研报掘金｜东吴证券：看好平价茶饮细分赛道持续保持较快增长 维持蜜雪集团“买入”评级

Group 1 - The core viewpoint of the report is that the affordable tea beverage segment is expected to maintain rapid growth due to its lower average transaction value and alignment with mass consumer upgrade logic, with significant penetration potential in lower-tier markets [1] - The report indicates that after an initial phase of rapid expansion, the current number of industry stores has significantly exceeded demand, leading to an accelerated trend of eliminating weaker brands and favoring stronger ones with robust product and channel capabilities [1] - The brand Mixue is highlighted as a leading player in the affordable tea beverage market, with a strong visibility of market share growth, and the company is projected to reach approximately 70,000 stores domestically and 10,000 to 15,000 stores in Southeast Asia [1] Group 2 - The report forecasts that Mixue's net profit attributable to the parent company will be 5.85 billion, 6.52 billion, and 7.3 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 32%, 12%, and 12% respectively [1] - The report maintains a "Buy" rating for the company, reflecting confidence in its growth trajectory and market position [1]