Group 1 - The Chengdu catering industry is experiencing a recovery in 2024, with national catering revenue expected to reach approximately 5.6 trillion yuan, reflecting a year-on-year growth of 5.3% [1] - The Chinese dining market is projected to reach a scale of 1.06 trillion yuan in 2024, indicating significant changes in the operational data of Chinese dining establishments over the past five years [1] - The industry is moving towards chain operations, but the growth rate of store numbers is slowing, average customer spending is decreasing, and the number of dishes produced per store has significantly declined, suggesting an impending major reshuffle in the Chinese dining market [1] Group 2 - Sichuan Xiong Miao Master Technology Co., Ltd. has launched the first comprehensive smart kitchen solution in the country, featuring AI digital recipes and intelligent cooking robots [2] - The AI digital recipe leverages big data analysis and learning capabilities, enabling seamless integration of restaurant operational data and kitchen product data for digital analysis and decision-making [2] - The intelligent cooking robot, with its core competitive advantage being real-time temperature control technology, significantly enhances the quality of dishes produced [2] - The solution has been implemented in over 1,000 stores across more than 100 restaurant brands nationwide and has expanded to over 20 countries and regions, including the United States, Singapore, and Australia [2] - Pilot stores have reported a 40% increase in cooking efficiency, a 40% reduction in labor costs, a 30% reduction in kitchen space, and a 25% decrease in food waste due to real-time energy consumption monitoring [2] Group 3 - The Sichuan cuisine is recognized as a cultural emblem of China and Chengdu, with the "going global" initiative for Sichuan cuisine enhancing the competitiveness of Chinese cuisine on a global scale [3] - The smart kitchen solution developed by Sichuan Xiong Miao Master is expected to improve the standardization capabilities of the Chinese dining industry, thereby strengthening the global competitiveness of Sichuan cuisine [3]

Core Insights - The Chinese dining market is projected to exceed 1.06 trillion yuan in 2024, indicating a significant growth opportunity driven by technology in the restaurant industry [1] - The introduction of "smart kitchens" and AI-driven solutions is transforming traditional cooking methods into standardized processes, addressing the challenges of consistency and scalability in Chinese cuisine [1][2] Company Developments - 熊喵大师 has launched the first comprehensive smart kitchen solution in China, featuring AI digital recipes and intelligent cooking robots, which enhance operational efficiency and product standardization [2] - The AI digital recipe system allows for the deconstruction of ingredients and cooking methods into data combinations, enabling restaurants to optimize menu offerings and pricing [2][5] - The intelligent cooking robots utilize real-time temperature control technology, significantly improving the quality and consistency of dishes compared to existing market solutions [2][5] Product Offerings - 熊喵大师 offers three versions of its intelligent cooking machine, priced at 14,800 yuan, 23,800 yuan, and 25,800 yuan, with rental options available [3] - The rental model includes a minimum one-year lease with a deposit of 5,000 yuan per unit, with flexible payment options [3] Market Impact - The implementation of 熊喵大师's solutions has resulted in a 40% increase in cooking efficiency, a 40% reduction in labor costs, and a 30% decrease in kitchen space requirements [5] - The technology has been adopted by over 100 restaurant brands and more than 1,000 locations across various sectors, including traditional Chinese cuisine, hot pot, and international markets [5]

Group 1: Industry Overview - The restaurant industry is facing challenges such as high rent, energy costs, and labor expenses, making digital transformation essential [1] - The Chinese restaurant market is projected to recover in 2024, with an expected revenue of approximately 5.6 trillion yuan, a year-on-year growth of 5.3% [2] - The chain rate in the restaurant industry has increased from 15% in 2020 to an estimated 22% in 2024, with further growth expected to 24% by 2025 [2][3] Group 2: Market Dynamics - The number of Chinese dining establishments has grown from 1.248 million in 2020 to 1.395 million in 2024, with a compound annual growth rate of 2.8% [3] - The average customer spending has decreased from 56.4 yuan to 53.5 yuan, reflecting a compound annual decline of 1.3% [3] - The average output per store has significantly dropped, indicating a potential market reshuffle in the Chinese dining sector [3] Group 3: Technological Innovations - Sichuan Xiong Miao Master Technology Co., Ltd. introduced a "smart kitchen full-chain solution" utilizing AI digital recipes and intelligent cooking robots to enhance operational efficiency [1][5] - The smart kitchen solution has shown to improve dish output efficiency by over 40% and reduce labor costs by 40% [1][7] - The AI digital recipe system allows for data-driven decision-making in restaurant operations, enhancing menu and pricing strategies [6] Group 4: Regional Focus - Sichuan cuisine accounts for over 10% of the Chinese dining market, with a market size exceeding 130 billion yuan [4] - The Sichuan provincial government is actively promoting the development of Sichuan cuisine through technology and international market expansion [4]

点击注册小程序 特别申明： 公司外销收入主要来自于控股股东SEB集团代工订单，受欧美市场去库存影响，SEB补库需求拉动公司外 销收入大幅增长，公司公告显示2024年公司与控股股东SEB集团关联交易实际发生71.4亿元人民币，较 2023年双方关联交易实际发生金额+20.3%，2025年预计进一步同比增长+4.4%至74.6亿元人民币。SEB全 球市场认可度较高，随着SEB在全球市场份额的拓展，预计公司外销业务稳步扩张。 内销面临行业停滞，公司维持龙头地位 2024年公司内销预计略微下滑，据奥维云网全渠道推总数据，2024年厨小家电零售额同比-0.8%，零售量 同比+1.2%，消费需求疲软，各品牌竞争激烈，且2024年国补对公司主营厨小家电产品覆盖率低，导致公 司内销短期承压。公司维持稳健经营，积极降本增效，线上、线下核心品类份额持续增长，同时公司持续 加大研发投入，推出智能炒菜机、家用咖啡机等新品类，以产品创新激发需求释放，保障厨小行业领先地 位。 风险提示： SEB订单不及预期，原材料价格上涨，国内市场竞争加剧。 发布日期： 2025-03-01 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光 ...