华西证券:维持锅圈(02517)“买入”评级 利润增速亮眼
智通财经网·2026-02-05 07:47

Core Viewpoint - The company is expected to achieve significant revenue and profit growth in the coming years, driven by its strategic focus on expanding into rural markets and optimizing operational efficiency [1][2][3][4] Revenue Forecast - The company has adjusted its revenue forecasts for 2025-2027 to 78.03 billion, 91.83 billion, and 108.2 billion yuan respectively, reflecting a positive outlook [1] - For 2025, the company anticipates revenue between 77.5 billion and 78.5 billion yuan, representing a year-on-year increase of 19.8% to 21.3% [2] Profitability Expectations - The net profit for 2025 is projected to be between 4.43 billion and 4.63 billion yuan, indicating a substantial year-on-year growth of 83.7% to 92% [3] - Core operating profit is expected to rise to between 4.5 billion and 4.7 billion yuan, reflecting an increase of 44.8% to 51.2% year-on-year [1][3] Market Expansion Strategy - The company is aggressively expanding into rural markets, which align well with its "community central kitchen" positioning, serving as a major source of revenue growth [2] - By the end of 2025, the company plans to have 11,566 stores, with an increase of 1,416 stores year-on-year, including 805 new stores in Q4 [2] Operational Efficiency - The company is enhancing operational efficiency through various measures, including optimizing store performance and deepening membership operations, which have led to increased customer retention and higher average revenue per store [2][3] Long-term Strategic Vision - The year 2026 marks the beginning of a new strategic phase for the company, focusing on accelerating store openings, enhancing large store formats, and embracing AI and innovation to capture the growing family dining market [4]

Huaxi Securities-华西证券:维持锅圈(02517)“买入”评级 利润增速亮眼 - Reportify