金吾财讯 | 国海证券研报指，锅圈(02517)发布正面盈利业绩预告，2025H1净利润及核心经营利润同比高增，社区央厨战略持续验证。公司坚定实施社区央厨战略，通过多渠道多场景结合，推动即时零售门店网络的扩张和门店经营效能的提升。爆品×会员×新渠道构建三维护城河看好公司乡镇门店下沉空间，有望持续带动同店及运营效率提升。公司注重会员体系建设，线上渠道收入增加，形成与线下门店的紧密联动，形成全方位的线上线下一体化的即时零售体系，万店规模叠加供应链优势夯实“在家吃饭”龙头标的护城河。该机构预计2025-2027年公司营业收入71.83/80.36/90.80亿元，归母净利润3.40/3.96/4.63 亿元，对应PE估值为24/21/18x，维持“买入”评级。
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