3月27日晚间，卫龙美味（股票代码：9985.HK）发布2024年全年业绩报告，卫龙美味2024年总营收为 62.66亿元（人民币，下同），较去年同比增长28.6%。净利润约10.68亿元，同比上升21.3%。 | 2024年全年業績摘 要 | | --- | | 總收入為人民幣6.266.3百萬元,同比上升28.6%; | | 毛利為人民幣3,016.1百萬元,同比上升29.9%; | | 毛利率為48.1%,同比上升0.4個百分點; | | 年內利潤為人民幣1,668.1百萬元,同比上升21.3%; | | 每股基本盈利為人民幣0.46元,同比上升21.1%; | | 建議派發末期股息每股普通股人民幣0.11元,建議派發特別股息每股普 通股人民幣0.18元; | | 中期股总每股普通股人民幣0.16元已於2024年10月 派發。 | 面对充满挑战的外部环境，属于卫龙美味的2024年顶风破浪稳中有进，在巩固原有优势的基础之上，横 向开拓品类增量，纵向挖掘口味梯度，公司经营结构得到持续性完善，"卫龙不只是一种辣"的含金量不 断上升。卫龙董事长刘卫平先生表示："2024年是卫龙美味砥砺奋进、有效实施各项业务发展 ...

在经济增长趋缓、消费需求偏弱的宏观背景下，2024年食品饮料行业整体表现承压。但"寒风"之中，仍 不乏龙头实现逆风高增，如身为辣味休闲食品的龙头卫龙美味(09985)就在去年实现业绩稳健增长，且 收入结构进一步多元化，交出一份优异成绩单。 2024年，卫龙业绩全面向好，盈利指标表现强劲，展现出穿越周期的稳健定力。3月27日，卫龙发布的 2024年财报显示，公司全年营收约62.66亿元(单位为人民币，下同)，同比增长28.6%;净利润取得约 10.68亿元，同比增长21.3%;整体毛利率水平亦有所提升，增加0.4个百分点至48.1%。 | | 2024年 | 2023年 | | --- | --- | --- | | | 人民幣千元 人民幣千元 | | | 年内利潤 | 1,068.107 | 880.354 | | 其他綜合收益 | | | | 可重新分類至損益的項目: | | | | 换算海外業務的匯兑差額 | 7.862 | (3.755) | | 不可重新分類至損益的項目: | | | | 換算本公司的匯兑差額 | 34.753 | 46.961 | | 年內其他綜合收益,扣除税項 | 42,615 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 衛龍美味全球控股有限公司 WEILONG Delicious Global Holdings Ltd （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：9985） 截 至2024年12月31日止年度之 全年業績公告 2024年全年業績摘要 – 1 – • 總收入為人民幣6,266.3百 萬 元，同 比 上 升28.6%； • 毛利為人民幣3,016.1百 萬 元，同 比 上 升29.9%； • 毛利率為48.1%，同 比 上 升0.4個 百 分 點； • 年內利潤為人民幣1,068.1百 萬 元，同 比 上 升21.3%； • 每股基本盈利為人民幣0.46元，同 比 上 升21.1%； • 建議派發末期股息每股普通股人民幣0.11元，建 議 派 發 特 別 股 ...

