20250731-招银国际-Sales_are_booming_but_costs_are_also_rising_10页_1mb

Luckin Coffee's 2Q25 earnings report shows strong performance with sales growing by 47% YoY to RMB 12.4 billion, beating consensus estimates, while costs are escalating, particularly delivery expenses, which surged to 13% of sales. The company maintains a "BUY" rating with an increased target price of US$44.95 based on 25x FY25E P/E, reflecting robust sales growth (41%) and net profit growth (43%) forecasts. Financial metrics include revenue growth of 38.4% in FY24A and 41.1% in FY25E, with P/E down to 21.0x but margins under pressure from delivery fees and franchisee subsidies, potentially dragging OP margin. Strategic points include aggressive store expansion (2,109 new stores in 2Q25), new product success like fruit-based Americano and veggies drinks, and planned US market entry. Risks involve margin pressures and potential cannibalization in FY26E.