金吾财讯 | 招银国际研报指，锅圈（02517）1H26收入/净利润分别同比增长21.8%/15.2%至人民币39.47亿元/2.11亿元，核心经营利润同比增长18.3%，未达到其“净利润增速快于收入增速”的指引 。该机构的关注要点：1）管理层将2026年全年门店目标从3月年报业绩时给出的14,500家下调至13,100家，释放出扩张放缓但更趋审慎的信号，同时重申2万家门店的长期目标不变，会员、线上渠道与海外探索正为收入增长增添新引擎；2）尽管1H26毛利率受产品结构影响有所摊薄（同比下降0.6个百分点至21.5%），管理层预计后续将温和改善，驱动因素包括供应链效率提升、火锅旺季高毛利产品陈列、锅圈农场规模扩大及线上线下协同 。该机构转覆盖并给予“买入”评级，目标价3.07港元，基于14倍2026年预测市盈率，与该机构精选的可比同业均值一致，该机构选取了商业模式更为相近的可比同业作为估值对标，包括：1）拥有万店规模、深耕下沉市场、以加盟模式为主的零售企业；2）火锅、餐饮供应链及“在家吃饭”概念标的。
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