(2)中式面馆作为第四大中式餐饮品类，2024年行业规模为2866亿元(占比29.80%)。2024年遇见小面商品 交易额13.48亿元，市占率0.5%，排名第四，但2022-2024年交易额CAGR为58.6%，显著领先于前五其 他品牌。 (3)复盘公司历史，该行认为三大要素助力公司成功：①锚定差异化高潜赛道，即川渝风味辣口食品;② 较早推行标准化、数字化;③率先跑通商场店模式，2024年购物中心的门店数量占比为64%，沿街门 店、办公区及交通枢纽门店合计占比34%。商场门店高客流、高溢价、高势能、低教育成本和低营销费 特征，商场店模型为后续顺利拓店提供较好的示范支持。 门店扩张加速 (1)该行认为遇见小面的新城市（300778）进驻展业和原有城市门店加密的空间均大，预计2025年底公 司门店数量约500家，2026年有望超越和府捞面达680家，2027年有望突破900家：通过连续降价、借力 加盟，纵向加密北上广深等超级城市、横向扩张二三线城市，同时加大香港及海外市场扩张力度。 东吴证券主要观点如下： 中式面馆第一梯队，加速开店势能向上 2024年遇见小面在中式面馆/中式快餐餐厅市场份额分别为0.5%/0. ...

智通财经APP获悉，东吴证券发布研报称，首次覆盖，给予遇见小面(02408)"买入"评级，遇见小面作为 中式面馆头部品牌，近年来通过精准定位川渝风味、推行标准化与商场店模式实现快速扩张。截至2025 年11月，门店数已达465家，储备新店超百家，预计未来两年将持续高速拓店，凭借清晰的扩张策略、 海外市场布局及经营优化，公司长期成长空间明确。 东吴证券主要观点如下： 中式面馆第一梯队，加速开店势能向上 2024年遇见小面在中式面馆/中式快餐餐厅市场份额分别为0.5%/0.14%，截至2025年11月，公司餐厅网 络已包括内地22个城市的451家餐厅及香港的14家餐厅，且仍有115家新餐厅开业筹备中。2022-2024年 公司营收由4.18亿元增至11.54亿元，CAGR达66%;加速扩店帮助公司实现盈利拐点，公司经调净利润提 升至2024年的0.63亿元，2024年经调净利率为5%，经营拐点已至。公司门店以直营为主，直营餐厅数 量占比由2022年的65%提升至2024年的78%。 (2)中式面馆作为第四大中式餐饮品类，2024年行业规模为2866亿元(占比29.80%)。2024年遇见小面商品 交易额13.48 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is positioned in the first tier of Chinese noodle restaurants, with significant growth potential through accelerated store openings and a focus on standardized operations and digital management [9][24]. - The company has achieved a turning point in profitability, with revenue growth driven by an increase in the number of direct-operated stores [24][25]. - The report highlights the company's strategic focus on the high-potential Sichuan-Chongqing flavor segment, which is expected to grow significantly in the coming years [56]. Summary by Sections 1. Company Overview - As of November 2025, the company operates 451 restaurants in 22 cities in mainland China and 14 in Hong Kong, with plans for 115 new openings [9][15]. - The company has seen revenue growth from 418 million to 1.154 billion yuan from 2022 to 2024, with a CAGR of 66% [24]. 2. Market Positioning - The company holds a 0.5% market share in the Chinese noodle restaurant sector, ranking fourth among competitors [53]. - The global Chinese cuisine market is projected to reach 8.1 trillion yuan by 2024, with significant contributions from overseas markets [46]. 3. Store Expansion Strategy - The company plans to increase its store count to approximately 500 by the end of 2025 and aims to surpass 900 by 2027 through both vertical and horizontal expansion strategies [9][71]. - The majority of new stores will be direct-operated, with a focus on high-traffic shopping centers, which accounted for 64% of the store count in 2024 [67][69]. 4. Financial Projections - Revenue forecasts for 2025-2027 are 16.55 billion, 24.42 billion, and 33.81 billion yuan, with year-on-year growth rates of 43%, 48%, and 38% respectively [1]. - The net profit for the same period is projected to be 1.33 billion, 2.43 billion, and 3.88 billion yuan, with growth rates of 119%, 83%, and 60% respectively [1].