Investment Rating - The report maintains a rating of "Buy" for the company [6][11]. Core Insights - The company is focusing on improving store quality and efficiency while steadily expanding its multi-brand store network in 2026 [2][11]. - The projected net profit for the company from 2026 to 2028 is estimated to be 6.309 billion, 7.116 billion, and 7.900 billion RMB, with growth rates of 7%, 13%, and 11% respectively [11]. - The target price for the company is set at 332.40 HKD, which is slightly above the industry average PE of 20x for 2026 [11]. Financial Summary - Total revenue for 2025 is projected at 33.56 billion RMB, representing a year-on-year increase of 35.2% [11]. - Gross profit for 2025 is expected to be 10.452 billion RMB, with a year-on-year growth of 29.7% [11]. - The net profit attributable to the parent company for 2025 is forecasted to be 5.887 billion RMB, reflecting a 32.7% increase compared to the previous year [11]. - The company plans to enhance its supply chain by developing a more agile and efficient cold chain logistics system [11]. - The total number of stores by the end of 2025 is expected to reach 59,823, with a net increase of 13,344 stores during the year [11].
蜜雪集团：2025年报业绩点评：门店提质增效，全球化、多品牌持续推进-20260329