证券研究报告·海外公司点评·旅游及消闲设施(HS) 蜜雪集团（02097.HK） 2025年中期业绩点评：营收利润增速超预期， 全球达 5.3 万店 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 20,302 | 24,829 | 32,141 | 35,602 | 39,635 | | 同比(%) | 49.55 | 22.29 | 29.45 | 10.77 | 11.33 | | 归母净利润（百万元） | 3,137 | 4,437 | 5,847 | 6,524 | 7,296 | | 同比(%) | 57.13 | 41.41 | 31.79 | 11.58 | 11.83 | | EPS-最新摊薄（元/股） | 8.26 | 11.69 | 15.40 | 17.18 | 19.22 | | P/E（现价&最新摊薄） | 50.86 | 35.97 | 27.29 | 24.46 | 21.87 | ...

Core Viewpoint - CICC initiates coverage on Mixue Group (02097) with an "outperform" rating and a target price of HKD 470.00, based on a P/E valuation method corresponding to a 2025 P/E of 33x. The company is the largest fresh beverage company in China and the fourth largest globally, with over 46,000 stores worldwide by the end of 2024 [1]. Group 1: Market Dynamics - The fresh beverage market in China and Southeast Asia is large and growing rapidly, with a market size of CNY 658.2 billion in 2023 and a CAGR of 21% over the past five years. The sub-10 CNY price segment is stable and concentrated, driven by consumer demand for affordable and convenient options [2]. - Mixue has established a "flywheel effect" by focusing on high-quality, affordable products, which has led to brand recognition and an extensive store network, enhancing its competitive advantage [2]. Group 2: Operational Efficiency - The company offers high-quality, affordable products (ASP of CNY 6-7), supported by a broad store network and the popular "Xue Wang" IP, contributing to its national brand influence [3]. - Mixue's integrated supply chain, covering R&D, procurement, production, and logistics, ensures stable supply while significantly reducing costs. The procurement costs for key raw materials are over 10% lower than competitors, and the company has a production capacity of approximately 1.65 million tons [3]. - The company's strict franchise management system and shared values with franchisees support high-quality store expansion, with an average franchisee operating about 2.2 stores, and a low closure rate of 3-4% since 2021 [3]. Group 3: Growth Potential - The company is expected to have domestic store expansion potential of at least 65,000 to 68,000 stores, with overseas expansion potential of at least 14,000 stores, driven by the growth of the overseas fresh beverage market and its competitive advantages [4]. - CICC remains optimistic about the company's long-term growth potential overseas, supported by its pricing strategy, supply chain capabilities, and management strength [4]. Group 4: Competitive Advantage - CICC highlights the company's unique pricing strategy and strong supply chain and brand power as key factors supporting its competitive advantage. The company is expected to achieve sustained store expansion and performance growth, with potential catalysts including better-than-expected same-store sales and store openings domestically, as well as overseas adjustments [5].