Workflow
门店扩张
icon
Search documents
东吴证券:首予百胜中国(09987)“买入”评级 开店仍有空间 同店改善可期
智通财经网· 2025-10-13 08:59
智通财经APP获悉,东吴证券发布研报称,首次覆盖百胜中国(09987),给予"买入"评级,预计2025- 2027年公司营收分别为120.19/127.58/134.96亿美元,同比增速分别为6%/6%/6%;2025-2027年公司归母净 利润为9.52/10.17/10.91亿美元,同比增速为4%/7%/7%。对应2025-2026年PE为16.79x、15.71x,考虑到 公司门店渗透空间仍存、新店型可期,该行认为当下估值仍具性价比。 该行表示,百胜中国开店仍有空间,同店改善可期:(1)高线城市加密,下沉城市拓店、功能区布局提 速,开店逻辑仍存:截至25H1,肯德基于国内门店数量已达12238家,对标华莱士(据红餐大数据,截 至2025年7月共有门店约19812家,城市覆盖率97%),渗透率仍有进一步提升空间、下沉市场仍有开拓 潜力。(2)积极探索新型门店,同店改善可期:创新店型如必胜客wow、肯德基小镇mini模式、肯悦咖啡 等,适配不同场景消费需求。 ...
古茗20251010
2025-10-13 01:00
古茗 20251010 摘要 古茗预计第四季度同店销售额将实现增长,主要得益于外卖补贴减少、 新品推出以及去年同期因外卖提价导致的较低基数。公司正努力提升堂 食占比,以改善加盟商盈利能力。 九月份加盟商整体实收率未见明显改善,外卖实收率约为 60%,非外卖 端稳定在 85%。公司总部关注 GMV,加盟商则需通过 GMV 增长弥补 低实收率,目前加盟商年化利润显著提高。 2025 年 1-9 月,加盟商实际收入同比增长,但增幅低于 GMV 增幅。经 营利润率略有提升,人力和房租成本占比下降。公司计划到 2027 年达 到 2 万家门店的中期目标。 2025 年外卖大战并未显著刺激加盟商开店意愿,签约数量逐月下滑。 公司计划 2026 年继续拓展现有区域,并在广东、广西等新区域投入更 多资源。 古茗感受到品牌势能,计划加速扩张,2025 年增速约为 20%,预计 2026 年净新增门店数约为 3,000 家。北方市场冬季业绩通常下降,公 司已推出热饮和咖啡等新品应对。 Q&A 古茗公司每月不会披露非常准确的高频数据,但可以分享一些趋势。根据 8 月 底的业绩会,7、8 月份同店和单店增长均为双位数。9 月份增速保 ...
天风证券:维持达势股份“增持”评级 看好盈利能力改善
Zhi Tong Cai Jing· 2025-10-06 01:46
天风证券主要观点如下: 天风证券(601162)发布研报称,达势股份(01405)是披萨赛道龙头,具备较强成长性,有望在中国市 场实现不断扩张,看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据25H1业 绩,维持25-27年盈利预测,预计25-27年经调整净利润为1.7/2.7/3.8亿元,维持"增持"评级。 公司发布25H1业绩公告 25H1,收入25.9亿元、同比增长27.0%,门店层面经营利润3.8亿元、同比增长28.0%,门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct,经调整净利润0.9亿元、同比增长79.6%,经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营:全年开店目标已锁定约98%,成熟市场维持同店正增长 1)门店扩张:截至25H1末门店总数1198家、同比增长31.1%,25H1净开店190家,截至8月15日额外净开 43家门店,另有27家门店在建、35家门店已签约,有望实现2025年300家的开店目标(全年开店目标已锁 定约98%)。分城市看,25H1末一线城市市场门店数515家、同比增长3. ...
天风证券:维持达势股份“增持”评级 成熟市场同店维持增长
Zhi Tong Cai Jing· 2025-10-02 09:07
天风证券(601162)发布研报称,达势股份(01405)是披萨赛道龙头,具备较强成长性,有望在中国市 场实现不断扩张,看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据25H1业 绩,维持25-27年盈利预测,预计25-27年经调整净利润为1.7/2.7/3.8亿元,维持"增持"评级。 天风证券主要观点如下: 公司发布25H1业绩公告 25H1,收入25.9亿元、同比增长27.0%,门店层面经营利润3.8亿元、同比增长28.0%,门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct,经调整净利润0.9亿元、同比增长79.6%,经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 成本费用:薪酬费用率优化 25H1原材料成本率27.3%、同比持平,整体员工薪酬开支率33.8%、同比降低1.1pct。其中,门店层面员 工现金薪酬开支率27.7%、同比提升0.3pct,源于为进入新市场储备使得门店平均人数增加;总部员工现 金薪酬开支率5.1%、同比降低0.4pct,主要系规模经济效益;股份薪酬开支率1.0%、同比降低1.0pct,主 要系授出 ...
