在消费市场深度调整与行业竞争加剧的双重挑战下，卫龙美味（09985.HK）凭借战略定力与创新活 力，交出了一份逆势增长的答卷。近期，据其发布的财报，2024 年全年，公司总收入达 62.66 亿元，同 比增长 28.6%；净利润 10.68 亿元，同比增长 21.3%，毛利率稳定在 48.1%。这份成绩单印证了卫龙作 为行业龙头的韧性，亦是彰显了其从 "单一品类依赖" 向 "多品类生态" 转型的战略前瞻性。 从产品竞争到生态竞争的跨越根据Frost＆Sullivan统计，中国辣味休闲食品行业2026年零售额将达到人 民币2737亿元，2021年至2026年年复合增长率为9.6%，高于同期中国非辣味休闲食品行业6.0%的增 速。在各大零食企业纷纷入局辣味零食的市场背景下，卫龙的增长背后，是其从"产品竞争" 向 "战略生 态竞争" 的升维。"多品类大单品" 策略与 "卫龙不只是一种辣" 品牌主张，正在重构行业竞争逻辑。卫 龙通过渠道优势和品牌优势，持续进行"爆品"复刻，逐步将其单一品类优势转化为矩阵式竞争力。例 如，通过与《蛋仔派对》开展联名合作；创新"榴莲辣条"；联合必胜客品牌共同推出了愚人节限定新 品；以"辣 ...

2025 年 3 月 30 日 公司研究 24H2 收入增长提速，全年分红比例提升 ——卫龙美味（9985.HK）2024 年年报点评 增持（维持） 当前价：14.16 港元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 23.51 | | 总市值(亿港元)： | 332.92 | | 一年最低/最高(港元)： | 4.81/14.76 | | 近 3 月换手率： | 11.30% | 股价相对走势 -50% 0% 50% 100% 150% 200% 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12 25/01 25/02 25/03 卫龙美 ...

面制品企稳修复，菜制品动销提速。分品类看，24 年面制品/蔬菜 制 品 / 豆制品实现收入 26.7/33.7/2.3 亿元，同比 +4.6%/+59.1%/+12.2%。其中 H2 增速分别为 4.2%/61.1%/6.5%。分 渠道来看，24 年线下/线上分别实现收入 55.6/7.0 亿元，分别同 比+27.5%/38.1%，线上线下分别抓住零食量贩、新媒体电商渠道 发展机遇。公司持续深耕经销网络，截至 24 年底公司合作经销商 数量 1879 家，同比+10%。 规模效应有效对冲成本压力，金融资产亏损计提扰动利润。24 年 /24H2 公司毛利率分别为 48.1%/46.0%，同比+0.5/-1.3pct，H2 毛利率同比下滑系魔芋成本上涨拖累，24H2 蔬菜制品毛利率 47.2%，同比-3.7pct，环比-5.4pct，预计成本仍将对 25 年毛利 率造成小幅影响。规模效应持续释放，24 年销售/管理费率分别为 16.4%/7.8% ， 分 别 同 比 -0.2/-1.6pct （ 24H2 分 别 同 比 -0.7/-1.9pct）。受金融资产公允价值亏损（一次性计提 1.25 亿 元 ） 影 响 ...

3月27日，卫龙美味发布2024年业绩年报。图/卫龙官网 "双曲线"稳健增长 业绩公告显示，卫龙美味2024年实现收入62.66亿元，同比增长28.6%，年内利润10.68亿元，同比增长21.3%， 实现营收、净利双增长。天眼查资料显示，卫龙2001年在漯河成立，公司于2022年12月15日在香港联合交易 所主板正式挂牌上市，成为"辣条第一股"。 3月27日，卫龙美味正式披露2024业绩年报。在消费市场整体承压、休闲零食行业竞争白热化的背景下，卫龙 以62.66亿元总营收、10.68亿元净利润的成绩，再次验证了其作为行业龙头的韧性与创新力。从业绩来看， 2024年，卫龙的蔬菜品类迎来大爆发。近年来，魔芋爽成为现象级单品，营收与辣条旗鼓相当，成功实现"双 轮驱动"增长，这也标志着卫龙正式进入多品类协同发展的新阶段。 调味面制品领域，卫龙对辣味的探索愈发大胆且富有成效。继经典大面筋之后，卫龙在2022年重磅推出"麻辣 麻辣"系列产品，并逐步细分为小麻小辣、很麻很辣、爆麻爆辣三个辣度档位。其中，爆麻爆辣款创新性地采 用魔鬼辣椒与武都花椒进行复合调味，辣度高达20000SHU（史高维尔辣度单位），迅速成为社交媒体 " ...

有分析师预测，展望后市新兴渠道有望继续贡献增长势能，预计到2027年，电商渠道和量贩零食的占比 将分别提升至19.4%、14.9%。 机构看好估值提升 本报记者李静 3月27日晚间，辣味休闲食品行业龙头卫龙美味全球控股有限公司（以下简称"卫龙美味"）发布了2024 年全年业绩公告。2024年公司收入同比增长28.6%至62.66亿元，净利润同比增长21.3%至10.68亿元。 卫龙美味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策略、收获成 长的一年。面对消费市场不断呈现出新的快速变化，集团坚持以消费者体验为中心，持续开拓市场。" 双轮驱动构建增长护城河 作为中国辣味休闲食品行业领军品牌，卫龙美味凭借多元化的产品矩阵和持续创新能力，展现出健康均 衡的经营结构和强劲的长期发展动能。具体来看，卫龙美味的收入主要来自"辣条"等调味面制品以及蔬 菜制品的销售额。其中，调味面制品（辣条）上市二十余年仍保持增长态势，卫龙辣条连续3年全国销 量第一。财报显示，2024年调味面制品实现收入26.67亿元，同比增长4.6%，在总收入中占比为42.6%； 蔬菜制品作为战略性布局的第二增长曲线加速扩容 ...

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].