Investment Rating - The report maintains a rating of "Buy" for the company [7] Core Views - The takeaway from the report is that the new product development and the competitive landscape in the food delivery sector are driving short-term demand for the tea beverage industry, with the company enhancing its R&D and supply chain capabilities to improve competitiveness [2][3] Summary by Sections Investment Recommendations - The company is expected to generate revenues of 57.04 billion, 61.84 billion, and 66.84 billion RMB for the years 2025-2027, with growth rates of 16%, 8%, and 8% respectively [11] - Adjusted net profits are projected to be 9.45 billion, 10.60 billion, and 11.61 billion RMB for the same period, with growth rates of 47%, 12%, and 10% respectively [12][14] Industry Dynamics - The tea beverage industry is experiencing high demand driven by a price war and new product cycles, with a marginal improvement in industry dynamics since the second half of 2024 [19] - The health trend is leading to a new product cycle, with consumers increasingly favoring healthier options, such as those featuring superfoods like kale [27][28] R&D and Supply Chain Enhancements - The company has strengthened its R&D capabilities, increasing the frequency of new product launches to 5-8 per month, resulting in a higher rate of successful products [37][38] - A comprehensive supply chain network has been established, ensuring timely delivery of fresh ingredients to stores, which enhances product quality and operational efficiency [39] Revenue Recovery and Cost Control - The company is expected to see a revenue recovery in 2025, driven by a low base effect, accelerated new product launches, and the impact of the food delivery competition, which is estimated to boost same-store sales by approximately 8% [40] - The total number of stores is projected to stabilize and increase in the latter half of 2025, with a net addition of 1,100 stores expected [15][40]
茶百道（02555）：公司更新报告：新品研发助力底部反转，外卖大战引爆短期需求