20240131_国泰君安_食品行业一文读懂小菜园招股书：性价比徽菜代表强供应链与强运营_25页.pdf

201020304ZXCXxOmRpMoPrPoNmRsNqR6McMbRmOpPtRmQkPpPsQlOpPrQaQnNvNuOtPmNMYsOrM301 0.0%0.0%0.1%15.5%32.0%31.5%84.5%68.0%68.4%0%10%20%30%40%50%60%70%80%90%100%2021 2022 2023Q1-3其他外卖业务堂食业务 Q 4 40125 3.214.346.940123456782021 2022 2023Q1-318.92425.20510152025302021 2022 2023Q1-3 26.4632.1334.2921%42%0%5%10%15%20%25%30%35%40%45%05101520253035402021 2022 2023Q1-3 yoy2.272.384.305%108%0%20%40%60%80%100%120%0.00.51.01.52.02.53.03.54.04.55.02021 2022 2023Q1-3/yoy2023Q1-30%10%20%30%40%50%60%70%80%2021 2022 2023Q1-3 0%5%10%15%20%25%30%35%40%2021 2022 2023Q1-3 5 2013 20142016 2018 10020212023 50001 2013 2014 2022 2018 100 2016 2013 2016 2018 2021 20222023 500 20142021 2021 TOP50 2023693%01IPO 710,783,92.6%285,2.4%573,4.9%员工构成门店管理及行政供应链01 52 2013 47 2013 50 2014 46 2013 34 2013 36 2013 48 2015 40 2019 801/90.4%100%902 388 408 439 363 426 392 452 484 518 548 580 2807 3010 3272 2754 3244 3244 3546 3913 4323 4736 5191 87.8%88.1%88.2%88.3%88.4%89.2%88.7%89.0%89.3%89.6%89.9%86.5%87.0%87.5%88.0%88.5%89.0%89.5%90.0%90.5%010002000300040005000600070002017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E中高端大众便民大众便民占比3195 3419 3711 3117 3670 3416 3998 4397 4841 5284 5772 769 853 961 836 1020 978 1180 1332 1508 1690 1887 01000200030004000500060007000800090002017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E中式餐饮非中式餐饮1002/1,061 1,141 1,240 1,056 1,234 1,149 1,336 1,477 1,638 1,802 1,981 05001,0001,5002,0002,5002017 2018 2019 2020 2021 2022 2023 2024E 2025E 2026E 2027E3.10 3.02 3.02 2.98 2.97 3.10 3.11 3.03 3.00 2.92 2.62 2.77 2.76 2.302.402.502.602.702.802.903.003.103.202010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022:1150-10002 76.6678.3971.4570.577.2350556065707580小菜园太二绿茶餐厅呷哺呷哺外婆家客单价54356836086110501002003004005006007008009001000小菜园太二绿茶餐厅呷哺呷哺外婆家门店数3.43.32.72.21.90.2%0.2%0.2%0.1%0.1%0.0%0.1%0.1%0.2%0.2%0.3%00.511.522.533.54 2023Q1-3 12 548 2021-2023Q3 23.2%2021 2022 2023Q3 107 48 79512 15 202378 133 54 228 46%0348 557993 10213344 4954194 2162310%10%20%30%40%50%60%70%80%90%100%2021 2022 2023Q1-3一线新一线二线三线及以下37942249701002003004005006002021 2022 2023Q3 1074879-6-5-4-200204060801001202021 2022 2023Q1-3期内新开业的门店数量期内关闭的门店数量132023 36.8%356015.2%2.8 18.5%81.0/2023 22.3%0333.332.735.626.221.725.10.05.010.015.020.025.030.035.040.02021 2022 2023Q1-3堂食顾客总数（百万人）同店堂食顾客总数（百万人）23,47423,81428,19523,89724,69928,36805,00010,00015,00020,00025,00030,0002021 2022 2023Q1-3单店日均销售额（人民币元）同店日均销售额（人民币元）64.466.881.03.7%18.5%0%2%4%6%8%10%12%14%16%18%20%01020304050607080902021 2022 2023Q1-3 14+2023 10.76 56%0366.1 65.8 65.28574.580.620304050607080902021 2022 2023Q1-3 40910271076151%56%0%20%40%60%80%100%120%140%160%0200400600800100012002021 2022 2023Q1-3 15 2023 20.9%12023Q3 31.4%22022 2023 9 30 9.6%7.3%1-2 13.6030%5%10%15%20%25%30%35%40%2021 2022 2023Q1-3%*%0%5%10%15%20%25%2021 2022 2023Q1-3 2023Q1-3 20.9%15.210.37.302468101214162021 2022 2023Q1-316 040%5%10%15%20%25%30%35%2021 2022 2023Q1-3 4154264953603804004204404604805005202021 2022 2023Q3物业、厂房及设备（百万元）17 040.5%12,62616,39418,4610.50%0.50%0.50%0%0%0%0%0%1%1%020004000600080001000012000140001600018000200002021 2022 2023Q1-3 0.0%0.5%1.0%1.5%2.0%2.5%3.0%2021 2022 2023Q1-3 18 04 SOP 2,700 16 1904SAP BI 2021 1.5 4.4 BI BI 20 2024 2025 2026 160 190 2302026 1100 1 2 305 2105 22 05 2324THANKS FORLISTENING