Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 590.22 [2]. Core Insights - The company reported a strong revenue growth of 39.3% year-on-year in 1H25, with total revenue reaching RMB 148.7 billion. The growth was driven by significant increases in product and equipment sales, as well as franchise and related service income [11]. - The company is expanding its store network rapidly, with a total of 53,014 stores as of 1H25, representing a year-on-year increase of 22.7% [7]. - The company maintains a stable gross margin of 31.6%, supported by supply chain advantages and effective cost control [8]. - Future profit forecasts have been adjusted upwards, with net profit estimates for 2025-2027 increased by 9%, 7%, and 7% respectively, reflecting the company's strong growth trajectory [9]. Financial Performance - Revenue projections for the upcoming years are as follows: RMB 24,829 million in 2024, RMB 32,829 million in 2025, RMB 39,212 million in 2026, and RMB 46,652 million in 2027, indicating a compound annual growth rate (CAGR) of 22.29% from 2023 to 2027 [5]. - The net profit attributable to the parent company is expected to grow from RMB 4,437 million in 2024 to RMB 8,200 million in 2027, with corresponding growth rates of 41.41%, 30.16%, and 19.33% [5]. - The earnings per share (EPS) are projected to increase from RMB 11.69 in 2024 to RMB 21.60 in 2027 [5]. Market Position and Strategy - The company is leveraging its supply chain efficiency and expanding its brand presence through the Lucky Coffee sub-brand, which is expected to create a second growth curve [9]. - The company is focusing on optimizing its overseas operations while enhancing its domestic store performance, indicating a strategic approach to market expansion [11]. - The company’s strong supply chain is viewed as a significant competitive advantage, with plans for further enhancements through new facilities and local production of key materials [8].
蜜雪集团（02097）：1H高质量快步增长，龙头强者恒强