天风证券:维持达势股份(01405)“增持”评级 成熟市场同店维持增长
智通财经网· 2025-10-02 09:04
智通财经APP获悉,天风证券发布研报称,达势股份(01405)是披萨赛道龙头,具备较强成长性,有望在 中国市场实现不断扩张,看好后续的门店拓展、降本提效及总部费用摊薄下的盈利能力改善。根据 25H1业绩,维持25-27年盈利预测,预计25-27年经调整净利润为1.7/2.7/3.8亿元,维持"增持"评级。 天风证券主要观点如下: 25H1,收入25.9亿元、同比增长27.0%,门店层面经营利润3.8亿元、同比增长28.0%,门店层面经营利 润率14.6%、同比24H1提升0.1pct、环比24H2提升0.2pct,经调整净利润0.9亿元、同比增长79.6%,经调 整净利率3.5%、同比24H1提升1.0pct、环比24H2持平。 开店及门店运营:全年开店目标已锁定约98%,成熟市场维持同店正增长 1)门店扩张:截至25H1末门店总数1198家、同比增长31.1%,25H1净开店190家,截至8月15日额外净开 43家门店,另有27家门店在建、35家门店已签约,有望实现2025年300家的开店目标(全年开店目标已锁 定约98%)。分城市看,25H1末一线城市市场门店数515家、同比增长3.4%、门店数占比43% ...
万辰集团在港交所IPO,量贩零食两巨头谁先“抢滩”H股?
Guan Cha Zhe Wang· 2025-09-28 09:51
Core Viewpoint - Wancheng Group is seeking to list on both A-share and H-share markets, indicating its ambition for global strategic expansion and enhanced competitiveness in the snack retail industry [1][6]. Group 1: Company Expansion and Performance - Wancheng Group has rapidly expanded from fewer than 2,000 stores to over 15,000 stores in just over two years, showcasing significant growth momentum [1]. - In 2024, Wancheng Group opened nearly 10,000 new stores, with a year-on-year net profit increase of 454% and a market capitalization increase of 142% [2]. - Despite a slowdown in the pace of new store openings in the first half of the year, the company still reported a remarkable 500-fold increase in net profit compared to the previous year [2]. Group 2: IPO and Fund Utilization - The primary use of funds raised from the IPO will be for expanding the store network, enhancing store management systems, introducing new products, and improving digital capabilities [3]. - Wancheng Group's recent acquisition of a 49% stake in Nanjing Wanyou Commercial Management for 1.379 billion yuan is part of its strategy to strengthen market presence and partner relationships [4]. Group 3: Competitive Landscape - The competition between Wancheng Group and its main rival, Mingming Hen Mang, is intensifying, with both companies vying for the title of "first stock in the snack retail sector" [5][6]. - The choice of an A+H capital structure by Wancheng Group is seen as a strategic move to enhance its international image and provide confidence to franchisees, suppliers, and investors [6].
年销10亿杯的爆款突然断货?官方:紧急调货中
Guan Cha Zhe Wang· 2025-09-18 12:44
Group 1: Mixue Ice City - Mixue Ice City is experiencing a shortage of lemon water due to tight raw material supply, particularly yellow lemons, which have seen reduced production this year due to excessive rainfall [1][2] - The company claims that the overall lemon supply is sufficient, with a large batch of imported lemons expected to arrive soon, which will alleviate the shortage [1] - Lemon water is a flagship product for Mixue Ice City, selling over 1 billion cups annually, translating to an annual revenue of 4 billion yuan from this single product [1] Group 2: Starbucks - Starbucks employees in three U.S. states have filed a lawsuit against the company for not reimbursing costs associated with a new dress code implemented on May 12, which requires specific attire [3][4] - The new dress code aims to enhance customer experience by making the green apron more prominent, but employees are required to bear the costs of compliant clothing [3] - The lawsuit claims that Starbucks is violating state laws that mandate reimbursement for expenses that primarily benefit the employer [4] Group 3: Bawang Tea Ji - Bawang Tea Ji is set to open its 200th store in Malaysia, having rapidly expanded its presence in major cities across the country [5] - The company reported a 77.4% year-on-year increase in overseas market GMV, reaching 235.2 million yuan, with Southeast Asia being a key focus for expansion [5] - A strategic partnership with a major hotel group in Malaysia is expected to facilitate further store openings [5] Group 4: Luckin Coffee - Luckin Coffee has surpassed 70 stores in Beijing, with rapid growth observed since June, including nearly doubling the number of stores in July [6] - The company has adjusted its expansion strategy to focus on first and second-tier cities, particularly in economically developed regions [6] - Luckin Coffee signed over 1,200 new stores in July, setting a record for monthly new store signings, and has launched 32 new products in the first half of the year [6]
沪上阿姨早盘涨超11% 公司近期获纳入港股通名单 上半年门店数量平稳增长
Zhi Tong Cai Jing· 2025-09-15 03:21