Summary of WeLong MeiWei Conference Call Company Overview - WeLong MeiWei is a company in the food and beverage industry, listed in December 2022, with a revenue of 4.87 billion yuan and a profit of 880 million yuan by the end of 2023. The company expects revenue to exceed 6 billion yuan in 2024, representing a year-on-year growth of approximately 25% [3][6]. Market Performance - The company faced challenges in 2023 due to reforms, leading to a decline in market attention, especially among domestic institutions. However, it is one of the few companies in the food and beverage sector to raise its full-year earnings forecast for 2024 [3][4]. - WeLong MeiWei is expected to re-enter the Hong Kong Stock Connect in 2025, with its inclusion in the Hang Seng Index indicating a strengthening market position [3][4]. Core Business and Revenue Streams - The core business consists of vegetable products and noodle products, contributing over 95% of total revenue. The main growth driver is the flavored noodle products, while vegetable products (e.g., konjac snacks) have emerged as a strong secondary growth curve due to health consumption trends [4][6]. - The company has a high gross margin, high expense ratio, and high net profit margin, reflecting strong brand value and ongoing investments in R&D and marketing [4][19]. Channel Strategy - WeLong MeiWei has adopted an omnichannel strategy, with approximately 90% of sales from offline channels. However, traditional distribution channels have decreased to below 50%, while the share of bulk snacks has increased to around 20% [4][16]. - The company has significantly enhanced its offline channel management through a supplementary sales model, increasing the number of actively covered retail points from 121,000 in 2022 to 350,000 by mid-2024 [4][22]. Financial Performance - From 2018 to 2023, the company achieved a compound annual growth rate (CAGR) of 12.1% in revenue. Despite a temporary decline of 6.8% in 2022 due to reforms, revenue growth has resumed, with expectations of exceeding 20% growth in the first half of 2024 [9][4]. Competitive Landscape - The snack food industry is highly fragmented, with WeLong MeiWei holding a 6.2% market share in the spicy snack segment, which has been growing faster than the overall market [10][11]. - The company faces competition from established brands but has adopted strategies to strengthen its market position, including a focus on product innovation and brand modernization [15][18]. Risks and Challenges - Key risks include potential market competition affecting the growth of major products like konjac snacks, fluctuations in raw material prices impacting profitability, and the risk of major shareholders realizing profits [34]. Future Outlook - The company is projected to maintain a revenue growth rate of 15%-16% and a net profit margin above 18% from 2025 to 2026. Current valuations are considered reasonable and below 10 to 15 times earnings [33]. Conclusion - WeLong MeiWei is positioned as one of the most promising companies in the snack food industry, with a robust business model, strong growth potential, and a proactive approach to market challenges and consumer trends [5][27].

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of HKD 9.66 to 10.87, indicating a potential upside of 19% to 33% from the current stock price of HKD 9.27 [5][7]. Core Insights - The company is a leading player in the domestic spicy snack food market, with over 95% of its revenue coming from flavored noodle products and vegetable products. In 2023, the company achieved a revenue of CNY 4.87 billion, with flavored noodle products contributing 52.3% and vegetable products 43.5% [1][19]. - The spicy snack food market has been expanding, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021, and the market size reached CNY 172.9 billion in 2021. The competitive landscape remains fragmented, with the top five companies holding only 11.5% of the market share [2][3]. - The company has adopted a branding, big product, and omnichannel strategy, which has allowed it to maintain a competitive edge amid industry changes. The company has reduced reliance on traditional retail channels, with traditional channels now accounting for less than 50% of sales [3][4]. Summary by Sections Company Overview - The company is recognized as the largest spicy snack food enterprise in China, with a history of over 20 years. It has expanded its product range to include vegetable and bean products, achieving significant revenue growth [14][15]. - The company operates five production bases, with a total design capacity of 340,000 tons and a capacity utilization rate of 55.3% as of 2023 [23][26]. Industry Analysis - The spicy snack food market is characterized by a large market capacity but a fragmented structure. The market share of the leading company, the report's subject, is 6.2% [2][35]. - The industry is undergoing significant changes in distribution channels, with a shift towards