[Table_Page] 公告点评|食品、饮料与烟草 证券研究报告 [【Table_T广itle] 发批零社服&海外】奈雪的茶 [公Tab司le_I评nves级t] 增持 当前价格 2.73港元 （02150.HK） 合理价值 3.04港元 前次评级 增持 单店模型优化，轻资产模式有望加速拓店 报告日期 2024-04-03 [ 核Tabl 心e_Su 观mm 点ary] ： [相Tab对le_P市icQ场uote表] 现  公司发布23年业绩：23年全年实现营业收入51.6亿元，同增20.3%； 2% 04/23 06/23 08/23 09/23 11/23 01/24 03/24 -13% 实现归母净利润1322.4万元，扭亏为盈（22年亏损4.7亿元）；经调 -28% 整净利润为2091.2万元，扭亏为盈（22年亏损4.6亿元）。 -42%  单店日销量价均有所承压。据公司财报，23年奈雪的茶直营店日均订 -57% 单量为 344.3 单，同比减少 1.1%；每笔订单平均销售额为 29.6 元， -72% 奈雪的茶 恒生指数 同比下滑13.7%，我们预计主要与新开门店较多、促销活动增加有关； 量价 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][4]. Core Views - The company's revenue growth has slowed down, primarily due to adjustments in price range and product structure, leading to pressure on both volume and price. However, the bottled beverage business is experiencing rapid growth and is expected to become a new breakthrough area for the company. Profitability is being enhanced through continued cost control at both store and headquarters levels, indicating potential for further improvement [4]. - For the fiscal year 2023, the company achieved a revenue of 5.16 billion RMB, representing a year-on-year growth of 20.3%. The net profit attributable to shareholders was 0.13 billion RMB, marking a return to profitability. The revenue from bottled beverages reached 0.27 billion RMB, showing a significant year-on-year increase of 69.8% [4]. - The company plans to slow down the opening of new direct-operated stores in 2024 while accelerating franchise store openings. As of the end of 2023, there were 1,574 direct-operated stores, with a net increase of 506 stores [4]. Financial Summary - The projected revenues for 2024, 2025, and 2026 are 5.87 billion RMB, 6.58 billion RMB, and 7.33 billion RMB, with year-on-year growth rates of 13.6%, 12.1%, and 11.4% respectively. The net profit attributable to shareholders is expected to be 0.65 billion RMB, 1.63 billion RMB, and 2.75 billion RMB for the same years, with net profit margins of 1.1%, 2.5%, and 3.8% respectively [4][5]. - The operating profit margin for 2023 was 9.7%, with an expected increase to 12.3% in 2024 [5]. - The average sales value per order in 2023 was 29.6 RMB, a decrease of 13.7% year-on-year, attributed to changes in product pricing and structure [4].

[Table_Main] 公司研究|可选消费|消费者服务II 证券研究报告 奈雪的茶(2150.HK)公司点评报告 2024年04月03日 [Tab年le_T度itle净] 利扭亏为盈，加盟提升拓店空间 [Table_Inves 增t] 持|维持 ——奈雪的茶(2150.HK) 2023年年度业绩点评 [事Ta件ble：_S ummary] [[基TTaa本bbll数ee__据BTaa rsgee]t Price] 公司发布2023年全年业绩。 52周最高/最低价（港币）：9 .1 / 2.4 港股流通股（百万股）： 1715.13 点评： 港股总股本（百万股）： 1715.13  全年经调整净利润实现扭亏为盈，奈雪的茶单店模型持续优化 流通市值（百万港币）： 4,562.24 2023 年，公司实现营业收入 51.64 亿元，同比增长 20.33%；全年经调整 总市值（百万港币）： 4,526.24 净利润为0.21亿元，较前一年实现扭亏为盈。分业务线看，现制茶饮业务 [[相TTaa关bbll研ee__究PDioc报cQR告ueop toe]r t] 全年实现收入37.77亿，同比增长20.46%，收入占 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 奈雪的茶（02150.HK） 2023 年度业绩公告点评：同店承压，24 年加 2024 年 04月 01日 盟模式潜力可期 证券分析师 孙瑜 买入（维持） 执业证书：S0600523120002 suny@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 4,292 5,164 6,024 7,356 8,095 同比 -0.12% 20.33% 16.65% 22.12% 10.04% 奈雪的茶 恒生指数 归母净利润（百万元） -475.81 11.17 102.78 216.08 282.80 -2% -9% -16% 同比 89.48% 102.35% 820.51% 110.23% 30.88% -23% -30% -37% EPS-最新摊薄（元/股） -0.28 0.01 0.06 0.13 0.16 -44% -51% P/E（现价&最新摊薄） - 377.04 40.96 19.48 14.89 --- 765 258 %%% [关Ta键 ...

