2023中国餐饮行业分析报告

目录 中国餐饮行业的前世、今生与未来...........................................................................................................5餐饮行业竞争格局（Porter’s Five Forces） ................................................................................................9餐饮行业制胜的关键是什么？.................................................................................................................19估值与目标价.............................................................................................................................................31风险提示.....................................................................................................................................................32 四大核心竞争力带来强大的业绩确定性.................................................................................................35未来成长性依然不可小觑.........................................................................................................................45盈利预测.....................................................................................................................................................57目标价与估值.............................................................................................................................................62风险提示.....................................................................................................................................................62SPDBI乐观与悲观情景假设.......................................................................................................................65公司背景.....................................................................................................................................................67 中国规模最大的连锁火锅玩家.................................................................................................................77行业竞争加剧恐减弱品牌核心竞争力.....................................................................................................79店铺网络扩张空间受限.............................................................................................................................85盈利能力的恢复与提升是短期最大的亮点.............................................................................................90盈利预测.....................................................................................................................................................94目标价与估值.............................................................................................................................................98风险提示.....................................................................................................................................................98SPDBI乐观与悲观情景假设........................................................................................................................100公司背景....................................................................................................................................................101 太二依然年轻，成长空间较大...............................................................................................................110多品牌布局带来更大增长潜力...............................................................................................................115灵活高效的运营模式...............................................................................................................................119盈利预测...................................................................................................................................................123目标价与估值...........................................................................................................................................127风险提示...................................................................................................................................................127SPDBI乐观与悲观情景假设........................................................................................................................129公司背景....................................................................................................................................................130 盈利预测...................................................................................................................................................140目标价与估值...........................................................................................................................................144风险提示...................................................................................................................................................144SPDBI乐观与悲观情景假设........................................................................................................................146公司背景....................................................................................................................................................147 中国餐饮行业的前世、今生与未来 前世（2009-2019年）：高速发展的十年 从改革开放前的“吃得上”，到八九十年代的“吃得饱”，再到千禧年后的“吃得好”，随着中国经济的发展，中国人在吃上面的追求不断升级。尤其对外出就餐，消费者的要求也变得愈加挑剔，包括优质的口味、干净的就餐环境、创新的菜品、均衡的营养等。 我国人民生活水平