Investment Rating - The report maintains an "Outperform" rating for the social services sector [3][42]. Core Insights - The high-end ready-to-drink tea industry is expected to grow at a CAGR of 17.8% from 2024 to 2028, with the leading brand, Bawang Chaji, holding a market share of 20.3% in 2024 [1][15]. - Bawang Chaji achieved a revenue of 12.41 billion CNY in 2024, representing a year-on-year increase of 167.4%, with a net profit of 2.52 billion CNY, up 173.8% [1][16]. - The company has successfully implemented a "big single product" strategy, with its core product, "Boya Juexian," selling over 600 million cups, contributing to 61% of its GMV [1][19]. - The report highlights the effectiveness of Bawang Chaji's membership system, which has led to a 112.2% increase in active members, reaching 99.2 million in 2024 [1][23]. Summary by Sections Industry Overview - The high-end ready-to-drink tea market is projected to reach 167.1 billion CNY by 2028, with a total of 51,468 stores expected by that year [15][19]. - The competitive landscape is intensifying, with the number of high-end tea stores increasing from 5,276 in 2019 to 30,917 in 2024 [15][19]. Company Performance - Bawang Chaji's gross margin was 51.5% in 2024, leading the industry, with a net profit margin of 20.3% [1][16]. - The company operates 6,440 stores globally, with a year-on-year increase of 83.4%, and 97% of these are franchise stores [1][19]. Investment Recommendations - The report suggests focusing on companies like Tongcheng Travel, Shoulu Hotel, and Haidilao, among others, as potential investment opportunities in the current economic environment [3][42].
社会服务行业双周报（第105期）：茶姬招股说明书梳理，“大单品+强加盟”模式助力，2024年门店数及单店GMV双增长
Guoxin Securities·2025-04-21 05:55