Investment Rating - The report initiates coverage with a "Buy" rating for CHAGEE [4][12][15] Core Views - CHAGEE is positioned as the largest premium freshly-made tea drinks brand in China, with a mission to inherit and innovate Chinese tea culture [7][31] - The company has achieved a remarkable terminal retail sales growth of 2387% from 2022 to 2024, making it the fastest-growing freshly-made tea brand with over 1,000 stores in China [7][30] - CHAGEE focuses on brand building and aims to create a global modern tea brand, differentiating itself from competitors by concentrating on tea products rather than diversifying into other beverage categories [8][9] Financial Data and Earnings Forecast - Revenue projections for 2023 to 2027 are as follows: 46.4 billion RMB in 2023, 124.06 billion RMB in 2024, 150.51 billion RMB in 2025, 180.10 billion RMB in 2026, and 210.82 billion RMB in 2027, with year-on-year growth rates of 844%, 167%, 21%, 20%, and 17% respectively [6][15] - Net profit forecasts for the same period are: 7.25 billion RMB in 2023, 23.84 billion RMB in 2024, 28.05 billion RMB in 2025, 33.36 billion RMB in 2026, and 39.34 billion RMB in 2027, with growth rates of 229%, 18%, 19%, and 18% respectively [6][15] - The company is expected to open 1,200 new stores in 2025, with a total store count of 7,640, representing a 19% increase [11][15] Market Position and Competitive Advantage - CHAGEE holds a market share of approximately 20.3% in the premium freshly-made tea segment, ranking first among high-end tea brands in China [30] - The company has pioneered the "whole-leaf milk tea" category, which has become a significant contributor to its sales, accounting for 91% of its GMV in 2024 [9][44] - CHAGEE's innovative "tea tech" enhances standardization and efficiency, allowing for rapid service and consistent product quality across its stores [10][11] Expansion Strategy - The company plans to accelerate overseas store openings, with a focus on markets like Malaysia and the United States, while maintaining a strong domestic presence [11][17] - CHAGEE employs a franchise model for most of its stores, with 97% of its domestic stores being franchises, which enhances its risk resilience [38][41] Product Innovation - CHAGEE emphasizes health-conscious product offerings, eliminating artificial additives and introducing features like a "health calculator" for transparency [57][58] - The company continuously expands its product line, recently launching new items such as "Tea Espresso" and "Tea Latte" to attract diverse consumer segments [9][63]
蜜雪集团（02097）：高端现制茶饮第一，打造全球化的现代东方茶品牌