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奈雪的茶（2150.HK）2023年全年业绩公告点评 经营利润率优化明显，加盟门店扩张步入快车道 2024年03月30日 ➢ 奈雪的茶发布 2023年全年业绩公告。从业绩表现来看，2023年公司营业 推荐 维持评级 收入51.64亿元/同比+20.33%，经调整净利润0.21亿元/22年同期为-4.61亿 元。按业态划分收入，2023年奈雪的茶直营店收入46.92亿元/同比+18.19%， 当前价格： 2.66港元 瓶装饮料收入2.67亿元/同比+69.79%，台盖收入0.53亿元/同比-35.22%，其 他收入1.52亿元/同比+84.40%。聚焦旗下品牌经营利润情况，奈雪的茶直营店 经营利润 8.29 亿元/同比+76.34%，对应门店经营利润率 17.70%/同比 +5.90pcts；台盖收入-0.08亿元/22年同期为-0.12亿元，对应门店经营利润率 [Table_Author] -15.80%/22年同期为-14.50%。23年公司主品牌经营态势向好，瓶装饮料业务 逐步崛起，但台盖品牌营收表现有所下滑，可能是公司经营全面聚焦主品牌所致； 作为主品牌奶茶业务补充项的烘焙产品业务收入减少，可能是主品牌 ...

Investment Rating - The report maintains an OUTPERFORM rating for Nayuki Holdings [2][8]. Core Insights - Nayuki achieved a revenue of RMB 5.16 billion in 2023, representing a year-on-year growth of 20.3%, and turned a profit with an adjusted net profit of RMB 20.91 million, resulting in an adjusted net profit margin of 0.4% [8][9]. - The revenue from self-operated stores was RMB 4.69 billion, up 18.2% year-on-year, with daily sales per store averaging about RMB 10,000, a decrease of 14.7% year-on-year [8][9]. - The company plans to open 200 new self-operated stores in 2024, primarily in top-tier cities, and aims to expand its franchise stores to 2,000-3,000 within the next 2-3 years [8][9]. Financial Performance Summary - The company reported a gross profit margin of 67.1% in 2023, with a slight increase of 0.1 percentage points year-on-year [2][9]. - The adjusted net profit is projected to grow significantly in the coming years, with estimates of RMB 268 million in 2024, RMB 501 million in 2025, and RMB 683 million in 2026 [8][9]. - The report forecasts total revenue to reach RMB 7.38 billion in 2024, RMB 9.25 billion in 2025, and RMB 10.94 billion in 2026, reflecting growth rates of 42.9%, 25.4%, and 18.3% respectively [4][9]. Market Position and Strategy - Nayuki's strategy includes a focus on light-asset operations for future store expansions, which is expected to enhance profitability [8][9]. - The company has demonstrated a commitment to optimizing its cost structure, with labor costs, rental costs, and delivery costs showing a downward trend [9]. - Nayuki's market presence is expanding, with a total of 1,574 self-operated stores by the end of 2023, an increase of 506 stores year-on-year [8][9].

