智通财经APP获悉，开源证券发布研报称，维持卫龙美味(09985)"增持"评级。公司2026年春节旺季备货 从一月开始，新春佳节是居民食品饮料消费重要场景，礼品采购、家庭团聚等活动带动大众品备货需求 集中释放。2026年春节落在二月中旬，叠加扩内需促消费的宏观政策背景，预计年初旺季备货有望催化 业绩。另外公司魔芋新口味产品储备充足，面制品导入明星代言，预计为销售贡献更多增量，该行维持 盈利预测，预计公司2025-2027年归母净利润分别为13.8、17.0、20.6亿元，同比分别增长29.2%、 23.1%、21.1%。当前股价对应PE分别为19.6、15.9、13.1倍。 开源证券主要观点如下： 辣条新品导入明星代言，魔芋新口味提升势能 公司是国内辣味零食龙头品牌，大单品策略助力公司高速增长。公司在面制品方面聚焦核心产品线，包 括大小辣棒、麻辣麻辣、亲嘴烧等，2025年新上市小龙虾、麻辣牛肉等新风味，导入流量明星代言，期 待稳健增长。魔芋品类景气度高，卫龙魔芋爽品牌力经过多年沉淀深入人心，公司2025年下半年推出高 纤牛肝菌、傣味舂鸡脚等全新口味，丰富品类矩阵，预计公司魔芋品类在产品矩阵更加丰富的背景下， ...

#20260126卫龙美味更新推荐：春节备货节奏正常，当前仍为26年极佳布局位置 今日股价早盘回调较多我们认为主要系资金面扰动，基本面春节备货如常推进，#回调为较好布局点位。 #魔芋（类薯片品类）有望成为百亿级的单品：魔芋品类"Q弹爽"+"低热量特性突出"，与其他零食品类具备足够的 区隔性，奠定百亿大单品的基础。 公司创新性开创该品类，消费心智强，魔芋口味矩阵完善且持续创新口味，26年魔芋品类红利有望持续强兑现。 #市场担忧魔芋竞争+渠道对上游议价：我们认为魔芋作为深加工商品，且公司逐步推新完善魔芋口味矩阵，零食 不会无限价格战（商品有差异度），竞争问题可更乐观看待。 产业链话语权的核心在于消费者的认知，消费者对于卫龙品牌认知深，头部品牌预计受到下游议价的影响小。 今日股价早盘回调较多我们认为主要系资金面扰动，基本面春节备货如常推进，#回调为较好布局点位。 26年辣条有望企稳+魔芋品类有望强兑现+新品类期权，26年业绩增速有望超20%，当前股价对应26年17.5亿净利润 为15XPE，#兼具成长性+低估值，看好26年估值修复至20X+。 #26年辣条有望企稳：公司23年推出麻辣麻辣进一步完善辣条口味矩阵，前期 ...

1月23日，郑州市平江商会换届大会暨2026年新春年会隆重举行，来自豫湘两地的政府领导、商会会员企业代表、各界嘉宾400余人齐聚一堂，共同见证商会 发展史上的重要时刻。大会严格遵循法定程序完成换届选举，卫龙美味董事长刘卫平当选第三届理事会会长，为商会注入全新发展动能。 会上，第二届理事会会长唐明辉代表上一届理事会作工作报告，全面回顾了商会成立以来在凝聚会员力量、规范行业发展、推动豫湘经济交流、参与公益事 业等方面取得的显著成就——会员企业从最初的作坊式经营逐步发展为年产值超300亿元的产业集群，3万余名平江人在豫就业创业，商会更深度参与制定了 中华人民共和国轻工行业标准《调味面制品》(QB/T5729-2022)，让"调味面制品"走向全国乃至海外，让世界人人爱上中国味。 刘卫平发表就职讲话时表示。将秉承商会"团结、交流、服务、共赢"的宗旨，搭建更广阔的政企对接、资源共享平台，推动会员企业抱团发展，助力调味面 制品产业向标准化、品牌化、国际化迈进。 为进一步加强政企沟通合作，促进豫平食品产业链协同发展，平江高新技术产业开发区与郑州市平江商会签订《产业链协同发展合作协议》，平江县人民政 府与卫龙美味全球控股有限公 ...

