智通财经APP获悉，华西证券发布研报称，预计小菜园(00999)25-27年营业收入60.42亿元/73.34亿元/88.35亿元，同比+15.98%/+21.38%/+20.47%，对应归母净利润7.69亿元/9.51亿元/11.91亿元，同比+32.37%/+23.80%/+25.14%，对应EPS为0.65元/0.81元/1.01元，首次覆盖小菜园，给予“买入”评级。
该行提到，小菜园立足三大优势，门店矩阵逐步外展，后续成长空间大。聚焦小菜园核心成长点：1)门店扩张：A.供应链拓展为扩张供能、保证门店外省扩张情况下成本结构维稳;B.小菜园菜品在本省竞争中突出重围，且门店扩张方向(河南/山东)上的消费者对各类菜系接受度较高，预计扩张阻力较小。2)菜品标准化：公司通过中央厨房预加工、所供菜品结构调整、炒菜机器人引入、员工培训等形式解决餐饮业炒菜品牌标准化难题，保证菜品口味、解除门店扩张限制，门店高速扩张情况下品牌力也有望长期维稳。3)门店模型优化：单店投资回报期逐年缩短，后续扩张将应用面积较小的新门店模型，叠加炒菜机器人应用，投资回报周期有望维持低位、利润率水平有望进一步提升。
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