Core Viewpoint - The stock of Hu Shang A Yi (02589) has seen significant price movement, with an increase of over 11% in early trading and a current rise of 5.81%, attributed to its inclusion in the Hong Kong Stock Connect eligible securities list starting September 8, 2025 [1] Financial Performance - For the first half of the year, Hu Shang A Yi reported revenue of 1.818 billion RMB, reflecting a year-on-year increase of 9.7% [1] - The profit attributable to the parent company reached 203 million RMB, marking a year-on-year growth of 20.9% [1] - Basic earnings per share stood at 1.97 RMB [1] Strategic Developments - The company has been optimizing its store structure and steadily opening new locations, focusing on the vast third-tier and below markets, which has contributed to revenue growth [1] - The net profit margin attributable to the parent company increased by 1.0 percentage points year-on-year, benefiting from economies of scale and effective cost control [1] - Hu Shang A Yi is exploring other sub-brands, such as the lower-priced Cha Pao Bu, and has maintained a strong pace in research and development, launching 136 new products during the period [1] Market Position - The company has demonstrated strong competitiveness in northern markets, and with improved management and adjustments in weaker markets, there is potential for gradual improvement and upward elasticity [1]
华西证券:首予小菜园“买入”评级 门店利润率水平有望进一步提升
Zhi Tong Cai Jing· 2025-09-11 07:58
Core Viewpoint - Huaxi Securities (002926) has initiated coverage on Xiaocaiyuan (00999) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, driven by strategic expansion and operational efficiencies [1] Group 1: Financial Projections - Expected revenues for Xiaocaiyuan are projected at 6.042 billion, 7.334 billion, and 8.835 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth of 15.98%, 21.38%, and 20.47% [1] - Corresponding net profits are forecasted at 769 million, 951 million, and 1.191 billion yuan for the same years, with year-on-year increases of 32.37%, 23.80%, and 25.14% [1] - Earnings per share (EPS) are expected to be 0.65, 0.81, and 1.01 yuan for 2025, 2026, and 2027 respectively [1] Group 2: Growth Drivers - Xiaocaiyuan's growth is supported by three main advantages: 1. **Store Expansion**: The company is expanding its store network, particularly in provinces like Henan and Shandong, where consumer acceptance of various cuisines is high, minimizing expansion resistance [1] 2. **Product Standardization**: The introduction of central kitchens, pre-processing of ingredients, and the use of cooking robots are addressing the challenges of standardizing food quality across locations, ensuring brand consistency during rapid expansion [1] 3. **Store Model Optimization**: The investment payback period for individual stores is decreasing, and the company plans to implement smaller store models, which, combined with the use of cooking robots, is expected to maintain low investment return cycles and enhance profit margins [1]
华西证券:首予小菜园(00999)“买入”评级 门店利润率水平有望进一步提升
智通财经网· 2025-09-11 07:56
Core Viewpoint - Huaxi Securities has initiated coverage on Xiaocaiyuan (00999) with a "Buy" rating, projecting significant revenue and profit growth from 2025 to 2027, driven by strategic expansion and operational efficiencies [1] Group 1: Financial Projections - Expected revenue for Xiaocaiyuan is projected to reach CNY 6.042 billion, CNY 7.334 billion, and CNY 8.835 billion for the years 2025, 2026, and 2027, representing year-on-year growth of 15.98%, 21.38%, and 20.47% respectively [1] - Corresponding net profit attributable to shareholders is forecasted at CNY 769 million, CNY 951 million, and CNY 1.191 billion for the same years, with year-on-year growth rates of 32.37%, 23.80%, and 25.14% [1] - Earnings per share (EPS) are expected to be CNY 0.65, CNY 0.81, and CNY 1.01 for 2025, 2026, and 2027 respectively [1] Group 2: Growth Drivers - Xiaocaiyuan's growth is supported by three main advantages: 1. **Store Expansion**: The company is expanding its store network, particularly in provinces like Henan and Shandong, where consumer acceptance of various cuisines is high, minimizing expansion resistance [1] 2. **Product Standardization**: The introduction of central kitchens, pre-processing of ingredients, and the use of cooking robots are addressing the challenges of standardizing food quality across locations, which is crucial for maintaining brand strength during rapid expansion [1] 3. **Store Model Optimization**: The investment payback period for individual stores is decreasing, and the company plans to implement smaller store models with the integration of cooking robots, which is expected to sustain low investment recovery periods and enhance profit margins [1]