Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Core Insights - The company has established over 45,302 stores globally, focusing on lower-tier markets in China, with more than 50% of its domestic stores located in tier-three cities and below [3][14] - The supply chain is fully integrated, covering everything from raw material procurement to logistics and distribution, which allows the company to achieve lower procurement costs compared to competitors [4][28] - The "Snow King" IP has become a unique brand asset, enhancing brand recognition and enabling diverse marketing strategies [5][41] - The ready-to-drink beverage market is a trillion-dollar industry, with the fastest growth expected in China and Southeast Asia, where the company is a leading player [6][44][46] - Financially, the company reported revenues of 18.66 billion yuan and a net profit of 3.49 billion yuan for the first three quarters of 2024, with a gross margin of 32.4% and a net margin of 18.7% [7][64] Summary by Sections Products and Stores - The company operates over 45,000 stores globally, with a significant focus on lower-tier markets in China, where over 50% of its stores are located in tier-three cities and below [3][14][17] - The average price of core products ranges from 2 to 10 yuan, making them highly accessible [20] Supply Chain - The company has a comprehensive supply chain that includes five production bases in China, ensuring food safety and operational efficiency [4][35] - The procurement network spans six continents and 38 countries, allowing for competitive pricing [32][34] IP and Marketing - The "Snow King" IP is the only super IP in China's ready-to-drink beverage industry, significantly enhancing brand visibility [5][41] - The company has leveraged its extensive store network for various marketing activities, achieving over 43.5 billion views on Douyin [41] Industry and Market Landscape - The global ready-to-drink beverage market is projected to grow from 1,103.9 billion by 2028, with China and Southeast Asia expected to contribute nearly 40% of this growth [44][46] - The company holds a 7.4% market share in terms of beverage output, making it the second-largest player globally [56] Financial Performance - The company achieved a revenue growth rate of 31%, 50%, and 21% for the years 2022, 2023, and the first three quarters of 2024, respectively [7][64] - The core revenue source is from the supply chain, which accounts for over 90% of total revenue [65]
现制饮品行业蜜雪冰城招股书梳理：小门店大玩家，平价下沉市场走出来的茶饮龙头
中泰证券·2025-02-17 01:15