金吾财讯 | 广发证券研报指，蜜雪集团(02097)旗下有蜜雪冰城、幸运咖两大品牌，均差异化聚焦6元左右价格带产品，截至24年底全球门店数4.6万+家，其中国内4.1万+家、海外近5000家，是全球门店数最多的现制饮品企业。该行认为对比现制饮品同业，公司卡位价格带壁垒相对较大、格局相对较好，供应链建设全面且完善，为极致性价比奠定基础，且公司在行业内具有较强统治力，规模（门店数/GMV）遥遥领先的同时保持稳健的经营，拥有行业内稀缺的高知名度IP、品牌认知度强，咖啡及出海有望成长为第二第三曲线、打开未来增量，因此应给予一定估值溢价。该行预计25-27年公司归母净利润分别为51.3、57.9、64.0亿元。公司供应链建设全面且完善，门店数遥遥领先、经营保持稳健，拥有业内稀缺的高知名度IP、品牌认知度强，咖啡及出海有望打开增量。给予公司2025年32倍PE，对应合理价值为466.31港元/股，给予“买入”评级。
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