智通财经APP获悉，蜜雪集团(02097)涨超10%，高见378港元再创上市新高，较招股价202.5港元累涨超八成。截至发稿，涨10.43%，报377港元，成交额1.15亿港元，总市值突破1400亿港元。
太平洋证券指出，公司通过供应链垂直整合实现极致成本控制，以低价策略穿透下沉市场，再以超大规模反哺供应链效率，形成闭环，其护城河在于持续迭代的供应链能力以及规模效应。此外，海外扩张与幸运咖构筑第二增长曲线。东南亚现制饮品市场当前处于高速发展期，预计23-28年CAGR达19.8%，领先全球其他区域，蜜雪为东南亚门店规模最大的茶饮品牌，截至2024年9月海外门店数4792家。公司同时布局日韩澳等发达国家，海外空间广阔。
中信建投证券表示，国内现制茶饮行业未来有望在人均消费杯数和粘性上进一步提升，赛道的成长空间仍较大，主要基于头部原料健康化及供应链掌控力提升趋势、产品品类迭代升级、规模化和可得性提升、品类的海外拓展优势大、精细化管理带来人货场逻辑重塑；公司凭借国内领先的规模优势和产业链深耕优势，综合竞争壁垒较高，全球化势能厚积薄发，有望持续推进行业发展和全球布局。
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