中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 直营与加盟共进，区域加密的中式快餐连锁龙头 ——老乡鸡招股书梳理 2025 . 1 2 . 3 0 分析师：郑澄怀 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张骥 执业证书编号：S0740523060001 Email：zhangji01@zts.com.cn 核心观点 ◆ 中式快餐连锁赛道的头部公司 公司深耕中式快餐连锁赛道，24年该赛道规模2629亿元，预计2029年达到4832亿元，2024年至2029年CAGR预计10.8%。根据招股书，按GMV口径，24年中式快 餐连锁CR5仅为3.6%，其中老乡鸡份额为0.9%，位居第一。细分华东市场，老乡鸡24年在华东地区的GMV为63亿元，市占率2.2%。华东地区排名第二的公司 GMV/市占率分别为25亿元/0.9%，老乡鸡在华东地区优势明显。 ◆ 直营与加盟并进，门店经营数据整体稳中有升 老乡鸡是直营+加盟并进的模式，至2025年4月底老乡鸡门店1564家。根据招股书数据，老乡鸡加盟门店数占比持续 ...

Investment Rating - The report maintains an "Add" rating for the industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The report highlights that the leading Chinese fast-food brand, Laoxiangji, focuses on home-style dishes centered around chicken soup and chicken products, with a significant expansion in its store network since its establishment in 2003 [3][8]. - Laoxiangji operates a combination of direct and franchise models, with over 80% of its revenue coming from direct operations, and it has shown consistent revenue growth [11][20]. - The average daily sales per store have been steadily increasing, reflecting strong operational performance and customer demand [16][20]. - The report emphasizes the potential for growth in the Chinese fast-food market, particularly in the chain restaurant segment, where Laoxiangji holds the largest market share among Chinese fast-food brands [26][30]. Summary by Sections Industry Overview - The Chinese fast-food market is projected to grow from CNY 8,097 billion in 2024 to CNY 12,058 billion by 2029, with a CAGR of 8.3% [26]. - The chain restaurant penetration rate for Chinese fast food is currently at 32.5%, significantly lower than Western fast food at 67.9%, indicating substantial room for growth [26]. Company Performance - As of April 2025, Laoxiangji has 1,564 stores across 9 provinces and 58 cities, making it the largest Chinese fast-food brand by transaction volume [3][8]. - In 2024, Laoxiangji's revenue reached CNY 6.13 billion, a 10% year-on-year increase, with a gross margin of 22.8% and a net profit of CNY 409 million [11][20]. - The average daily sales for direct stores increased from CNY 12,800 in 2022 to CNY 16,000 in 2025, showcasing effective sales strategies [16][20]. Market Position - Laoxiangji's market share in the Chinese fast-food sector is 0.9%, ranking it first among Chinese fast-food brands, while its overall market share in the fast-food industry is 0.5%, placing it eighth [26][30]. - The report suggests that the upcoming wave of IPOs for various Chinese fast-food brands could attract additional investment into the sector, enhancing market dynamics [30].

Company Overview - LXJ International Holdings Limited, known as "老乡鸡," is the largest Chinese QSR brand, founded in 2003 by a veteran and poultry farmer [1] - The company has transitioned from an A-share listing attempt to pursuing a listing on the Hong Kong Stock Exchange, with the prospectus updated recently [1] Market Position - In 2024, the company holds a 0.9% market share in the Chinese QSR industry and ranks eighth in the overall fast food sector with a 0.5% market share [1] - The brand's menu focuses on home-style dishes centered around chicken, with signature items priced between 12-17 yuan [1] Supply Chain and Expansion - The company has established a comprehensive supply chain involving breeding, procurement, processing, and logistics, with three chicken farms and two automated central kitchens [2] - Plans for further supply chain integration include developing a new central kitchen in Hefei, expected to be completed by 2027 [2] - As of April 30, 2025, the company operates 1,564 stores across 58 cities, with a mix of 911 direct-operated and 653 franchised stores [2] Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be 4.528 billion yuan, 5.651 billion yuan, and 6.288 billion yuan, respectively, with net profits of 252 million yuan, 375 million yuan, and 409 million yuan [3] - For the first four months of 2025, revenue reached 2.12 billion yuan, a 9.84% increase year-on-year, with net profit at 174 million yuan, up 7.41% from the previous year [3]