汇丰研究发表报告，首次覆盖蜜雪集团(02097.HK) 予“持有”评级，目标价544.1元。报告称，集团作为内地现制茶龙头企业，行业在内地蓬勃发展，但仍高度分散，进入门槛低。
该行留意到两种差异化策略，即成为低端领域的成本领袖，或在中价板块专注单一产品，前者以蜜雪为优，后者以古茗(01364.HK) 领先。蜜雪内地菜单每杯饮品平均仅7元人民币，端到端供应链有助加盟商进入低线城市。而庞大的分店网络有助成本优势，其自家IP“雪王”加强了市场推广及品牌力度。
报告称，公司自3月初上市以来股价急升，估值偏高，现价相当于预测2027年市盈率25.7倍，该行料其2024至27年收入及纯利年均复合增长分别达17.5%及17.4%。该行料至2027年蜜雪分店将增至6.9万间。而海外扩张仍然是集团一个增长选项，该行认为如果其能在海外市场成功复制国内成功模式，将是创造价值的一个选项。
该行提及，须留意今年9月2日及明年3月2日各有股份禁售期届满。该行料其2025至2027年各年每股盈测分别14.39元、16.62元及18.9元人民币。(da/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-25 16:25。)
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