<p>在过去几年中，快速就餐已成为餐饮者最受欢迎的选择之一。</p>
<p>两家领先的快速就餐连锁餐厅是地中海风格的 <strong>Cava 集团</strong>(CAVA -1.10%) 和墨西哥卷饼专家 <strong>Chipotle Mexican Grill</strong>(CMG 0.21%)。</p>
<p>到目前为止，2024 年，Cava 股价上涨了 98%，而 Chipotle 的股价上涨了 25%，均大幅超过 <strong>标普 500 指数</strong>。</p>
<p>让我们深入分析 Cava 和 Chipotle 的业绩，并评估哪支股票可能更适合长期投资者。</p>
<h2>分析 Cava</h2>
<p>在分析餐饮企业时，诸如新店开张和同店销售等指标可能会很有用。</p>
<p>在 2024 财年第一季度（截至 4 月 21 日）期间，Cava 开设了 14 家净新餐厅。这相比去年增长了 23%，使 Cava 的总餐厅数量达到 323 家。</p>
<p>公司的营收在第一季度同比增长了 30%，达到 2.563 亿美元，而同店销售增长了 2.3%。</p>
<p>尽管宏观经济环境面临顽固的通货膨胀，Cava 还展示了对强劲单店经济的承诺。截至 4 月 21 日，Cava 报告的净收入为 1,400 万美元，而去年亏损为 210 万美元。</p>
<p>此外，公司在第一季度的调整前利息、税、折旧和摊销前利润（EBITDA）与去年同期基本翻了一番，而自由现金流从去年的 1,340 万美元的现金流出转为了 470 万美元的现金流入。</p>
<p>综上所述，Cava 的财务状况相当令人印象深刻。然而，截至 2024 年目前，股价上涨了 98%，投资者需要评估公司的估值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png"/></p>
<p>YCharts 提供的 CAVA PS 比率数据。</p>
<p>如上图所示，Cava 的市销率（P/S）为 11.7，远高于 Chipotle。在某种程度上，这是有道理的。与 Cava 相比，Chipotle 是一家更成熟的企业。然而，两家餐厅股票之间的估值差异是很难忽视的。</p>
<p>让我们深入了解 Chipotle 的业务，并看看 Cava 的溢价估值是否合理。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>分析 Chipotle</h2>
<p>截至 3 月 31 日的季度，Chipotle 报告的营收为 27 亿美元，同比增长了 14.1%。尽管这种营收增长水平仅为 Cava 在第一季度的一半左右，但考虑到 Chipotle 的营收是 Cava 的 10 倍以上，Chipotle 显然是一家规模更大的企业。</p>
<p>Chipotle 真正脱颖而出的地方在于同店销售和利润率。</p>
<p>在第一季度，Chipotle 的可比餐厅销售增长了 7%，是 Cava 销售额的三倍多。公司的餐厅级运营利润率为 27.5%。相比之下，Cava 的餐厅级利润率为 25.2%。</p>
<p>截至第一季度末，Chipotle 拥有近 3500 家门店，大约是 Cava 门店数量的 10 倍。公司的平均餐厅销售额为 310 万美元，明显高于 Cava 的 260 万美元。</p>
<h2>结论</h2>
<p>以上探讨的趋势表明，Chipotle 的单店经济比 Cava 更优越。它是一家规模更大的公司，在几乎所有重要的财务和运营指标上都优于 Cava。</p>
<p>我怀疑很多资本已经流入 Cava 股票，背后的主要观点是该公司可能成为下一个 Chipotle。虽然这有一定道理，但要确定 Cava 最终是否能达到 Chipotle 的规模和规模，还需要很多年的时间。</p>
<p>与此同时，Chipotle 并没有给投资者理由认为其自身的增长可能开始减速或趋于平稳。虽然持有 Cava 和 Chipotle 股票都能赚钱，但我认为这里有一个明显的赢家：Chipotle。</p>
<p>我认为 Chipotle 是餐饮股中的一流品牌，公司出色的财务状况和关键业绩指标表明，增长故事应该会持续多年。</p>

墨式烧烤

<p>挚文集团和 Chipotle Mexican Grill 是两家领先的快餐连锁餐厅。2024 年，挚文集团的股价上涨了 98%，而 Chipotle 的股价上涨了 25%。分析它们的财务状况，Chipotle 凭借卓越的单店经济、更大规模、更高的销售额和利润率成为更好的投资选择。虽然挚文集团显示出潜力，但要达到 Chipotle 的水平还需要时间。总体而言，Chipotle 在餐饮股票中代表着一流品牌</p>

<p>Fast casual dining has become one of the most popular options for diners over the last several years.</p>
<div class="lb-trans"><p>在过去几年中，快速就餐已成为餐饮者最受欢迎的选择之一。</p>
</div><p>Two leading fast casual restaurant chains are Mediterranean-inspired <strong>CAVA Group</strong>(CAVA -1.10%) and burrito specialist <strong>Chipotle Mexican Grill</strong>(CMG 0.21%).</p>
<div class="lb-trans"><p>两家领先的快速就餐连锁餐厅是地中海风格的 <strong>Cava 集团</strong>(CAVA -1.10%) 和墨西哥卷饼专家 <strong>Chipotle Mexican Grill</strong>(CMG 0.21%)。</p>
</div><p>So far in 2024, Cava stock is up 98% while shares of Chipotle have gained 25% -- each handily topping the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p>到目前为止，2024 年，Cava 股价上涨了 98%，而 Chipotle 的股价上涨了 25%，均大幅超过 <strong>标普 500 指数</strong>。</p>
</div><p>Let's dive into the business results of Cava and Chipotle and assess which stock might be the better buy for long-term investors.</p>
