新股预览：古茗控股

Investment Rating - The report assigns a basic factor and valuation rating of ★★☆☆☆ [5] Core Insights - The company is a leading and rapidly growing domestic beverage enterprise, recognized as the largest mass-produced tea drink brand in mainland China by GMV and store count as of December 31, 2023 [1][2] - The company's GMV increased by 37.2% from RMB 14 billion in 2022 to RMB 19.2 billion in 2023, capturing approximately 18% of the market share in the mass-produced tea drink sector [2][3] - The number of stores grew by 35.0% from 6,669 stores at the end of 2022 to 9,001 stores by the end of 2023, with further expansion expected to 9,778 stores by September 30, 2024 [2][3] Market Growth - The company has established a high-quality store network across eight provinces in mainland China, contributing to 87% of its GMV in 2023 [3] - The company has successfully implemented a regional densification strategy, achieving critical scale in various provinces, including over 2,000 stores in Zhejiang since 2017 [3] Franchise Relationships - The company's franchisees maintain strong profitability, with an average operating profit of RMB 376,000 per store and a profit margin of 20.2% in 2023, significantly higher than the estimated average of below 15% in the mass-produced tea drink market [3] - In lower-tier cities, franchisees achieved an operating profit of RMB 386,000 per store in 2023, providing substantial income for their families [3] Financial Data - Key financial figures for the company are as follows: - Revenue: RMB 4.384 billion in 2021, RMB 5.559 billion in 2022, and RMB 7.676 billion in 2023 [4] - Profit attributable to shareholders: RMB 0.020 billion in 2021, RMB 0.387 billion in 2022, and RMB 1.060 billion in 2023 [4]