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [5] Core Insights - The upcoming Spring Festival is expected to boost sales in the liquor sector, with Moutai leading the industry towards an unexpected improvement. Short-term focus should be on the demand for the Spring Festival, while medium-term investments should target leading brands across various price segments [1] - In the beer segment, new product launches are being prepared, with a focus on high-growth channels and consumer trends towards personalized and diversified consumption [2] - The baking sector is showing stable performance, with companies like Lihigh Foods preparing for the sales peak and benefiting from favorable policies regarding cream products [3] Summary by Relevant Sections Liquor Sector - The Spring Festival is driving demand, with Moutai expected to lead the market. Key short-term stocks include Guizhou Moutai, Guo Jiu Gong Jiu, and others, while medium-term focus should be on Wuliangye and Shanxi Fenjiu [1] Beer Sector - Current beer sales are in a low season, but new product launches and high growth in instant retail channels are promising. Companies like Chongqing Beer are launching new 1L cans to meet consumer preferences [2] Food Sector - Lihigh Foods is preparing for the sales peak with a focus on quality over quantity, while Anqi Yeast is benefiting from declining sugarcane prices, enhancing profit margins [3] - Yizhi Konjac is experiencing rapid demand growth, with a stable supply chain and product innovation driving its market position [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The food and beverage sector is currently at a low position in terms of fundamentals and valuations, presenting significant investment opportunities as the peak season approaches [4][12] - The food and beverage index experienced a decline of 1.4% from January 19 to January 23, ranking 25th among 28 sectors, underperforming the CSI 300 by approximately 0.8 percentage points [12][13] - The Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, indicating a mild recovery trend, and has returned to relatively high levels compared to recent years [4][12] - The upcoming Spring Festival is expected to catalyze performance in the sector, with strong demand for consumer goods, particularly in the snack segment, which continues to show upward momentum [4][12] Summary by Sections Weekly Insights - The food and beverage sector is positioned for a recovery as it approaches the peak season, with a notable increase in demand expected during the Spring Festival [4][12] - The sector's current valuation aligns with policy support aimed at boosting consumption, providing a safety margin for investments [4][12] Market Performance - The food and beverage index's performance was weaker than the broader market, with specific sub-sectors like snacks (+6.1%), processed foods (+4.9%), and baked goods (+4.3%) showing relative strength [12][13] Upstream Data - Recent data indicates a decline in some upstream raw material prices, with whole milk powder prices down 13.5% year-on-year as of January 20, 2026 [19][21] - The price of fresh milk was reported at 3.03 CNY per kilogram, reflecting a year-on-year decrease of 2.6% [19][21] Alcohol Industry Data - In December 2025, the production of liquor (65-degree equivalent) decreased by 12.1% year-on-year, with a total production of 354.9 million liters for the year [42][43] Recommended Investment Targets - Key investment opportunities identified include raw milk/dairy products, the snack sector, and the restaurant supply chain, with specific companies highlighted for their growth potential [4][5][12]

智通财经APP获悉，华西证券发布研报称，近期人民币汇率持续走强。复盘历史，升值周期中食品饮料 板块通常能跑赢大盘。本轮升值有望通过降低进口成本、提振内需景气、吸引外资增配三条路径，推动 板块迎来成本、需求与估值的共振修复，相关主线标的有望受益。 华西证券主要观点如下： 成本端来看，人民币升值降低进口原料折算价格下降，推动制造成本下行，进而带来盈利改善，涉及的 核心原材料包含大豆、棕榈油、燕麦、大麦、树坚果等。 需求端来看，内需修复是汇率走强的底层支撑，而人民币升值将进一步降低企业补库成本，推动行业 从"被动去库"转向"主动补库"，补库扩产又会强化内需韧性，形成正向循环。食品饮料作为必选消费， 内需复苏确定性更强，景气度有望持续抬升。 资金端来看，人民币升值周期下流动性持续宽裕，外资流入A股动力增强，带来板块流动性溢价，食品 饮料作为外资持仓占比较高的消费板块之一，板块有望迎来外资增配带来的估值修复。 投资建议 受益于板块三重共振，重点关注三条主线：1）成本红利，重点推荐西麦食品、立高食品、妙可蓝多、 洽洽食品、H&H等；2）景气度抬升，重点推荐安井食品、千味央厨、优然牧业、现代牧业、新乳业、 万辰集团；3）估 ...

摘要 卫龙美味预计年货节期间增长超 30%，全年辣条业务或企稳微增，魔芋 新品有望持续超预期，驱动因素包括麻酱、牛肝菌和冲击角等新口味。 公司通过渠道精细化管理，增加便利店门店展示陈列和产品 SKU 数量， 提升单点卖力，同时魔芋精粉规模效应带来成本红利，略微提升净利率。 卫龙美味深耕线下渠道，零食量贩等新兴渠道占比提升，预计 2026 年 占比可达 30%以上。辣味零食和魔芋产业均具较高景气度，魔芋零食市 场规模有望超过辣条市场。 年轻消费群体对健康性零食需求增加，魔芋产品复购率高于辣条 1.2 倍。 麻酱口味创新引爆市场，占比接近香辣口味并保持 20%以上增速，为公 司带来新增量。 预计 2026 年魔芋产品增量较大，牛肝菌和冲击角口味预计贡献 4-5 亿 元销售额，若铺货顺利可能超预期，预计魔芋产品贡献 30%以上增速。 辣条产品 2025 年因 SKU 调整略有下滑，预计 2026 年实现微增。公司 在甜辣口味市场仍具龙头地位，新品铺设和陈列优化有助于动销增长。 卫龙美味 20260120 卫龙美味作为辣味零食的龙头企业，当前估值约为 16 倍，对应 2026 年的利 润预测为 17.2 亿元。若给予 ...

