小菜园国际：说好的“母亲的味道”，说好的“不使用预制菜”，你居然还给我吃预制菜？小菜园IPO：餐饮新龙头的科技与狠活

Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - The company "小菜园" has rapidly emerged in the Chinese dining market, focusing on Huizhou cuisine and emphasizing fresh, non-prepared dishes [2][5] - The company aims to double its number of stores within three years, planning to open 580 new "小菜园" locations by the end of 2026 [35] - The company has demonstrated strong revenue growth, with a CAGR of 31% from 2021 to 2023, and a revenue increase from 26 billion RMB to 45 billion RMB during the same period [6][30] - The company has a significant market share in the casual dining sector, ranking first among Huizhou cuisine brands and second among casual Chinese dining brands [3][5] Summary by Sections Company Overview - "小菜园" was founded in 2013 and has expanded rapidly, with 623 stores as of the IPO date, all of which are company-owned [10][11] - The brand's slogan is "母亲的味道" (Mother's Taste), and it aims to provide fresh and healthy meals without using pre-prepared dishes [2][3] Financial Performance - Revenue from dine-in services has decreased from 85% in 2021 to 64% in early 2024, while takeout revenue has surged, growing from 4 billion RMB in 2021 to 15 billion RMB in 2023 [8][9] - The company's net profit margin reached 11.7% in 2023, outperforming comparable companies in the industry [29] Market Position - The company operates in the mass market segment of the Chinese dining industry, where it faces intense competition, particularly in the price range of 50-100 RMB [12][13] - "小菜园" holds the top position in the mass market segment, with an average customer price of 50-70 RMB [14] Operational Strategy - The company utilizes a central kitchen model to streamline operations and reduce costs, allowing for a standardized cooking process across locations [15][22] - The central kitchen produces semi-finished products and seasoning packs, which are distributed to stores, enhancing efficiency and consistency [17][18] Future Plans - The company plans to invest in technology, including the purchase of 3,000 cooking robots to improve operational efficiency [23][35] - The expansion strategy is supported by a robust cash flow, with a net cash inflow from operating activities of 19 billion RMB from 2021 to early 2024 [30][34]