online and new retail formats, which has increased competition and required suppliers to adapt their product offerings and pricing strategies [2][3]. Financial Performance - The company is projected to have strong growth momentum over the next three years, with expected revenues of CNY 6.11 billion, CNY 7.10 billion, and CNY 8.17 billion for 2024, 2025, and 2026, respectively, representing growth rates of 25.5%, 16.2%, and 15.0% [5][6]. - The net profit is expected to reach CNY 1.14 billion, CNY 1.32 billion, and CNY 1.52 billion over the same period, with growth rates of 29.4%, 16.2%, and 14.7% [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.78, based on an 18x valuation for 2024 [2][7]. Core Insights - The company is positioned in the lucrative spicy snack food sector, with a compound annual growth rate (CAGR) of approximately 22.6% expected for net profit from 2024 to 2026. The market for flavored noodle products is anticipated to see accelerated market share growth, while konjac products are entering a period of significant growth [2][7]. - The report highlights the company's strong brand recognition and innovative product development capabilities, which are expected to drive continued revenue growth and market expansion [5][20]. Summary by Sections Strategic Positioning - The company has established itself as a leading brand in the spicy snack food market, benefiting from a significant reduction in low-priced products, with the share of products priced below 1 yuan dropping from 81% to 8% over the past decade. This positions the company to potentially increase its market share to over 30% [1][20]. - The konjac product segment is experiencing explosive growth, with a market size exceeding 2 billion yuan, and the company is well-positioned to capitalize on this expansion [1][20]. Product and Channel Development - The company focuses on two core product lines: spicy snacks and vegetable products, with a strong emphasis on product innovation and brand reinforcement. The spicy snack segment, particularly the "spicy strips," remains a solid foundation for growth, while vegetable products are emerging as a significant growth driver [1][20]. - The company is expanding its distribution network, aiming for 1 million offline terminals, and has seen a doubling of its presence in snack wholesale and Douyin channels compared to the previous year [1][20]. Financial Performance - The company's revenue has shown steady growth, with a projected increase from 48.72 billion yuan in 2024 to 77.04 billion yuan by 2026, reflecting a growth rate of 12.85% [3][20]. - The net profit attributable to the parent company is expected to rise from 8.80 billion yuan in 2024 to 16.23 billion yuan in 2026, with a remarkable growth rate of 481.87% in 2024 [3][20]. Market Trends - The spicy snack food market is expected to grow significantly, with the overall market size projected to reach 697 billion yuan by 2026. The report emphasizes the distinct characteristics of spicy snacks, which cater to younger consumers and have a high repurchase rate [1][30]. - The report notes that the flavored noodle product segment is experiencing a surge in demand, driven by consumer preferences and market cultivation efforts, which are expected to lead to substantial market expansion [1][30].

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion HKD, representing a 25% growth compared to the previous period[51]. - The company reported a net profit of 200 million HKD, reflecting a 40% increase year-over-year[51]. - The Group recorded total revenue of RMB2,938.6 million, an increase of 26.3% compared to RMB2,327.3 million in the same period last year[26]. - Gross profit increased by 32.2% from RMB1,106.2 million to RMB1,462.3 million, with a gross profit margin rising from 47.5% to 49.8%[26]. - Net profit rose by 38.9% from RMB447.1 million to RMB621.2 million, with a net profit margin increasing from 19.2% to 21.1%[26]. - Revenue for the six months ended June 30, 2024, was RMB 2,938,649,000, an increase from RMB 2,327,279,000 in the same period of 2023, representing a growth of 26.2%[182]. - Profit for the period reached RMB 621,200,000, a significant increase from RMB 447,070,000 in the previous year, representing a growth of 38.8%[182]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[51]. - A strategic acquisition of a local competitor is in progress, expected to enhance the company's distribution network and product offerings[51]. - The Group focused on product innovation and expanded its product portfolio to meet diversified consumer demands during the Reporting Period[21]. - The Group's omni-channel strategy was enhanced by consolidating traditional snack food channels and leveraging emerging channels like O2O and content e-commerce platforms[25]. - The Group's marketing initiatives aim to align the brand more closely with the lifestyles and consumption habits of the younger generation[24]. Research and Development - Investment in R&D increased