Tiger Brokers

【券商聚焦】华源证券维持蜜雪集团(02097)“买入”评级 看好公司国内及海外市场渠道扩张

金吾财讯
Oct 14, 2025

金吾财讯 | 华源证券发研报指，蜜雪集团(02097)拟注资2.86亿元认购福鹿家51%的股权；以1120万元受让标的公司股东赵杰2%的股权；转让完成后福鹿家将成为蜜雪集团非全资附属公司，其财务业绩将并表。收购后，蜜雪集团、田海霞、麦浪同舟、赵杰、贾荣荣分别持有标的公司53.0%、29.4%、10.0%、5.4%、2.2%的股权。收购完成后，蜜雪进一步拓展品牌矩阵。啤酒行业市场规模及消费基数庞大，伴随着消费者对高质量、多元化产品需求的不断提升，有望打开鲜啤市场的空间。蜜雪集团原主攻平价茶饮、咖啡，收购后将产品从现制茶饮及咖啡拓展至鲜啤，但仍保持高质平价的产品定位，预计蜜雪集团有望依托现有的供应链优势、加盟商优势等进一步拓展鲜啤领域的品牌势能。该机构预计公司2025-2027年归母净利润分别为54.25/65.86/76.70亿元，同比增速分别为22.28%/21.40%/16.46%，当前股价对应的PE分别为26.88/22.14/19.01倍。蜜雪深耕现制饮品行业，兼具客群、渠道、供应链及营销等多重竞争优势，精准卡位平价茶饮价格带。该机构看好其国内及海外市场渠道扩张，预计公司份额仍将持续提升，维持“买入”评级。

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