Financial Performance - For the year ended December 31, 2023, Nayuki Holdings reported a revenue increase of approximately 20.3% to RMB 5,164.1 million, up from RMB 4,291.6 million in 2022[2]. - The adjusted net profit shifted from a loss of RMB 461.3 million in 2022 to a profit of RMB 20.9 million in 2023[2]. - The total revenue for the group was RMB 5,164.1 million, an increase of approximately 20.3% compared to RMB 4,291.6 million in 2022, primarily due to the continuous increase in the number of operating stores and the lifting of COVID-19 restrictions in mainland China[27]. - The company reported a total comprehensive income of RMB 218,970,000 for the year ended December 31, 2023, compared to a total comprehensive income of RMB 455,595,000 for the year ended December 31, 2022[117]. - The company reported a net profit of RMB 11,166 thousand for the year, a significant recovery from a net loss of RMB 475,806 thousand in the previous year[66]. Revenue Breakdown - Revenue from the sale of freshly made tea drinks was RMB 3,776,943,000, up 20.5% from RMB 3,135,326,000 in 2022[79]. - Revenue from bottled beverages increased to RMB 266,619,000, a rise of 69.8% compared to RMB 157,031,000 in 2022[79]. - Revenue from baked goods and other income reached RMB 1,120,494,000, an increase of 12.1% from RMB 999,229,000 in 2022[79]. - The ready-to-drink tea business generated revenue of RMB 4,897,437 thousand in 2023, up from RMB 4,134,555 thousand in 2022, reflecting a growth of approximately 18.5%[86]. Store Operations - The company opened approximately 200 franchise stores by the end of February 2024, focusing on lower-tier cities to explore new markets[2]. - As of December 31, 2023, Naixue operated 1,574 direct-operated stores, with a net addition of 506 stores during the year[16]. - The total number of stores in first-tier cities increased from 309 in 2022 to 398 in 2023[17]. - The average daily sales per store in first-tier cities was RMB 12.7 thousand, down from RMB 14.4 thousand in 2022, with an operating profit margin of 19.6%[19]. Cost Management - Material costs amounted to RMB 1,699.4 million, representing 32.9% of total revenue, which is a slight decrease from 33.0% in 2022, despite a 20.0% increase in material costs compared to the previous year[29]. - Employee costs were RMB 1,403.9 million, accounting for 27.2% of total revenue, down from 31.7% in 2022, due to improved human resource efficiency[31]. - The financing costs decreased to RMB 65,873 thousand in 2023 from RMB 80,326 thousand in 2022, showing a reduction of about 18%[90]. - The total depreciation expense for property and equipment increased to RMB 304,274,000 in 2023 from RMB 263,016,000 in 2022, an increase of 15.7%[91]. Market Expansion - The company plans to continue expanding its overseas market presence, having opened its first store in Thailand by the end of 2023[2]. - The company plans to enhance marketing efforts for classic products and expand franchise operations and overseas markets in 2024 to address ongoing demand pressures[25]. - The company has made strategic adjustments in response to changing consumer behavior and market conditions, particularly in the franchise business[2]. Liquidity and Financial Position - The group held cash and deposits totaling RMB 2,983.5 million as of December 31, 2023, with no interest-bearing borrowings, indicating strong liquidity for operations and expansion[26]. - The company's total equity as of December 31, 2023, stands at RMB 5,986,570,000, an increase from RMB 5,757,854,000 as of December 31, 2022[117]. - The debt-to-asset ratio increased to 36.0% as of December 31, 2023, compared to 31.3% in 2022, indicating a higher level of leverage[121]. Shareholder Information - The company did not declare or pay any dividends for the year ended December 31, 2023, consistent with the previous year[120]. - The company repurchased 3,509,500 shares at a price range of HKD 2.64 to HKD 3.07, totaling approximately RMB 9,420,000[116]. - The share capital remains at 5,000,000,000 ordinary shares with a par value of USD 0.00005 per share as of December 31, 2023[116]. Compliance and Governance - The financial statements were prepared in accordance with International Financial Reporting Standards, reflecting the company's commitment to transparency and compliance[73]. - The audit committee, chaired by Ms. Zhang Rui, reviewed the audited consolidated financial statements for the year ending December 31, 2023[124]. - The company has maintained compliance with corporate governance codes, with recent adjustments to board composition to meet regulatory requirements[122].

公司研究 | 首次报告 奈雪的茶 02150.HK 增持（首次） 行业高速增长，打磨店型提效率 股价（2024年02月28日） 3.12港元 目标价格 3.52港元 52周最高价/最低价 9.11/2.4港元 总股本/流通H股（万股） 171,513/171,513 H股市值（百万港币） 5,351 核心观点 国家/地区 中国 行业 餐饮旅游 ⚫ 高端现制茶饮店市场呈现持续增长态势。中国现制茶饮进入新茶饮阶段，高端现制 报告发布日期 2024年02月29日 茶饮品牌出现，对品牌塑造极为重视，强调以天然优质原料制茶，大部分门店为直 营，以更精致多样的门店内容吸引消费者。根据灼识咨询预测，2023年国内现制茶 1周 1月 3月 12月 饮店市场规模将达到2119亿元，2018-2023年CAGR为24.7%。其中高端茶饮店 绝对表现% 5.41 7.96 -12.36 -57.02 市场规模为271亿元， 2018-2023年CAGR为34.3%，增速远超同期低端茶饮店 相对表现% 5.21 4.3 -7.65 -40.6 CAGR：22.3%和同期中端茶饮店CAGR：24.6%。预计高端茶饮店市场规模将持续 恒 ...

Shareholding and Voting Rights - Tian Tu Capital Co., Ltd. holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - Mr. Wang Yonghua holds 169,252,016 shares, representing 9.87% of the voting rights in the company[117] - PAGAC Nebula Holdings Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia III LP holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Asia Capital GP III Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG Capital Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Mr. Shan Weijian holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Pacific Alliance Group Limited holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - PAG holds 90,622,345 shares, representing 5.28% of the voting rights in the company[117] - Linxin Group's voting rights in the company are exercised by Mr. Zhao Lin and Ms. Peng Xin, who each ultimately control 50% of Linxin Holdings[118]