蜜雪集团：IPO申购指南：蜜雪冰城-20250221

Investment Rating - The report recommends subscription for the company, Mixue Ice City (2097.HK) [1][3] Core Insights - Mixue Ice City is a leading global beverage company focusing on affordable, high-quality drinks, with over 45,000 stores across 11 countries as of September 30, 2024 [2][3] - The company holds a market share of approximately 11.3% in China and 2.2% globally, ranking first in China and fourth worldwide in the ready-to-drink beverage sector [2] - The ready-to-drink beverage market in China and Southeast Asia is projected to grow significantly, with a CAGR of 17.6% and 19.8% respectively from 2023 to 2028 [2] - The affordable ready-to-drink beverage market in China is expected to grow from 136.6 billion RMB in 2023 to 371.9 billion RMB by 2028, with a CAGR of 22.2% [2] Financial Performance - The company has shown rapid revenue growth, with revenues of 136 billion RMB, 203 billion RMB, and 187 billion RMB for the years 2022, 2023, and the first nine months of 2024 respectively, reflecting year-on-year growth rates of 31.2%, 49.6%, and 21.2% [3] - Net profits for the same periods were 20 billion RMB, 32 billion RMB, and 35 billion RMB, with growth rates of 5.3%, 58.3%, and 42.3% respectively [3] - The company's IPO price corresponds to a dynamic PE of approximately 15.7X for 2024 [3]