<div class="lb-trans"><p>让我们深入分析 Cava 和 Chipotle 的业绩，并评估哪支股票可能更适合长期投资者。</p>
</div><h2>Analyzing Cava</h2>
<div class="lb-trans"><h2>分析 Cava</h2>
</div><p>When analyzing restaurant businesses, metrics such as new store openings and same-store sales can be useful.</p>
<div class="lb-trans"><p>在分析餐饮企业时，诸如新店开张和同店销售等指标可能会很有用。</p>
</div><p>During Cava's first fiscal quarter of 2024 (ended April 21), the company opened 14 net new restaurants. This represented 23% growth year over year, and brought Cava's total restaurant count to 323.</p>
<div class="lb-trans"><p>在 2024 财年第一季度（截至 4 月 21 日）期间，Cava 开设了 14 家净新餐厅。这相比去年增长了 23%，使 Cava 的总餐厅数量达到 323 家。</p>
</div><p>The company's revenue soared 30% year over year during Q1 to $256.3 million, while same-store sales rose by 2.3%.</p>
<div class="lb-trans"><p>公司的营收在第一季度同比增长了 30%，达到 2.563 亿美元，而同店销售增长了 2.3%。</p>
</div><p>Despite a macroeconomic environment battling stubborn inflation, Cava has also showcased a commitment to strong unit economics. For the period ended April 21, Cava reported net income of $14 million, compared to a loss of $2.1 million last year.</p>
<div class="lb-trans"><p>尽管宏观经济环境面临顽固的通货膨胀，Cava 还展示了对强劲单店经济的承诺。截至 4 月 21 日，Cava 报告的净收入为 1,400 万美元，而去年亏损为 210 万美元。</p>
</div><p>Moreover, the company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) essentially doubled year over year during Q1, while free cash flow swung to $4.7 million compared to cash burn of $13.4 million last year.</p>
<div class="lb-trans"><p>此外，公司在第一季度的调整前利息、税、折旧和摊销前利润（EBITDA）与去年同期基本翻了一番，而自由现金流从去年的 1,340 万美元的现金流出转为了 470 万美元的现金流入。</p>
</div><p>All things considered, Cava's financial profile is quite impressive. However, with the stock surging 98% so far in 2024, investors need to assess the company's valuation.</p>
<div class="lb-trans"><p>综上所述，Cava 的财务状况相当令人印象深刻。然而，截至 2024 年目前，股价上涨了 98%，投资者需要评估公司的估值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png" alt="" original-src="https://media.ycharts.com/charts/399209cf5ff15dacd0ef787a10b47acb.png"/></p>
<p>CAVA PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>YCharts 提供的 CAVA PS 比率数据。</p>
</div><p>As seen in the chart above, Cava's price-to-sales (P/S) multiple of 11.7 is considerably above Chipotle's. In a way, this could make some sense. Chipotle is a much more mature business compared to Cava. However, the valuation disparity between the two restaurant stocks is hard to overlook.</p>
<div class="lb-trans"><p>如上图所示，Cava 的市销率（P/S）为 11.7，远高于 Chipotle。在某种程度上，这是有道理的。与 Cava 相比，Chipotle 是一家更成熟的企业。然而，两家餐厅股票之间的估值差异是很难忽视的。</p>
</div><p>Let's dig into Chipotle's business and see whether Cava's premium valuation is deserved.</p>
<div class="lb-trans"><p>让我们深入了解 Chipotle 的业务，并看看 Cava 的溢价估值是否合理。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODMyMDAvZ2V0dHlpbWFnZXMtMTEzNDI1MzYzNi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F783200%2Fgettyimages-1134253636.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Analyzing Chipotle</h2>
