Investment Rating - The report initiates coverage with a "Buy" rating for the company [9]. Core Views - The company is a leading one-stop provider of home meal products, focusing on retail stores and aiming to expand its store count significantly by 2025 [15][18]. - The market for home meal products is substantial, with a size of approximately 400 billion yuan, and the company holds a 3% market share, leading the industry [9][60]. - The company has a strong supply chain and brand positioning, which enhances its competitive advantage in the fragmented market [9][60]. Summary by Sections 1. Company Overview - The company has transitioned to a consumer-focused retail model since 2017, rapidly expanding its store count to over 10,000 by the end of 2024 [17][18]. - It operates primarily through a franchise model, with a low investment requirement for franchisees, making it an attractive business opportunity [9][24]. 2. Business Model - The company’s business model leverages a large market with significant fragmentation, allowing it to capture a leading position through its extensive store network [58][60]. - The product offerings include a variety of meal solutions, with hot pot ingredients currently dominating the product mix [28][29]. 3. Future Growth Potential - The company plans to open an additional 10,000 stores over the next five years, focusing on rural markets where competition is limited [9][18]. - Single-store revenue recovery is expected to continue, supported by new product launches and marketing strategies [9][18]. 4. Financial Forecast and Investment Recommendations - Revenue projections for 2025-2027 are estimated at 72.83 billion yuan, 83.42 billion yuan, and 94.43 billion yuan, respectively, with corresponding net profits of 3.29 billion yuan, 4.00 billion yuan, and 4.95 billion yuan [9][18]. - The report anticipates a price-to-earnings ratio of 24, 20, and 16 for the years 2025, 2026, and 2027, respectively, indicating a favorable valuation outlook [9][18].
锅圈：精耕餐食零售赛道，拓店重启再添万家-20250609