新股解读｜为何说鸣鸣很忙（01768）会是消费板块里稀缺的确定性成长股？

Core Insights - The company "Ming Ming Hen Mang" is set to launch on the Hong Kong stock market, showcasing impressive growth with a tenfold increase in store count to nearly 20,000 within two years, and a compound annual growth rate (CAGR) of 203% in revenue and 206% in gross profit from 2022 to 2024 [1][2] Business Model and Competitive Advantage - The company's business model combines vertical selection of products with a franchise model, with 99.9% of its stores being franchisee-operated by September 2025 [2][3] - The core competitive advantage lies not in franchise fees but in product sales, which account for 99.3% of total revenue, indicating a strong focus on sales rather than franchise income [3][4] Supply Chain Efficiency - Ming Ming Hen Mang achieves a competitive edge through a highly efficient supply chain, with an average product price 25% lower than traditional supermarkets, facilitated by strategic store locations and a flat supply chain structure [5][6] - The company operates 23 self-owned warehouses and 25 third-party warehouses, ensuring delivery within 24 hours for most stores, with inventory turnover days at 11.6, significantly lower than industry standards [5][6] Market Potential and Growth - The Chinese snack retail market is valued at over 3.7 trillion yuan, with the top five companies holding only about 6% market share, indicating substantial growth potential for Ming Ming Hen Mang, which currently holds approximately 1.5% market share [7][8] - The company is expected to enhance its profitability as it scales, with gross margins improving from 7-8% to 9.7% by September 2025, driven by cost control and differentiated product offerings [8][9] Investment Outlook - The company plans to issue 14.1011 million H-shares at a price range of 229.6-236.6 HKD per share, with a projected dynamic price-to-earnings ratio of around 20 times, reflecting its high growth visibility and potential for valuation premium [9]