2025 年 08 月 22 日 公司深度研究 买入/首次 小菜园(00999) 目标价: 昨收盘:11.76 大众便民餐饮领军品牌 门店扩张提速 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/12/20 25/2/6 25/3/26 25/5/13 25/6/30 25/8/17 ◼ 股票数据 总股本/流通(亿股) 11.77/11.77 总市值/流通(亿港元) 138.36/138.36 12 个月内最高/最低价 (港元) 13.02/7.9 相关研究报告 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 报告摘要 小菜园作为快速发展的大众便民中式餐饮企业，主打新徽菜，以 "好吃不贵"为核心经营理念，致力于打造"中国百姓的家庭厨房"。 自 2013 年在安徽铜陵开设首家门店以来，截至 2024 年底已拥有 673 家直营门店，覆盖 14 个省份 146 个城市，2025 年计划突破 800 家门 店。 从行业环境看，中国餐饮市场规模韧性强劲。2018-2023 年复合 增长率 4.4%，预计 2028 年达 ...

Summary of the Conference Call Records Company Overview - **Company**: 小菜园 (Xiaocaiyuan) - **Industry**: Casual Chinese Dining - **Positioning**: Leader in affordable and convenient Chinese dining, focusing on traditional and innovative Huizhou cuisine with a high cost-performance ratio [1][2] Key Points and Arguments - **Market Expansion**: As of 2024, 小菜园 operates 667 stores through a pure direct-operated model, showing a steady expansion trend [1] - **Consumer Recognition**: The company's affordable takeout services have gained consumer acceptance, contributing to performance growth by reaching a broader consumer base [1] - **Industry Recovery**: The casual dining sector is experiencing a recovery, with increasing demand and potential for growth in the affordable Chinese dining market [2] - **Market Dynamics**: The restaurant industry has undergone significant changes, with an influx of capital and entrepreneurs leading to oversupply and accelerated industry consolidation [2] - **Competitive Landscape**: The casual dining market, valued at over 5 trillion yuan, is dominated by products priced below 100 yuan, with a fragmented competitive structure and opportunities for innovation driving expansion [3] - **Adaptability**: Casual dining, due to its close alignment with consumer needs, is expected to further increase its market share amid industry changes [4] Additional Important Insights - **Operational Efficiency**: 小菜园 enhances operational management through standardized processes and digital empowerment, ensuring product safety and cost optimization via a self-built supply chain [5] - **Employee Engagement**: The company employs a mentorship system with performance incentives, fostering employee motivation and aligning their interests with the company's goals [5] - **Central Kitchen Capacity**: The company is expanding its central kitchen capacity to support store expansion [6] - **Investment Outlook**: The company is well-positioned to capitalize on trends in globalization, digitalization, and sustainability, with plans to strengthen its supply chain and expand into new cities [6]