Core Viewpoint - The company, Guoquan, established in 2015, is a leading and rapidly growing one-stop meal product brand in China, achieving a store count of 10,000 within six years, with a focus on community central kitchens and a franchise model to enhance operational efficiency and revenue potential [1][2]. Group 1: Market Positioning and Franchise Model - Guoquan has approximately 72% of its stores located in lower-tier cities, positioning itself as "China's Community Good Neighbor" and competing in a differentiated manner [1]. - Over 99% of the stores are franchise-operated, primarily by small family-run businesses, with each store serving around 3,000 households in the community [1]. - The company employs a "zero franchise fee + low entry barrier" model, with franchisees expected to break even in about two years [1]. Group 2: Product Strategy and Brand Development - The company focuses on hot pot and barbecue categories, which are widely accepted across regions and demographics, contributing nearly 90% to revenue, while gradually expanding into other product categories [2]. - Guoquan's self-owned brand products are marketed under "Guoquan Shihui," with a unified brand image reinforced by endorsements from celebrities [2]. - The brand philosophy emphasizes "delicious, convenient, and affordable," with successful product launches like the 99 yuan free-choice hot pot set driving same-store revenue growth [2]. Group 3: Supply Chain and Operational Efficiency - Since 2019, Guoquan has been enhancing its supply chain, currently operating seven factories focused on key hot pot products, adopting a single product per factory model to improve procurement power and production efficiency [2]. - The majority of products sold by franchisees are sourced from Guoquan, which collaborates with third-party logistics providers to ensure efficient next-day delivery from central warehouses to retail stores [2]. Group 4: Financial Projections and Valuation - Future revenue growth is expected to be driven by new store openings, with a projected net addition of 1,000 stores in 2025, reaching a total of 11,150 stores [3]. - Same-store revenue is anticipated to grow in the mid-single digits in 2025, supported by expanded consumption scenarios and increased customer loyalty [3]. - Net profit is projected to steadily increase, with estimates of 420 million, 490 million, and 580 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE valuations of 22x, 18x, and 16x [3].
锅圈(02517.HK)：好吃不贵的社区央厨品牌 万店规模领跑在家吃饭赛道