Core Viewpoints - The company benefits from the global brand effect of Domino's Pizza and has accumulated rich experience in the domestic market over nearly 30 years, indicating strong brand recognition and local adaptation [1] - The pizza industry possesses characteristics such as staple food attributes, standardization, innovation, convenience, takeout properties, and cost-effectiveness, suggesting significant growth potential in domestic pizza penetration and consumer habits [1] - The company is expected to achieve long-term stable growth by leveraging its product excellence, innovative operations, digital capabilities, and comprehensive supply chain management amidst the optimization of the domestic catering supply [1] Competitive Advantages - The company has built a strong competitive moat through a focused product strategy, mature R&D, and store operation SOPs, ensuring its product quality, innovation frequency, and cost-effectiveness remain industry-leading [2] - A differentiated delivery strategy with proprietary riders and digital precision matching enhances delivery efficiency and quality [2] - Strong online membership growth and precise marketing channel operations contribute to increased offline store traffic and expansion potential, supported by a high proportion of digital orders and takeout coverage [2] - The company’s organizational structure is efficient, with a reasonable management hierarchy and a robust training system, positioning it well for revenue and profit growth in the rapidly developing domestic pizza market [2] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 137 million, 208 million, and 305 million yuan from 2025 to 2027, corresponding to PE ratios of 74X, 49X, and 33X respectively, with an initial "buy" rating [2]