Luckin Coffee(LKNCY) 天风证券·2025-02-27 00:23Investment Rating - The report assigns a "Buy" rating for the stock, indicating an expected relative return of over 20% within the next six months [10]. Core Insights - The company reported a total revenue of 9.61 billion yuan for Q4 2024, representing a year-on-year growth of 36.1%. Product sales revenue reached 7.568 billion yuan, up 42.7%, while franchise business revenue was 2.046 billion yuan, growing by 16.0% [1][2]. - The company opened 997 new stores in Q4 2024, bringing the total to 22,340 stores, maintaining its leading position in China's coffee industry. Monthly active customer count reached 77.8 million, a 24.5% increase year-on-year [1][2]. - Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, reflecting a year-on-year increase of 4.7 percentage points [1][3]. Revenue Summary - The company achieved a total revenue of 9.61 billion yuan in Q4 2024, with a year-on-year increase of 36.1%. The revenue from self-operated stores was 7.568 billion yuan, up 42.7%, while franchise stores contributed 2.046 billion yuan, a 16.0% increase [2]. - The company continues to expand its store network, with a total of 22,340 stores, including 14,591 self-operated and 7,749 franchise stores. The franchise revenue accounted for 21.3% of total revenue, down 3.7 percentage points year-on-year [2]. Profit Summary - The Non-GAAP net profit for Q4 2024 was 928 million yuan, with a net profit margin of 9.7%, which is an increase of 4.7 percentage points year-on-year. The profit margin for self-operated stores was 19.6%, up 6.1 percentage points [3]. - The company is strengthening its supply chain by enhancing its processing and roasting capabilities, with new facilities in Yunnan and Jiangsu, and a new production center in Qingdao under construction [3]. Investment Recommendations - The report suggests that the company is well-positioned for growth in both the coffee and new tea beverage sectors, with ongoing product innovation and store expansion likely to enhance market share. Short-term focus should be on new product launches and supply chain optimization [4].