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内蒙古自治区

  来源:消费商业报

  北京时间4月11日凌晨,霸王茶姬更新其向美国证券交易委员会(SEC)递交的招股文件,将总共发行14,683,991股美国存托凭证即A类普通股,预计首次公开募股价格将为每份ADS26.0美元至28.0美元之间。以此计算,总募资金额预计为3.8亿美元至4.1亿美元。

  标准化筑就盈利护城河

  招股书显示,霸王茶姬2024年实现营收124.05亿元,净利润25.15亿元,净利润率高达20.3%。支撑这一数据的核心在于其“大单品+极简菜单”策略:前三大产品贡献60%销售额,库存周转天数仅5.3天,为千店茶饮企业最低。霸王茶姬通过自动化出杯技术将单杯制作时间压缩至8秒,新员工也能快速上手,极大提升制茶效率。2024年,霸王茶姬在中国市场(含中国香港)的单店月均GMV为51.2万元,日均1.7万元;月均出杯量高达25000杯,日均可出833杯——整体单店运营指标均远高于同行。

  健康现金流支撑全球化

  霸王茶姬的现金流也非常健康,2024年招股书显示,霸王茶姬GMV为295亿元,较上年增加173%,全年营收124.05亿元,净利润为25.15亿元。此外,霸王茶姬的现金及现金等价物高达47.54亿元,流动负债为22.97亿元。对于已经可以持续盈利的公司来说,霸王茶姬不缺钱,其上市目的和蜜雪冰城比较像,回报股东,提高品牌知名度,募集离岸资金方便海外扩张。

  PE背后的估值水位空间

  以网传霸王茶姬PE约为15倍来看,虽然横向对比美股餐饮板块略低,星巴克市盈率约26倍,CAVA等新兴品牌更达40倍以上,但是其“对标精品咖啡”的估值逻辑正在获得市场验证。霸王茶姬原叶鲜奶茶系列占GMV的91%,截至24年8月明星单品“伯牙绝弦”累计销售超6亿杯,产品结构清晰度甚至高于咖啡连锁。随着2025年计划新增1000-1500家门店,叠加海外市场对现制茶饮的认知提升,业绩增长有望持续打开估值空间。

  凭借充沛的现金流储备和已验证的全球化单店模型,霸王茶姬15倍PE看似较低,却也为二级市场投资者预留了伴随规模扩张的长期价值增长水位。

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