新股预览：小菜园

Investment Rating - The investment rating for the company is ★★★☆☆ [5] Core Insights - The company operates in the rapidly growing mass-market Chinese dining sector, which has a market size of RMB 3,618.7 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 9.1% to reach RMB 5,587.1 billion by 2028 [2][3] - The company has demonstrated strong operational performance, with revenue increasing from RMB 2,645.8 million in 2021 to RMB 4,549.4 million in 2023, representing a growth of 41.6% [3][4] - The net profit surged from RMB 227.1 million in 2021 to RMB 532.1 million in 2023, marking a significant increase of 124.0% [3][4] - The company has a solid track record of store openings, increasing from 278 stores at the beginning of the record period to 640 stores as of August 31, 2024, despite challenges posed by the COVID-19 pandemic [3] Summary by Sections Company Background - The company is a well-known operator in the mass-market Chinese dining sector, focusing on affordable home-style meals and attentive service since its establishment in 2013 [1] Market Opportunity - The mass-market Chinese dining sector meets the rigid and frequent dining needs of the public, with significant growth potential remaining to satisfy daily dining demands [2] Financial Performance - Revenue growth: RMB 2,645.8 million (2021) → RMB 3,213.4 million (2022) → RMB 4,549.4 million (2023) [4] - Net profit growth: RMB 227.1 million (2021) → RMB 237.6 million (2022) → RMB 532.1 million (2023) [4] - Store count growth: 674 total stores operated, with only 34 closures during the record period [3]