Core Viewpoint - Zhongyin International has initiated coverage on Xiaocaiyuan with a "Buy" rating and a target price of HKD 12.2, highlighting its strong competitive advantages and leadership position in the Chinese casual dining market [1] Group 1: Competitive Advantages - Xiaocaiyuan benefits from interconnected and reinforced multi-dimensional competitive advantages, leading to a robust growth trajectory [1] - The dining experience offers high cost-performance, with a highly standardized supply chain and operational processes [1] - The company exhibits high organizational efficiency and low core employee turnover, contributing to superior restaurant operating profit margins compared to peers [1] Group 2: Growth Projections - The company is expected to accelerate its national store network expansion next year, with same-store sales anticipated to improve marginally [1] - Revenue and profit are projected to achieve a compound annual growth rate (CAGR) of 14% and 20% respectively from 2024 to 2027 [1]
大行评级丨中银国际：首予小菜园“买入”评级及目标价12.2港元