China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

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[Luckin Coffee Inc. (LKNCY US, BUY, TP US$41) ]: Temporary Price Competition Has No Impact on Margin

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China/Asia TMT

Shawn Yang

Equity Bottom-Up

<ul>
<li>Luckin Coffee 1Q23 revenue beat is due to higher-than-expected store expansion, while SSSG is in-line with our estimate. </li>
<li>The normalized of RMB9.9 per cup campaign is expected to generate minor impact on Luckin Coffee’s profitability. </li>
<li>We maintain the stock as BUY and maintain TP at US$41.</li>
</ul>


Luckin Coffee 1Q23 revenue beat is due to higher-than-expected store expansion, while SSSG is in-line with our estimate. 
The normalized of RMB9.9 per cup campaign is expected to generate minor impact on Luckin Coffee’s profitability. 
We maintain the stock as BUY and maintain TP at US$41.


[Luckin Coffee (LKNCY US, BUY, TP US$41) Earnings Review]: Price War Will Work to Luckin’s Advantage