by 15%, focusing on developing innovative food products and enhancing production technology[51]. - The Group has established two application R&D centers in Henan and Shanghai, focusing on food engineering, safety, and nutrition as of June 30, 2024[62]. - The Group's R&D capabilities focus on upgrading existing products and launching new ones, utilizing a modularized R&D model[60]. Sustainability and Corporate Responsibility - The board of directors emphasized the importance of sustainability practices, committing to reduce carbon emissions by 20% over the next five years[51]. - The Group is committed to sustainable development, integrating ESG indicators into supply chain risk management and control systems[122][123]. - The Group has developed long-term environmental management goals, including carbon emission reduction and waste reduction[123][124]. - The Group actively participates in charitable endeavors, reinforcing its commitment to corporate social responsibility[123]. Employee and Talent Management - The company is committed to optimizing talent selection and cultivation mechanisms to enhance employee competitiveness and belonging[111]. - The Group emphasizes employee training and development, establishing a systematic talent training system focusing on basic general training, business professional training, and competency improvement training[117]. - Performance bonuses and incentive systems are established to recognize outstanding contributions from employees and organizations[113]. Corporate Governance - The company has adhered to the Corporate Governance Code, maintaining high standards of corporate governance practices during the same period[128]. - The board will continue to review and monitor corporate governance practices to protect shareholders' interests[130]. - The interests of directors and chief executives in shares and debentures are disclosed as per the Securities and Futures Ordinance[134]. Financial Position and Cash Flow - As of June 30, 2024, cash and cash equivalents amounted to RMB4,779.5 million, a 1.9% increase from RMB4,690.5 million[87]. - The company reported a net cash generated from operating activities increased to RMB 730,127,000 in 2024 from RMB 498,723,000 in 2023, representing a growth of 46.4%[194]. - The company incurred interest paid of RMB 8,934,000 in 2024, up from RMB 6,504,000 in 2023, which is an increase of 37.4%[194]. - The total equity attributable to owners of the company increased to RMB 5,884,276 as of June 30, 2024, compared to RMB 5,705,870 at the end of 2023, reflecting a growth of about 3.13%[188]. Shareholder Information - As of June 30, 2024, Mr. LIU Weiping holds 1,904,243,183 shares, representing approximately 80.99% of the total issued share capital[135]. - The total number of shares that may be issued under the RSU Scheme is capped at 10% of the total issued share capital, equating to 235,114,557 shares[137]. - The company has adopted the Model Code for directors' securities transactions, with all directors confirming compliance for the six months ended June 30, 2024[127].

Investment Rating - The report assigns a "Buy" rating for the company, Wei Long, for the first time [3][8]. Core Insights - The report highlights structural opportunities in the snack food industry driven by new consumption trends and channels, particularly in spicy snacks and vegetable products. Wei Long, as a leader in the spicy snack sector, is well-positioned to capitalize on these trends through product innovation and channel expansion [4][6][9]. Summary by Sections 1. Company Overview - Wei Long was founded in 1999 and has established itself as a leader in the spicy snack market, launching successful products like "Da Xiao Mian Jin" and "Mo Yu Shuang" [4][13]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 12.1% from 2018 to 2023, despite some fluctuations due to external factors [18][21]. 2. Market Opportunities - The spicy snack food sector is expected to grow at a CAGR of 9.6% over the next three years, outpacing the overall snack food industry [24][25]. - Key product categories such as spicy vegetable products and flavored noodles are projected to see significant growth, with expected CAGRs of 17.2% and 8.9%, respectively [28]. 3. Product Strength - Wei Long employs a "multi-category, big single product" strategy, successfully launching and iterating products that resonate with consumers, particularly among younger demographics [6][9]. - The company has successfully expanded its product line, with the "Mo Yu Shuang" product line contributing to a significant increase in revenue from vegetable products, which rose from 10.8% of total revenue in 2018 to 43.5% in 2023 [19][21]. 