[Luckin Coffee Inc. (LKNCY US) TP Change]: Strong New Product Sales Driving Seasonality Rebound

We expect Luckin to report 1Q23 revenue at 77.0% YoY to RMB4,257mn, non-GAAP operating margin and net margin are expected to increase 12.6ppt and 9.1ppt to 16.4% and 13.2%;