蜜雪集团(2097.HK)：四万店之后的星辰大海-极致供应链与现象级IP赋能下的全球扩张之路

Core Insights - The article emphasizes the "high quality and affordable" product philosophy of Mixue Group, which operates two main brands: Mixue Ice City and Lucky Coffee, targeting the mass consumer market [1][2] - Mixue Group has established a strong supply chain system, with over 60% of beverage ingredients produced in-house, enabling significant scale expansion through a franchise model [1] - The company is experiencing robust financial metrics, including leading expense ratios, gross margins, and net margins in the industry, supported by stable cash flow [1] Industry Analysis - The global ready-to-drink beverage market shows significant regional growth, with China and Southeast Asia presenting substantial potential [1] - The tea beverage sector in China has developed a multi-tiered consumption pattern, with affordable and mass-market products driving industry growth [1] - The coffee market is also witnessing multiple growth opportunities, with increasing demand and a shift towards lower price points enhancing consumer frequency [1] Competitive Advantages - Mixue Ice City's "Snow King" IP creates a unique traffic barrier through self-operated management and significant exposure [2] - The industrial-grade supply chain system supports the high-quality and affordable strategy, ensuring a closed-loop from procurement to production and logistics [2] - The company's strong supply chain allows for cost optimization and product standardization, enhancing operational efficiency [2] Profitability Forecast - The company is expected to achieve net profits of 57.12 billion, 68.17 billion, and 76.51 billion yuan from 2025 to 2027 [2] - The investment recommendation is to "buy" based on the unique advantages of Mixue Ice City, strong supply chain control, and dual growth potential in domestic and international markets [2]