Core Viewpoint - Zhongyin International has initiated coverage on Xiaocaiyuan (00999) 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 - Xiaocaiyuan benefits from interconnected and reinforced competitive advantages, leading to a robust growth trajectory [1] - The dining experience offered by Xiaocaiyuan is cost-effective, with a highly standardized supply chain and operational processes, resulting in high organizational efficiency [1] - The company has a lower turnover rate among core employees, and its restaurant operating profit margins exceed industry averages [1] Group 2 - Zhongyin International estimates that Xiaocaiyuan will accelerate its national store network expansion next year, with same-store sales expected to improve marginally [1] - The company is projected to achieve a compound annual growth rate (CAGR) of 14% in revenue and 20% in profit from 2024 to 2027 [1]
中银国际：首次覆盖小菜园(00999)予“买入”评级 目标价12.2港元