申万宏源证券晨会报告-20250509

Group 1: Key Insights on Mixue Group - Mixue Group is a leading fresh beverage company in China, owning the fresh tea brand "Mixue Ice City" and the fresh coffee brand "Lucky Coffee" with a global store count of 46,479 by the end of 2024, making it the largest fresh beverage company worldwide [11][12] - The company focuses on the affordable price segment, with core products priced between 2 to 8 RMB, which is lower than some bottled beverages. The top three best-selling products account for over 40% of revenue [11][12] - Mixue Ice City has established the earliest and largest supply chain in the industry, with over 60% of beverage ingredients sourced from its own production, the highest in the industry, ensuring quality and cost control [12][13] - The company aims to build a strong brand connection with consumers through its high-quality and affordable value proposition, becoming a household name and launching the "Snow King" IP to enhance brand recognition [3][12] - Revenue and net profit are projected to grow at compound annual growth rates of 19% and 18% respectively from 2024 to 2027, driven by the opening of new franchise stores [12][13] Group 2: Insights on Konjac Industry - The report highlights the company's ambition to become a leader in the konjac industry, with three main product lines: konjac powder, konjac food, and konjac beauty products, focusing on high-end and refined product development [6][12] - The company has a well-established raw material supply chain and advanced processing capabilities, benefiting from the upgrading trend in the konjac industry, with China being the largest konjac producer globally [6][12] - The konjac food market has significant growth potential, with per capita consumption in China at 0.1 kg compared to 2 kg in Japan, driven by increasing demand from overweight populations, the elderly, and weight loss seekers [6][12] - The company serves major downstream brands and is well-positioned to capture demand during the market expansion phase, with a focus on cost control and product innovation [6][12]