Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 435 HKD, compared to the last closing price of 410.40 HKD [1][3]. Core Insights - The company, Mixue Group, reported a total revenue of 24.829 billion CNY for 2024, representing a year-on-year growth of 22.3%, and a net profit of 4.437 billion CNY, up 41.4% year-on-year [1][3]. - The number of stores exceeded 46,479, with a rapid expansion in third-tier and lower cities, indicating strong store opening momentum [2][3]. - The company's gross margin improved to 32.46%, driven by enhanced supply chain efficiency and reduced raw material costs, contributing to a significant increase in net profit margin to 19.94% [3][5]. Summary by Sections Financial Performance - For 2024, the company achieved total revenue of 24.829 billion CNY, with a growth rate of 22% [5]. - The net profit for 2024 was 4.437 billion CNY, reflecting a growth rate of 41% [5]. - The average revenue per store was 591,000 CNY, showing a slight decline of 3.2% year-on-year [1][2]. Store Expansion - As of the end of 2024, the company had 46,479 stores, with a net increase of 8,350 stores year-on-year [2]. - The distribution of stores across different city tiers is as follows: first-tier (1,983), new first-tier (8,143), second-tier (7,600), and third-tier and below (23,858) [2]. - The franchise model remains robust, with 46,462 franchise stores and a closure rate of 3.8% [2]. Profitability and Cost Management - The gross margin for 2024 was 32.46%, an increase of 2.9 percentage points year-on-year [3]. - The net profit margin increased significantly to 19.94%, up 2.2 percentage points from the previous year [3]. - The company expects revenue growth rates of 20%, 18%, and 16% for 2025, 2026, and 2027, respectively, with net profit growth rates of 15%, 19%, and 17% [3][5].
蜜雪集团（02097）：门店数量超4.6万家，开店势能延续