Investment Rating - The report initiates coverage with an OUTPERFORM rating, indicating a positive outlook for the company [2]. Core Insights - Auntea Jenny (Shanghai) Industrial is recognized as a leading fresh beverage company in China, having surpassed 10,000 stores by the end of 2025, making it the third brand in the industry to achieve this milestone [3][7]. - The report emphasizes that the fresh beverage industry is increasingly dominated by leading brands, with strong channel advantages allowing them to rapidly expand and innovate [3]. - The company aims to become a global leader in multi-brand fresh beverage groups, leveraging a light-asset model for rapid expansion [7]. Financial Projections - Revenue projections for the company are as follows: Rmb 3,285 million for Dec-24, Rmb 4,215 million for Dec-25, Rmb 4,918 million for Dec-26, and Rmb 5,632 million for Dec-27, reflecting growth rates of -2%, 28%, 17%, and 15% respectively [2]. - Net profit is expected to grow from Rmb 418 million in Dec-24 to Rmb 707 million in Dec-27, with growth rates of 0%, 28%, 16%, and 14% [2]. - The diluted EPS is projected to increase from Rmb 4.09 in Dec-24 to Rmb 6.72 in Dec-27 [2]. Business Model and Strategy - The company operates under a dual-brand strategy, with Auntea Jenny as the main brand and Tea Waterfall as a supporting brand, focusing on both domestic and international markets [4][16]. - The report highlights the company's successful expansion in northern China, attributed to its management philosophy of mutual benefit and resource sharing, as well as a focus on health-oriented products targeting specific consumer demographics [4][20]. - The company has established a low-barrier franchise model, allowing for rapid store expansion and a diverse franchisee base, which is crucial for sustainable growth [37]. Market Position and Competitive Landscape - Auntea Jenny has shown a strong performance in the fresh beverage market, with a compound annual growth rate (CAGR) of 57% in store numbers from 2020 to 2023, outpacing competitors [8][20]. - The report notes that the company has a significant presence in the northern market, with over half of its stores located in this region, which is a strategic advantage compared to other brands [18][20]. - The competitive landscape is characterized by increasing market concentration, with leading brands expected to gain more market share while regional brands coexist [3][4]. Future Growth Potential - The company plans to open 2,000 to 3,000 new stores in 2026, maintaining a steady expansion pace while focusing on improving growth quality [53]. - The report anticipates that the Tea Waterfall brand will accelerate its expansion, targeting lower-tier cities and leveraging the established supply chain of the main brand [52]. - The overseas expansion strategy is focused on developed markets, with successful store openings in Malaysia, the USA, and South Korea, indicating significant growth potential [52].
沪上阿姨（02589）：首次覆盖：平凡中孕育不凡，集众志能书新章