新力量NewForce总第4853期

Investment Rating - The investment rating for the company is "Buy" with a target price of 576.4 HKD, representing a potential upside of 40.9% from the current price of 409.0 HKD [2][8]. Core Insights - The company, Mixue Group, reported a revenue of 14.874 billion RMB in H1 2025, reflecting a year-on-year growth of 39.3%. The net profit attributable to shareholders reached 2.72 billion RMB, up 44.1% year-on-year, indicating performance that exceeded expectations [5][6]. - The company has accelerated its domestic store expansion, with a total of 53,014 stores globally, netting an increase of 6,697 stores in H1 2025. The proportion of stores in second-tier and lower-tier cities has increased to 19% and 58%, respectively [6][8]. - The overall gross margin slightly decreased to 31.6%, but the company maintained good cost control, with a net profit margin of 18.3%, up 0.6 percentage points year-on-year [7][8]. Summary by Sections Company Performance - In H1 2025, Mixue Group achieved a revenue of 14.874 billion RMB, with product sales, equipment sales, and franchise-related services contributing 13.843 billion, 0.652 billion, and 0.038 billion RMB, respectively. The average same-store sales growth was 13.2% [5][6]. Store Expansion - The company opened 7,721 new stores while closing 1,187, resulting in a net increase of 6,697 stores. The domestic store count reached 48,281, with a focus on expanding in lower-tier cities [6][8]. Financial Metrics - The gross profit was 4.706 billion RMB, with a gross margin of 31.6%. The company reported a net profit of 2.72 billion RMB, with a net profit margin of 18.3% [7][8]. Valuation and Future Outlook - The target price of 576.4 HKD is based on a projected net profit of 5.77 billion RMB for FY2025, with a price-to-earnings ratio of 35x. The company is expected to maintain strong growth and competitive positioning in the industry [8].