智通财经APP获悉，东吴证券发布研报称，维持锅圈(02517)"买入"评级，元旦实现"开门红"，同店向好 趋势延续。2025年下半年公司同店营收在高基数下依然保持良好的增长，2026年元旦更是延续了亮眼的 增长动能。进一步验证了公司通过产品上新迭代、会员精细化管理和门店调改可以持续实现单店营收增 长，预计公司2025-2027年归母净利为4.5/6.0/7.6亿元(此前预期为4.4/5.6/6.8亿元)，同比+94%/34%/27%; 对应PE为24/18/14X。 东吴证券主要观点如下： 门店业态不断拓宽，场景化能力凸显 2025年公司已经在尝试大店调改，通过扩品类、扩场景、扩客单、扩客流，实现"面积扩一倍，业绩增 三倍"。该行在上海调改店调研发现，通过导入炸货、饮品等高频品类可以带动相对低频的火锅食材。 目前大店调改已经在华南地区蓄势，这种管理层深度参与、供应链极其灵活的加盟管理能力，正是市场 此前低估的"能力边界"。 新业态"锅圈小炒"落地，有望开拓新空间 小炒店的试营业标志着公司切入新场景，以标准化供应链+智能炒菜机器人的组合，可实现1分钟出 餐、2-3分钟完成一道菜，并且产品定价相比外卖更有优势，如 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has successfully expanded its store formats, with the introduction of "锅圈小炒" (small stir-fry restaurants) expected to create new growth opportunities. This new format utilizes a standardized supply chain and smart cooking robots, allowing for quick meal preparation and competitive pricing compared to takeout [7] - The company has demonstrated strong same-store sales growth, even in the face of high comparatives, indicating effective product innovation and refined membership management. The management's deep involvement in store operations and flexible supply chain management has been highlighted as a previously underestimated capability [7] - The financial forecasts have been revised upwards due to anticipated better performance in store openings and same-store revenue. The projected net profits for 2025-2027 are 4.5 billion, 6.0 billion, and 7.6 billion RMB, respectively, reflecting year-on-year growth rates of 94%, 34%, and 27% [7] Financial Summary - Total revenue is projected to grow from 6,100 million RMB in 2023 to 10,916 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 19.06% [1] - The net profit attributable to the parent company is expected to increase from 239.64 million RMB in 2023 to 755.98 million RMB in 2027, with significant growth in the coming years [1] - The earnings per share (EPS) is forecasted to rise from 0.09 RMB in 2023 to 0.28 RMB in 2027, indicating a strong improvement in profitability [1]

Group 1 - The "Yunhe Grand Market" in Tongzhou will host over 50 cultural activities themed "Yunhe Connects North and South, New Year Flavor Gathers at the Grand Market" from the Winter Solstice to the Lantern Festival [2] - The market will feature traditional performances such as dragon dances and acrobatics, enhancing its appeal as a unique rural cultural tourism scene [2] - The event on the Winter Solstice attracted many visitors, showcasing a blend of traditional and modern elements, including performances by mechanical lions and intelligent robots [2] Group 2 - The "Yunhe Grand Market" will collaborate with the e-commerce platform Meituan to launch a direct access service, allowing local products and cultural experiences to reach a broader audience [4] - The market will also form a student team with Beijing Wuzi University to promote local agriculture through live-streaming events [4] - The market's reputation is growing, attracting visitors from various districts and even tourists from Universal Studios, leading to increased business for local vendors [4] Group 3 - Activities at the market will maintain traditional cultural elements while integrating modern aesthetics, providing an immersive experience of the rich heritage and festive atmosphere [5] - The Tongzhou District Cultural and Tourism Bureau is organizing traditional cultural handcraft activities, combining seasonal cultural themes with national intangible cultural heritage [7] - Participants engaged in hands-on experiences of traditional craftsmanship, such as creating cloisonné art, which was well-received by visitors [8]