2025 年 08 月 22 日 公司深度研究 买入/首次 小菜园(00999) 目标价: 昨收盘:11.76 大众便民餐饮领军品牌 门店扩张提速 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/12/20 25/2/6 25/3/26 25/5/13 25/6/30 25/8/17 ◼ 股票数据 总股本/流通(亿股) 11.77/11.77 总市值/流通(亿港元) 138.36/138.36 12 个月内最高/最低价 (港元) 13.02/7.9 相关研究报告 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 报告摘要 小菜园作为快速发展的大众便民中式餐饮企业，主打新徽菜，以 "好吃不贵"为核心经营理念，致力于打造"中国百姓的家庭厨房"。 自 2013 年在安徽铜陵开设首家门店以来，截至 2024 年底已拥有 673 家直营门店，覆盖 14 个省份 146 个城市，2025 年计划突破 800 家门 店。 从行业环境看，中国餐饮市场规模韧性强劲。2018-2023 年复合 增长率 4.4%，预计 2028 年达 ...

Core Insights - The article highlights the culinary significance of Nanchang's three signature dishes, known as the "Nanchang Three Absolutes," which include Nanchang mixed noodles, clay pot soup, and Huang Shang Huang hand-pulled duck [1][9]. Group 1: Nanchang Mixed Noodles - Nanchang mixed noodles are characterized by their unique texture, made from indica rice, resulting in thin, resilient noodles that do not break easily when cooked [2]. - The dish's flavor profile is enhanced by a variety of condiments, including pickled radish, sour beans, and peanuts, creating a complex taste experience [2]. - Nanchang locals express their love for the dish with the saying, "savoring noodles is a moment of joy" [2]. Group 2: Clay Pot Soup - Clay pot soup is prepared using traditional slow-cooking methods in a clay pot, allowing for a unique flavor and health benefits [4]. - The clay pot's porous structure ensures even heating while allowing excess moisture to escape, preserving the soup's freshness [4]. - This cooking technique embodies the essence of ancient soup-making traditions, contributing to the dish's reputation as a flavorful and nourishing option [4]. Group 3: Huang Shang Huang Hand-Pulled Duck - Huang Shang Huang hand-pulled duck is renowned for its integration of traditional craftsmanship and spicy flavors, utilizing a non-heritage marinating technique with 28 plant spices [5][9]. - The preparation involves 32 meticulous steps, including a 72-hour marination process, ensuring a rich and complex flavor profile [5]. - The dish's appeal lies in its combination of savory and spicy elements, making it a favorite among locals [9]. Group 4: Culinary Culture of Nanchang - The "Nanchang Three Absolutes" serve as a culinary emblem for the city, reflecting its vibrant food culture and historical significance [9]. - Beyond these signature dishes, Nanchang offers a variety of other local delicacies, inviting food enthusiasts to explore its diverse culinary landscape [9].