蜜雪集团：IPO申购指南：蜜雪冰城-20250222

Investment Rating - The report recommends subscription for the company, indicating a positive investment outlook [1][3]. Core Insights - The company, founded in 1997, focuses on affordable, high-quality ready-to-drink beverages, including fruit drinks, tea, ice cream, and coffee, with a notable brand presence in China and 11 other countries [2][3]. - As of September 30, 2024, the company operates over 45,000 stores through a franchise model, making it the largest ready-to-drink beverage company in China and globally by store count [2]. - The company holds approximately 11.3% and 2.2% market shares in China's and the global ready-to-drink beverage markets, respectively, ranking first in China and fourth globally [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 segment in China is expected to grow from a market size of 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 reported 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% [3]. - The company's IPO price corresponds to a dynamic PE ratio of approximately 15.7X for 2024 [3].