Group 1 - The core viewpoint of the report is that Tea Baidao (02555) is expected to achieve good performance growth through continuous store expansion, supported by a balanced product matrix and store layout [1] - The target price for Tea Baidao is set at HKD 12, based on a relative valuation method with forecasted price-to-earnings ratios of 19 times and 15 times for the next two years [1] - The estimated earnings per share for Tea Baidao are projected to be RMB 0.59 and RMB 0.72 for the next two years, indicating a compound annual growth rate of 50% [1] Group 2 - The ready-to-drink tea industry is expected to maintain rapid growth, with the mainstream market being dominated by the price range of RMB 10 to 20 [1] - Industry leaders are anticipated to continue expanding their market share due to economies of scale [1] - Tea Baidao's core competitive advantages include a balanced and diverse product matrix, strong supply chain capabilities supporting nationwide layout, and a systematic franchise management system that aids in stable store expansion [1]
中金：首予茶百道(02555)“跑赢行业”评级 有望实现较好业绩增长