蜜雪集团(2097.HK)1美元传奇:供应链革新成就全球现饮龙头

华泰证券
21 Apr

首次覆盖蜜雪集团并给予买入评级,目标价565.67 港币,对应26 年31XPE。蜜雪是中国及全球门店规模最大的现制饮品龙头,聚焦为全球消费者提供1美元左右的高质平价饮品,其拥有现制茶饮蜜雪冰城、现磨咖啡幸运咖两大品牌,24 年总门店数4.65 万家。我们认为公司以极致效率的端到端供应链优势为核心,构建了万店基础设施网络以满足大众对平价高质饮品的核心诉求,竞争壁垒高。展望未来,蜜雪持续发力下沉拓店...

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