金吾财讯 | 东吴证券发研指，蜜雪集团(02097)作为平价现制饮品龙头，自建端对端全流程供应链体系打造核心壁垒，IP化品牌营销塑造品牌心智。公司以加盟模式深耕下沉市场，推进品牌出海，持续巩固行业地位。不仅从店数来看蜜雪断层式领先，“雪王”这个IP的国民级程度也是在现制饮品中遥遥领先的，抖音上#蜜雪冰城话题讨论次数达435亿次，包括雪王IP的二创和MEME传播程度，是断层领先其他品牌的。该行表示，预测公司2024-2026年归母净利润为43.8/51.2/59.4亿元，对应PE为28/24/21倍。该行认为蜜雪集团的核心优势是品牌势能和在平价现制饮品市场的统治力，且在出海方面值得期待，类比近一年新上市的一些强势能品牌如毛戈平和老铺黄金，公司有望享有估值溢价，目标PE为2026年30x，对应目标价509港元，目标市值1931亿港币。首次覆盖，给予“买入”评级。
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