Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook based on its competitive advantages and market positioning [4][47]. Core Insights - The company is a leading brand in the ready-to-drink beverage sector, benefiting from multiple competitive advantages that facilitate rapid growth [4][7]. - The Chinese ready-to-drink beverage market is experiencing significant growth, with a projected CAGR of 18% from 2023 to 2028, indicating substantial future potential [16][18]. - The company has established itself as the largest player in the domestic market, with a market share of 20.9% as of Q3 2024, and a strong presence in both domestic and international markets [6][31]. Summary by Sections Financial Performance - The company’s revenue is projected to grow from 203.02 billion RMB in 2023 to 343.45 billion RMB by 2026, with year-on-year growth rates of 49.55%, 25.20%, 18.98%, and 13.56% respectively [5][47]. - The net profit attributable to shareholders is expected to increase from 31.37 billion RMB in 2023 to 55.98 billion RMB in 2026, with growth rates of 57.13%, 42.58%, 14.45%, and 9.35% respectively [5][47]. Competitive Advantages - The company maintains a high-quality and affordable product strategy, with an average price around 6 RMB, targeting a broad customer base [6][28]. - It holds the largest market share in the ready-to-drink beverage sector in China, with a significant increase in market share from 16.6% in 2021 to 20.9% in Q3 2024 [6][31]. - The company has a leading number of stores, with 45,302 locations as of Q3 2024, making it the largest ready-to-drink beverage company globally [6][35]. - The company emphasizes supply chain efficiency, achieving a high self-production ratio and maintaining lower procurement costs compared to competitors [6][37]. - The "Snow King" IP has become a significant marketing asset, enhancing brand recognition and consumer engagement [6][39]. Market Outlook - The ready-to-drink beverage market in China is expected to grow from 5,175 billion RMB in 2023 to 11,634 billion RMB by 2028, with an increasing share of the overall beverage market [20][22]. - The company is well-positioned to capitalize on the growing demand for affordable ready-to-drink beverages, particularly in lower-tier cities where market growth is robust [20][28].
蜜雪集团（02097）：现制饮品头部品牌，多重竞争优势助公司快速发展