华安证券认为，基于2026年短期展望，场景拓展+下沉发力将成锅圈有效投资催化。该行指出，2025年 起锅圈步入盈利提升加速阶段，对标相似连锁业态头部标的，公司盈利弹性显著。未来供应链降本、引 流模式成熟、规模效应释放三大盈利提升路径清晰，远期净利率天花板有望冲击10%，其中供应链提效 对应远期3-5pct优化空间，引流模式成熟，规模效应释放对应4-6pct优化空间。 本文源自：智通财经网 智通财经获悉，锅圈(02517)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 中国银河证券发布研报称，锅圈主营"在家餐食"业务，2024年市场空间约1.3万亿元，呈现高速增长态 势(2018-2024年复合增速23%)，在人口结构与降本增效等多重因素市场规模有望持续扩容。当前国 内"在家餐食"行业已进入第二发展阶段，即下沉市场为主要增量来源，而主打性价比的速冻食品零售业 态有望接力外卖成为第二个高速增长的渠道。 ...

智通财经APP获悉，锅圈(02517)涨超4%，截至发稿，涨4.07%，报10.5港元，成交额7247.94万港元。 中国银河证券发布研报称，锅圈主营"在家餐食"业务，2024年市场空间约1.3万亿元，呈现高速增长态 势(2018-2024年复合增速23%)，在人口结构与降本增效等多重因素市场规模有望持续扩容。当前国 内"在家餐食"行业已进入第二发展阶段，即下沉市场为主要增量来源，而主打性价比的速冻食品零售业 态有望接力外卖成为第二个高速增长的渠道。 华安证券认为，基于2026年短期展望，场景拓展+下沉发力将成锅圈有效投资催化。该行指出，2025年 起锅圈步入盈利提升加速阶段，对标相似连锁业态头部标的，公司盈利弹性显著。未来供应链降本、引 流模式成熟、规模效应释放三大盈利提升路径清晰，远期净利率天花板有望冲击10%，其中供应链提效 对应远期3-5pct优化空间，引流模式成熟，规模效应释放对应4-6pct优化空间。 ...

Group 1 - The core viewpoint of the article highlights that Guoquan (02517) has seen a stock increase of over 4%, currently trading at 10.5 HKD with a transaction volume of 72.48 million HKD [1] - China Galaxy Securities reports that Guoquan's main business is "at-home meals," with a market space projected to reach approximately 1.3 trillion CNY in 2024, reflecting a high growth trend with a compound annual growth rate (CAGR) of 23% from 2018 to 2024 [1] - The domestic "at-home meal" industry has entered its second development phase, where the lower-tier markets are expected to be the main source of growth, and the cost-effective frozen food retail sector is anticipated to become the second high-growth channel following takeout [1] Group 2 - Huashan Securities believes that the expansion of scenarios and focus on lower-tier markets will serve as effective investment catalysts for Guoquan in the short term leading up to 2026 [1] - The company is expected to enter a phase of accelerated profit growth starting in 2025, with significant profit elasticity compared to similar leading chain businesses [1] - Three clear paths for profit enhancement are identified: supply chain cost reduction, mature customer acquisition models, and the release of scale effects, with a long-term net profit margin ceiling potentially reaching 10%, including a 3-5 percentage point optimization from supply chain efficiency and 4-6 percentage point optimization from customer acquisition and scale effects [1]