<div class="lb-trans"><h2>分析 Chipotle</h2>
</div><p>For the quarter ended March 31, Chipotle reported revenue of $2.7 billion -- an increase of 14.1% year over year. While this level of revenue growth is only about half as much as Cava's during the first quarter, Chipotle is clearly a much larger business, considering that its revenue is more than 10-fold that of Cava's.</p>
<div class="lb-trans"><p>截至 3 月 31 日的季度，Chipotle 报告的营收为 27 亿美元，同比增长了 14.1%。尽管这种营收增长水平仅为 Cava 在第一季度的一半左右，但考虑到 Chipotle 的营收是 Cava 的 10 倍以上，Chipotle 显然是一家规模更大的企业。</p>
</div><p>Where Chipotle really sets itself apart from the competition is same-store sales and profit margins.</p>
<div class="lb-trans"><p>Chipotle 真正脱颖而出的地方在于同店销售和利润率。</p>
</div><p>During Q1, Chipotle's comparable restaurant sales rose 7% -- more than triple Cava's sales. The company's restaurant level operating margin was 27.5%. In comparison, Cava's restaurant level profit margin was 25.2%.</p>
<div class="lb-trans"><p>在第一季度，Chipotle 的可比餐厅销售增长了 7%，是 Cava 销售额的三倍多。公司的餐厅级运营利润率为 27.5%。相比之下，Cava 的餐厅级利润率为 25.2%。</p>
</div><p>At the end of Q1, Chipotle boasted nearly 3,500 locations -- roughly 10 times Cava's number. The company's average restaurant sales of $3.1 million were notably higher than Cava's $2.6 million.</p>
<div class="lb-trans"><p>截至第一季度末，Chipotle 拥有近 3500 家门店，大约是 Cava 门店数量的 10 倍。公司的平均餐厅销售额为 310 万美元，明显高于 Cava 的 260 万美元。</p>
</div><h2>The bottom line</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>The trends explored above suggest that Chipotle has superior unit economics to Cava. It's a much bigger company and outperforms Cava in just about every important financial and operating metric.</p>
<div class="lb-trans"><p>以上探讨的趋势表明，Chipotle 的单店经济比 Cava 更优越。它是一家规模更大的公司，在几乎所有重要的财务和运营指标上都优于 Cava。</p>
</div><p>My suspicion is that a lot of capital has poured into Cava stock with the underlying thesis that the company might be the next Chipotle. While this has some merit, it is going to take many years to determine if Cava will eventually reach the size and scale of Chipotle.</p>
<div class="lb-trans"><p>我怀疑很多资本已经流入 Cava 股票，背后的主要观点是该公司可能成为下一个 Chipotle。虽然这有一定道理，但要确定 Cava 最终是否能达到 Chipotle 的规模和规模，还需要很多年的时间。</p>
</div><p>All the while, Chipotle isn't exactly giving investors reasons to think its own growth could begin decelerating or plateauing. While money can be made owning both Cava and Chipotle stock, I see one clear winner here: Chipotle.</p>
<div class="lb-trans"><p>与此同时，Chipotle 并没有给投资者理由认为其自身的增长可能开始减速或趋于平稳。虽然持有 Cava 和 Chipotle 股票都能赚钱，但我认为这里有一个明显的赢家：Chipotle。</p>
</div><p>I think Chipotle represents a best-in-class brand among restaurant stocks, and the company's impressive financial profile and key performance indications suggest that the growth narrative should stay intact for years to come.</p>
<div class="lb-trans"><p>我认为 Chipotle 是餐饮股中的一流品牌，公司出色的财务状况和关键业绩指标表明，增长故事应该会持续多年。</p>
</div>

Cava 与 Chipotle：哪只餐厅股票更好？