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蜜雪集团(02097):2025年中期业绩点评:营收利润增速超预期,全球达5.3万店

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has exceeded revenue and profit growth expectations, with a total of 53,000 stores globally as of June 30, 2025 [8] - The company has strengthened its brand presence in mainland China, with a significant increase in store openings, particularly in lower-tier cities [8] - The company has adjusted its profit forecasts upwards for 2025-2027, reflecting strong operational performance and store expansion [8] Financial Performance Summary - Total revenue for 2023 is projected at 20,302 million, with a year-on-year growth of 49.55% [1] - Net profit attributable to shareholders for 2023 is projected at 3,137 million, with a year-on-year growth of 57.13% [1] - The earnings per share (EPS) for 2023 is estimated at 8.26, with a price-to-earnings (P/E) ratio of 50.86 [1] Store Expansion and Sales Performance - As of June 30, 2025, the company has 53,000 stores, with a year-on-year increase of 23% [8] - The average sales per store have significantly improved, with product and equipment sales revenue reaching 145.0 billion, a year-on-year increase of 39.3% [8] - The company has opened 7,721 new franchise stores in the first half of 2025, exceeding its guidance [8] Profitability Metrics - The gross margin for the first half of 2025 is 31.6%, with a net profit margin of 18.3%, reflecting a stable increase due to operational scale effects [8] - The company’s net profit for the first half of 2025 is 26.9 billion, a year-on-year increase of 42.9% [8] Future Earnings Projections - The projected net profit for 2025 is 58.5 billion, with corresponding P/E ratios of 27 for 2025, 24 for 2026, and 22 for 2027 [8]