鸣鸣很忙（01768）首次覆盖报告：精耕细作，引领渠道变革

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][56]. Core Insights - The company is a leading player in the snack retail industry, with significant growth in revenue and profit projected for the coming years. Revenue is expected to reach RMB 656.97 billion in 2025, RMB 837.49 billion in 2026, and RMB 925.80 billion in 2027, with corresponding growth rates of 66.98%, 27.48%, and 10.54% respectively. Net profit is forecasted to be RMB 23.01 billion, RMB 34.23 billion, and RMB 42.85 billion for the same years, reflecting growth rates of 176.05%, 48.73%, and 25.19% respectively [2][56]. Summary by Sections Company Overview - The company, founded in 2016, has rapidly expanded its store count to 21,041 by November 2025, with 59% of stores located in county and town areas. The company achieved a GMV of RMB 555 billion in 2024 and RMB 661 billion in the first three quarters of 2025, marking year-on-year increases of 262% and 74% respectively [7][15]. Store Expansion and Performance - The company has seen a continuous increase in store numbers, from 1,902 in 2022 to 21,041 by November 2025. The average daily order volume per store has also risen from 385 to 481 orders during the same period, with a year-on-year increase of 4.1% [15][21]. Financial Performance - The company reported revenues of RMB 393.4 billion and RMB 463.7 billion for 2024 and the first three quarters of 2025, respectively, with year-on-year growth of 282% and 75%. Net profits for the same periods were RMB 8.29 billion and RMB 15.59 billion, reflecting growth rates of 281% and 219% [43][44]. Profitability Metrics - The company's net profit margin improved from 1.67% in 2022 to 3.36% in the first three quarters of 2025. The adjusted net profit margin also increased from 1.90% to 3.90% during the same period, indicating enhanced profitability [44][56]. Future Projections - The report forecasts significant revenue and profit growth for the company, with expected revenues of RMB 656.97 billion, RMB 837.49 billion, and RMB 925.80 billion for 2025, 2026, and 2027, respectively. The corresponding net profits are projected to be RMB 23.01 billion, RMB 34.23 billion, and RMB 42.85 billion [2][56].