4. Channel Management - Wei Long has effectively transitioned from traditional retail to modern channels, including e-commerce and snack wholesale, enhancing its market reach [4][6]. - The company has established a robust distribution network, combining direct sales with personal distributors to optimize channel performance [4][6]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 59.35 billion, 69.39 billion, and 78.06 billion yuan, with respective growth rates of 21.83%, 16.91%, and 12.50% [7][8]. - The net profit for the same period is expected to be 11.06 billion, 13.13 billion, and 15.05 billion yuan, with growth rates of 25.62%, 18.76%, and 14.60% [8][9]. 6. Valuation and Investment Advice - The report suggests a target price of 8.76 HKD per share based on a price-to-earnings (P/E) ratio of 17 for 2024, reflecting the company's growth potential and market position [8][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6]. Core Insights - The company reported a significant increase in revenue and profit, with a main business revenue of 2.939 billion HKD (up 26.3% year-on-year) and a net profit attributable to shareholders of 621 million HKD (up 39.0% year-on-year) for the first half of 2024. A cash dividend of 376 million HKD was proposed, corresponding to a payout ratio of 60.56% [3][6]. - The growth in revenue was driven by an increase in gross margin, which rose by 2.2 percentage points to 49.8%, attributed to improved capacity utilization and a decrease in some raw material prices. The gross profit increased by 32.2% [3][6]. - The company continues to expand its product range, particularly in vegetable products, which saw a revenue increase of 56.6% year-on-year, now accounting for 49.7% of total revenue [3][6]. Summary by Sections Revenue and Profit Growth - The company achieved a main business revenue of 2.939 billion HKD, reflecting a year-on-year growth of 26.3%. The net profit attributable to shareholders reached 621 million HKD, marking a 39.0% increase year-on-year. The proposed cash dividend is 376 million HKD, with a payout ratio of 60.56% [3][6]. Gross Margin and Expenses - The overall gross margin improved to 49.8%, up 2.2 percentage points year-on-year, due to enhanced capacity utilization and lower raw material costs. The gross profit increased by 32.2%. The sales expense ratio increased by 0.4 percentage points, while the management expense ratio decreased by 1.2 percentage points [3][6]. Product Strategy and Market Penetration - The company adopted a "multi-category, large single product" strategy, launching various products to meet diverse consumer needs. The vegetable product segment achieved a revenue of 1.461 billion HKD, up 56.6% year-on-year, and accounted for 49.7% of total revenue [3][6]. - The company’s seasoning noodle products generated 1.354 billion HKD in revenue, with a gross margin of 47.9%, while the vegetable products maintained a gross margin of 52.6% [3][6]. Channel Development - The company has established a nationwide distribution network with 1,822 offline distributors. Offline channels generated 2.590 billion HKD in revenue, up 25.4% year-on-year, while online channels achieved 349 million HKD, reflecting a growth of 33.2% [6][8]. - The online revenue includes 137 million HKD from online distribution and 165 million HKD from direct online sales, indicating a strong push towards online channel development [6][8]. Financial Forecast - The company is projected to achieve total revenues of 6.115 billion HKD, 7.503 billion HKD, and 8.962 billion HKD for 2024, 2025, and 2026 respectively, with net profits of 1.188 billion HKD, 1.505 billion HKD, and 1.833 billion HKD for the same years [5][6].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of HKD 6.85 and a target price not specified for the next six months [1]. Core Insights - The company reported a revenue of CNY 2.94 billion for the first half of 2024, representing a year-on-year increase of 26.3%. The net profit attributable to the parent company was CNY 620 million, up 38.9% year-on-year, exceeding market expectations [2]. - The growth in vegetable products and the establishment of an omnichannel strategy are key drivers of performance. Revenue from seasoning noodles, vegetable products, and bean products reached CNY 1.35 billion, CNY 1.46 billion, and CNY 120 million respectively, with year-on-year growth rates of 5.0%, 56.6%, and 17.5% [2]. - The overall gross margin improved to 49.8%, an increase of 2.3 percentage points year-on-year, driven by enhanced capacity utilization and a decrease in raw material costs [2]. - The company is focusing on product innovation and channel expansion, particularly in the O2O and bulk snack channels, which are expected to contribute significantly to future growth [2]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 49.8%, with a net profit margin of 21.2%, reflecting improvements in revenue and gross margin [2]. - The forecasted net profits for 2024, 2025, and 2026 are CNY 1.19 billion, CNY 1.41 billion, and CNY 1.62 billion respectively, with corresponding EPS of CNY 0.50, CNY 0.60, and CNY 0.69 [2][3]. - The company is positioned in a favorable market segment for spicy food products, with expectations for continued growth in multiple product categories [2].