蜜雪集团：中国现制饮品行业龙头公司-20250304

Investment Rating - The report assigns a positive investment rating to Mixue Group, highlighting its position as a leading player in the Chinese ready-to-drink beverage industry [2]. Core Insights - Mixue Group is recognized as the largest ready-to-drink beverage company in China and globally, with over 45,000 stores across 11 countries as of September 30, 2024 [3][4]. - The company has a strong product matrix, including popular items like ice lemon tea, fresh ice cream, and pearl milk tea, which contribute significantly to its sales volume [4]. - Mixue Group has established a comprehensive supply chain, allowing it to maintain cost advantages over competitors through optimized procurement, production, and logistics [5][6][8]. - The global ready-to-drink beverage market is projected to grow significantly, with China's market expected to reach RMB 11,634 billion by 2028, reflecting a compound annual growth rate of 17.6% [9]. Company Overview - Mixue Group focuses on providing high-quality, affordable beverages, with an average price of around RMB 6 (approximately USD 1) [3]. - The company operates under two main brands: "Mixue Ice City" for fruit and tea drinks and "Lucky Coffee" for coffee products [3][4]. - As of 2023, the company achieved a beverage output of approximately 7.4 billion cups, maintaining its leading position in the industry [3]. Business Model - The company generates revenue by selling raw materials to franchisees and optimizing its supply chain to achieve significant cost advantages [5][6]. - Mixue Group has a robust logistics system, with a self-operated warehousing network covering 31 provinces and over 4,900 towns in China, ensuring efficient distribution [8]. Financial Analysis - The company reported revenues of RMB 136 billion, RMB 203 billion, and RMB 187 billion for the years 2022, 2023, and the first nine months of 2024, respectively, with year-on-year growth rates of 31.1%, 49.6%, and 21.2% [10]. - The gross profit margin has remained stable, with figures of 31.3%, 28.3%, 29.5%, and 32.4% for the respective periods [10][12]. - Net profit for the same periods was RMB 19.1 billion, RMB 20.1 billion, and RMB 34.9 billion, with net profit margins of 18.5%, 14.8%, and 18.7% [12].