企业选 择港股上市，不仅仅是为了融入 ...

Group 1 - The HuRun Research Institute released the "2025 HuRun China New Tea Beverage Brand TOP 20," featuring brands like Mixue Ice City, Gu Ming, and Heytea [1] - Chinese companies account for over half of the 47 food and beverage enterprises on the global unicorn and future unicorn list, with 26 brands, including new tea beverage brands [1] - The new tea beverage industry has deeply integrated into the Chinese tea industry chain, with the tea used by these brands accounting for nearly 10% of China's total tea production [1] Group 2 - The global ready-to-drink beverage market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2028, reaching a market size of $1,103.9 billion by 2028 [1] - China and Southeast Asia are projected to be the fastest-growing markets during 2023-2028, with respective CAGRs of 17.6% and 19.8%, contributing nearly 40% of the global market growth [1] - On May 8, Heytea successfully listed on the Hong Kong Stock Exchange, while Green Tea Group initiated its IPO on the same day, indicating a trend of mainland restaurant companies pursuing dual strategies of opening stores and listing in Hong Kong [1] Group 3 - Notable brands like Mixue Group, Haidilao, and Green Tea Group are among those aiming for IPOs in Hong Kong, leveraging the market for international experience and capital [2] - Mixue Ice City has established its leading position in the competitive ready-to-drink beverage market through supply chain scale effects and a strong brand image [2] Group 4 - Relevant companies in the tea beverage industry listed on the Hong Kong Stock Exchange include Mixue Group (02097), Cha Bai Dao (02555), Heytea (02589), Gu Ming (01364), Nai Xue's Tea (02150), and Green Tea Group (06831) [3]

Group 1 - The Hang Seng Composite Index will include companies Bruker (00325.HK), Gu Ming (01364.HK), and Mixue Ice City (02097.HK) [1]

Core Viewpoint - Mixue Ice Cream is expanding into the Brazilian market, planning significant investments in local agricultural products and establishing a supply chain [1][2]. Group 1: Company Expansion - Mixue Ice Cream signed a memorandum with ApexBrasil to increase the import of Brazilian agricultural products, including coffee beans and fruit products [1]. - The company plans to invest at least 4 billion RMB in agricultural procurement over the next 3-5 years, which is expected to create 25,000 jobs [1]. - The first store in Brazil is set to open this year, along with plans to build a supply chain factory [1]. Group 2: Market Context - The economic cooperation between China and Brazil has deepened, with China being Brazil's largest trading partner and export destination [1]. - Brazil, as the world's largest coffee producer, plays a crucial role in trade relations with China [1]. - The competitive landscape in the domestic tea beverage market has intensified, prompting many brands, including Mixue Ice Cream, to explore overseas markets for growth opportunities [2].

Group 1 - The core viewpoint of the article highlights the strong performance of certain beverage stocks in the Hong Kong market, particularly Andeli Juice, which has seen a significant increase in its stock price [1] - Andeli Juice (02218.HK) has surged by 69.92%, indicating a substantial rise in investor interest and market confidence [1] - Other beverage companies also experienced notable gains, with Cha Bai Dao (02555.HK) rising by 10.13%, Uni-President China (00220.HK) increasing by 8.24%, and Mixue Group (02097.HK) up by 2.06% [1]

Group 1 - Non-alcoholic beverage stocks in Hong Kong experienced a significant upward trend, with Andeli Juice (02218.HK) rising over 47% [1] - Unified Enterprises China (00220.HK) saw an increase of nearly 9.5% [1] - Tea Baidao (02555.HK) rose by nearly 9% [1] - Juxing Legend (06683.HK) increased by over 4% [1] - Both Guming (01364.HK) and Mixue Group (02097.HK) saw a rise of 2% [1]