Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a positive outlook for its stock performance [3][40]. Core Insights - The company demonstrates brand dominance in the affordable ready-to-drink beverage sector, supported by an efficient supply chain and the emotional barrier created by the "Snow King" IP [3][40]. - The "Snow King" IP has become a top-tier brand in the IP space, enhancing emotional connections with consumers and improving marketing efficiency [2][34]. - The company is expected to achieve significant revenue growth, with projected revenues of 29.58 billion, 33.37 billion, and 36.35 billion CNY for 2025, 2026, and 2027 respectively, alongside net profits of 5.32 billion, 6.08 billion, and 6.70 billion CNY [3][39]. Summary by Sections 1. Introduction - The report discusses a recent incident involving a store using overnight lemons and oranges, highlighting the consumer's leniency towards the brand due to its efficient supply chain and emotional connection through the "Snow King" IP [1][13]. 2. Brand Dominance in Affordable Ready-to-Drink Beverages - The affordable ready-to-drink beverage market in China is growing rapidly, with a CAGR of 25.6% from 2021 to 2023. The company holds a market share of 32.7% in this segment, significantly leading over competitors [14][22]. 3. Emotional Barrier from "Snow King" IP - The "Snow King" IP was created in 2018 and has been developed through various marketing strategies, enhancing its emotional connection with consumers. The IP has gained high recognition and popularity, contributing to lower customer acquisition costs [2][27][34]. 4. Profit Forecast and Investment Recommendations - The company is expected to open 9,000, 8,500, and 8,000 new franchise stores from 2025 to 2027, with a stable closure rate of 4.3%. Revenue and net profit are projected to grow significantly during this period [39][40].
蜜雪集团（02097）：从IP角度看蜜雪冰城情感壁垒