Company Overview - The company is enhancing its integrated supply chain capabilities, consolidating quality-price ratio and scale flywheel effects, and achieving relatively stable growth despite potential disruptions from the decline in delivery subsidies [1] - The company has established deep partnerships with major suppliers for global procurement, reducing costs through scale effects, with specific procurement volumes for lemons, fresh oranges, tea leaves, and coffee beans in 2024 [1] Supply Chain and Operational Efficiency - The company is improving factory automation and optimizing product taste through process upgrades, while also establishing a localized warehousing system in countries like Vietnam, Indonesia, Thailand, and Malaysia [1] - The company has deployed 4,000-5,000 self-developed intelligent dispensing machines, reducing service time from over 20 seconds to 8-10 seconds, enhancing store operational efficiency [1] Market Performance and Growth Potential - The impact of delivery subsidies is gradually weakening, but the company is expected to achieve stable performance growth through product innovation, offline marketing, and mini-program traffic [2] - The company’s "Lucky Coffee" brand is leveraging supply chain advantages to enhance fruit and coffee product innovation, with a projected higher same-store growth rate compared to the overall company [2] International Market Adjustments - The overseas market is still in an adjustment phase, with higher gross margins compared to domestic operations, allowing the company to maintain profitability for franchisees while enhancing quality-price positioning [2] Financial Forecast and Valuation - The company maintains its earnings forecast, with current stock prices corresponding to 24/21x P/E for 2025/2026, and a target price reflecting a potential upside of 35% [2]
蜜雪集团(02097.HK)：一体化供应链优势显著 飞轮效应持续强化