Group 1 - The report from Haitong International initiates coverage on Mixue Group with an "Outperform" rating, reflecting the company's leading position in the global ready-to-drink beverage industry [1] - A valuation of 25 times the earnings for 2026 is assigned, corresponding to a target price of HKD 482 [1] - The company is expected to experience incremental growth from delivery platform subsidies in 2025, but due to lower product price ranges, it has not actively participated in subsidy activities [1] Group 2 - As subsidy efforts gradually decline, the pressure for same-store growth in 2026 is anticipated to be relatively smaller within the industry [1] - The recently piloted breakfast products are expected to contribute positively to same-store sales [1] - New social security and tax-related policies are projected to promote a more standardized and sustainable industry development, allowing leading brands to capture a higher market share [1] Group 3 - Revenue projections for Mixue Group are estimated at CNY 33 billion, CNY 38.4 billion, and CNY 42.2 billion for the years 2025, 2026, and 2027 respectively [1] - Net profit forecasts are CNY 5.8 billion, CNY 6.74 billion, and CNY 7.5 billion for the same years [1]
大行评级丨海通国际：首予蜜雪集团“优于大市”评级及目标价482港元