Chipotle (CMG.N) released its 2021 Q3 earnings report, with revenue and net income up 22% and 2.5x respectively year-on-year. The company's EPS was 7 dollars, exceeding market expectations of 6.3 dollars. The company's revenue was slightly higher than market expectations of 19.4 billion dollars. The company's online sales growth was strong, with offline and digital sales up 34% and 9% respectively. The company's offline sales growth was driven by the conversion of offline customers to digital customers, which will drive the growth of the highest-profit online-offline取餐业务. The company's overseas expansion was also strong, with AUVs and profit margins similar to those of domestic stores. The company's cost management and supply chain management were excellent, with food costs down 2pp to 30%. The company's labor costs increased by 0.4pp to 25.8%, while other operating costs decreased by 1.7pp to 15.1%. The company's restaurant-level profit margin increased by 4pp to 23.5%, and the company's net profit margin increased by 5.5pp to 10.5%. The company's Q4 revenue is expected to grow in the low double digits, and profit levels are expected to be lower than Q3 due to cost pressures, but still higher than pre-pandemic levels. The company's EPS is expected to be 24.49, 29.63, and 34.61 dollars in 2021, 2022, and 2023, respectively, with P/E ratios of 75, 62, and 53. The company's ROE is expected to be 28.7%, 26.7%, and 25.0% in 2021, 2022, and 2023, respectively. The company's EPS is expected to be 12.66, 24.49, 29.63, and 34.61 dollars in 2020, 2021, 2022, and 2023, respectively. The company's PE ratio is expected to be 144.0, 74.5,