Group 1 - The report highlights the "Spring Excitement" in the snack sector, indicating a historical high relative win rate of 70% for the food and beverage sector in the 40 days leading up to the Spring Festival [7][16] - The report emphasizes that the "Spring Excitement" is not solely dependent on the annual beta of the food and beverage sector, as structural opportunities still exist despite a long-term adjustment period since 2021 [7][16] - Key catalysts for the upcoming Spring Festival include concentrated demand for gifts and gatherings, which leads to more planned channel stocking, creating a positive feedback loop of expectations and validations [7][16][28] Group 2 - In December, the food and beverage sector underperformed the market by 7.5 percentage points, with a decline of 5.2%, ranking last among 31 primary industries [7][61] - The report notes a divergence in performance among sub-sectors, with snacks and soft drinks showing gains while liquor and beer experienced declines [7][61][64] - The absolute and relative valuations of the food and beverage sector are at their lowest since 2010, indicating potential investment opportunities [7][61][64] Group 3 - The report tracks the recovery of consumer confidence, with a 0.9% year-on-year increase in retail sales in December, showing improvement from the previous month [7][63] - It highlights that the liquor sector is facing weak demand and declining prices, with the price adjustments for premium liquor nearing levels seen between 2011 and 2015 [7][63][64] - The report identifies structural differentiation in costs, with some packaging materials and agricultural products experiencing price increases [7][63][64] Group 4 - Investment recommendations include a focus on liquor stocks that have undergone a four-year adjustment period, with potential for a "valuation + performance" double bottom [7][64] - For consumer goods, the report anticipates a moderate increase in industry prices in 2026, with specific recommendations for companies like Anjuke Foods, Qianhe Flavor, and Eastroc Beverage [7][64] - The report suggests that the upcoming Spring Festival will provide a favorable environment for growth narratives, particularly in the restaurant supply chain and certain chain formats [7][64]

Core Viewpoint - Weitlong Meiwei has announced a donation of 500,000 yuan to the Yanran Angel Children's Hospital, specifically aimed at supporting medical assistance and rehabilitation for children with cleft lip and palate [1] Group 1: Donation and Impact - The donation will help the hospital provide professional medical services to more impoverished families with children suffering from cleft lip and palate [1] - The initiative reflects the company's commitment to social responsibility and the health and growth of special children, emphasizing that children are the hope of families and the future of society [1] Group 2: Ongoing Philanthropic Efforts - Weitlong's philanthropic activities have been continuous, including disaster relief efforts in Pingjiang and Gansu, as well as long-term involvement in giant panda protection and rural revitalization [1] - The company's sustained investment across various fields of public welfare highlights its dedication to combining corporate development with social responsibility [1] Group 3: Future Commitment - Weitlong plans to continue addressing social welfare needs and investing in public welfare initiatives, aiming to gather warmth and encourage more social participation in building a caring society [1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report indicates that the leading spicy snack company is expected to stabilize its noodle products in 2026 while experiencing rapid growth in its konjac new products, driven by scale effects that may lead to better-than-expected performance [2][3] Summary by Relevant Sections Market Outlook - The market perceives insufficient growth momentum for noodle products, with potential ongoing pressure due to weakened industry demand. However, the report suggests that noodle products may stabilize or see slight growth in 2026, while the konjac category is expected to achieve rapid growth through new flavors [2][3] Growth Drivers 1. The konjac industry is projected to grow significantly, with an expected market size exceeding 30 billion yuan by 2025 and a CAGR of 12% over the next five years. The company holds the leading market share and has established strong brand recognition, which provides a competitive advantage. The growth in 2026 will be supported by three new flavors [3] 2. The decline in noodle products is attributed to SKU adjustments, but this impact is expected to diminish in 2026. New flavors and optimized channel displays are anticipated to enhance sales performance [3] 3. The combination of scale effects and cost advantages is expected to improve the company's profitability [3] Financial Forecast and Valuation - The company is projected to achieve revenues of 7.26 billion, 8.59 billion, and 10.14 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 16%, 18%, and 18%. Net profit is expected to reach 1.41 billion, 1.72 billion, and 2.07 billion yuan for the same years, with growth rates of 32%, 23%, and 20% [5][3] - The estimated P/E ratio for 2026 is 16.69, indicating a favorable valuation compared to the industry average of 20.4. The report suggests a target P/E range of 20-25 for the company, corresponding to a market capitalization of 34.5 billion to 43 billion yuan, representing a potential upside of 20%-50% [3]