大行评级｜海通国际：首予小菜园“优于大市”评级及目标价13.5港元

格隆汇2025-07-29

海通国际发表报告指，首次覆盖小菜园，给予“优于大市”评级，目标价13.5港元，指其为大众便民中式餐饮领导者。该行预计，得益于门店面积优化缩减固定成本、炒菜机器人投入提升人效、规模效应显现推动原材料端成本进一步摊薄，以及品牌力增强带来的租金议价权提升，2025年门店经营利润率有望回升至20%以上。开店空间方面，经测算小菜园开店空间广阔，预计门店数量可超2500家。该行预计2025至2027年小菜园...

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