Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$660.00, indicating a potential upside of 30% from the current price of HK$507.50 [7][10]. Core Insights - The company's success is attributed to its deep understanding of the extreme cost-performance business model, which is reflected in its clear brand positioning, excellent market insight, efficient external marketing resource utilization, and strong supply chain cost control capabilities [10][41]. - The company has successfully transitioned from a seasonal ice product to a more scalable and standardized fresh tea beverage market, demonstrating its unique market insight and ability to capture the vast demand in lower-tier markets [10][13]. - The rapid expansion of the franchise model, achieving over 40,000 stores, showcases the company's ability to balance franchisee profitability and operational standardization [10][40]. Summary by Sections Investment Overview - The investment in the company is fundamentally an investment in its understanding of the extreme cost-performance model, which has been pivotal in its growth trajectory [10]. - The company has effectively utilized its market insights and external marketing resources to create a strong brand presence [10][41]. Business Model and Expansion - The company has shifted its focus to the fresh tea beverage market, capitalizing on the growing demand and ensuring a high-frequency repurchase rate through its extreme cost-performance strategy [13][14]. - The franchise model is designed to minimize entry costs for franchisees while maximizing operational efficiency, leading to rapid store expansion [18][40]. Marketing and Brand Strategy - The company employs a multi-faceted marketing strategy that includes creating memorable visual and auditory brand elements to enhance consumer recognition and engagement [41][49]. - The use of social media platforms for viral marketing campaigns has significantly boosted brand awareness and consumer interaction [50][51]. Supply Chain and Cost Management - The company has established its own supply chain to ensure quality control and cost efficiency, which includes self-production of key raw materials [51][54]. - A robust logistics and distribution system has been developed to support rapid delivery and maintain product standardization across its extensive network of stores [57][59]. Financial Projections - Revenue is projected to grow significantly, with expected revenues of RMB 306.8 billion, RMB 347.9 billion, and RMB 389.3 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 23.6%, 13.4%, and 11.9% [4][5]. - The net profit is also expected to increase, with projections of RMB 55.2 billion, RMB 62.6 billion, and RMB 70.1 billion for the same years, indicating a strong profitability outlook [4][5].
蜜雪集团（02097）：确定性源自对极致性价比模式的深刻理解