Group 1 - The core viewpoint of the article highlights that Guoquan (02517) has seen a stock increase of over 4%, currently trading at 10.5 HKD with a transaction volume of 72.48 million HKD [1] - China Galaxy Securities reports that Guoquan's main business is "at-home meals," with a market space projected to reach approximately 1.3 trillion CNY in 2024, reflecting a high growth trend with a compound annual growth rate (CAGR) of 23% from 2018 to 2024 [1] - The domestic "at-home meal" industry has entered its second development phase, where the lower-tier markets are expected to be the main source of growth, and the cost-effective frozen food retail sector is anticipated to become the second high-growth channel following takeout [1] Group 2 - Huashan Securities believes that the expansion of scenarios and focus on lower-tier markets will serve as effective investment catalysts for Guoquan in the short term leading up to 2026 [1] - The company is expected to enter a phase of accelerated profit growth starting in 2025, with significant profit elasticity compared to similar leading chain businesses [1] - Three clear paths for profit enhancement are identified: supply chain cost reduction, mature customer acquisition models, and the release of scale effects, with a long-term net profit margin ceiling potentially reaching 10%, including a 3-5 percentage point optimization from supply chain efficiency and 4-6 percentage point optimization from customer acquisition and scale effects [1]
锅圈涨超4% 公司“在家餐食”市场长期扩容 场景拓展+下沉发力将成为有效催化