连锁餐饮行业框架（一）：规模与格局，逆周期下的连锁化浪潮

Investment Rating - The report maintains an "Accumulate" rating for the chain restaurant industry [1] Core Insights - The Chinese restaurant market is projected to reach CNY 5.6 trillion in 2024, with a five-year CAGR of 3.6% [4][17] - The chain restaurant sector is experiencing a continuous increase in chain rate, which rose from 12% in 2015 to 20% in 2024, contributing 38% to the growth of the restaurant market [20][41] - The report emphasizes the importance of supply-side drivers, including product innovation and service level enhancement, in sustaining industry growth [32][27] Summary by Sections 1. Industry Overview - The restaurant industry encompasses various formats, including fast food, casual dining, and leisure dining, catering to diverse consumer needs [10] - The market is characterized by a high degree of segmentation, with traditional Chinese cuisine dominating, accounting for 77.1% of the market [12][13] 2. Market Dynamics - The restaurant market's growth is driven by demographic changes, rising incomes, and innovations in food offerings [23][24] - The report notes that the online restaurant market has grown significantly, with a CAGR of 25% from 2015 to 2024, although growth has slowed post-pandemic [20] 3. Competitive Landscape - The concentration of the top 10 chain restaurants (CR10) has increased from 23.7% in 2015 to 30.3% in 2024, indicating a trend towards greater market consolidation [41][42] - Fast food and tea beverage segments are leading in standardization and market share among the top players [41] 4. Segment Analysis - Fast food is experiencing robust growth, with major brands like KFC and McDonald's maintaining significant market presence and expanding their store counts [45][46] - The hot pot segment, led by brands like Haidilao, showcases high standardization and strong social attributes, contributing to its resilience and expansion into international markets [52] 5. International Expansion - The report highlights the potential for Chinese restaurant brands to expand internationally, supported by a large overseas Chinese population and increasing local consumer interest [3][6]