Investment Rating - The report assigns a "Buy" rating to the company with a target price of 8.32 HKD, compared to the last closing price of 6.85 HKD [1][3]. Core Insights - The company reported better-than-expected performance for H1 2024, achieving a revenue of 2.936 billion CNY, a year-on-year increase of 26.3%, and a net profit of 621 million CNY, up 38.93% year-on-year [3]. - The growth in revenue was driven by a significant increase in the vegetable product segment, which saw a 56.6% year-on-year increase, surpassing the traditional noodle product segment for the first time [3]. - The company has successfully expanded its distribution channels, with a total of 1,822 offline distributors by the end of June, and has seen substantial growth in e-commerce and new retail channels [3]. - The gross margin improved to 49.8%, up 2.3 percentage points year-on-year, due to declining raw material prices and an increased proportion of high-margin vegetable products [3]. Financial Summary - For H1 2024, the company achieved revenues of 1.354 billion CNY from noodle products, 1.461 billion CNY from vegetable products, and 124 million CNY from bean products, with respective year-on-year growth rates of 5%, 56.6%, and 17.5% [3]. - The company expects revenue growth rates of 24.14%, 15.58%, and 13.16% for 2024, 2025, and 2026, respectively, with net profit growth rates of 37.23%, 15.55%, and 15.22% for the same years [4][3]. - The earnings per share (EPS) are projected to be 0.51 CNY, 0.59 CNY, and 0.68 CNY for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 12x, 11x, and 9x [4][3].

Investment Rating - The report maintains an "Outperform" rating for Weilong [2][10]. Core Insights - In the first half of 2024, Weilong achieved revenue of 2.94 billion yuan, a year-on-year increase of 26.3%, and a profit of 620 million yuan, a year-on-year increase of 38.9% [6][10]. - Vegetable products have become the largest category, with significant growth in seasoned noodle products, which resumed growth for the first time since early 2022 [7][10]. - The gross profit margin improved to 49.8%, up 2.3 percentage points year-on-year, driven by increased capacity utilization and a decline in raw material prices [8][10]. - The company declared an interim dividend of 0.16 yuan per share for 2024H1, totaling 376 million yuan, which is approximately 60% of the net profit for the period [9][10]. Revenue and Profitability - Revenue from vegetable products, seasoned noodle products, and soy products in 2024H1 was 1.35 billion, 1.46 billion, and 120 million yuan respectively, with year-on-year growth rates of 5.0%, 56.6%, and 17.5% [7][10]. - The net profit margin for 2024H1 was 21.1%, an increase of 1.9 percentage points year-on-year [8][10]. Financial Forecasts - The revenue forecasts for 2024 to 2026 are 5.83 billion, 6.69 billion, and 7.56 billion yuan, with corresponding net profits of 1.05 billion, 1.21 billion, and 1.39 billion yuan [10]. - The expected EPS for 2024 to 2026 is 0.45, 0.52, and 0.57 yuan respectively [10]. Valuation - Based on comparable company valuations, Weilong is assigned a target price of HK$9.77, reflecting a 20 times PE ratio for 2024 [10].

Summary of Conference Call Company and Industry - The company operates in the food industry, specifically focusing on vegetable products and snacks. Core Points and Arguments - In the first half of this year, the company achieved certain results in its various initiatives [1] - The company adheres to a multi-category and large single product strategy, emphasizing strict quality control [1] - For the first time, the sales of vegetable products surpassed that of spicy snacks in the first half of the year [1] Other Important but Possibly Overlooked Content - The company's commitment to quality and product diversification is a key aspect of its strategy, which may indicate a shift in consumer preferences towards healthier options [1]

Investment Rating - The report assigns a "Buy" rating to the company, Wei Long Mei Wei (9985.HK) [2]. Core Insights - The company is positioned in the spicy snack sector, with significant growth potential in its core products, spicy strips and konjac products. The report highlights the company's strong brand recognition and channel advantages, which are expected to drive market share growth [2][8]. - The company is projected to achieve an EPS of 0.49, 0.61, and 0.74 RMB for the years 2024 to 2026, respectively, with a target market value of 18.5 billion RMB by 2025, corresponding to a target price of 8.53 HKD per share [2][3]. Summary by Sections Investment Logic - The company is a leading brand in spicy snacks, with a market share of over 10% in the noodle products segment, indicating substantial room for growth compared to competitors [7]. - The konjac product line is experiencing a market expansion phase, with the company holding a 60-70% market share in this category, positioning it well for future growth [7][8]. Industry Overview - The spicy snack market in China was valued at 172.9 billion RMB in 2021, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021, indicating a strong consumer preference for spicy flavors [17]. - The noodle products segment is a significant part of the snack food industry, with a market size of approximately 45.5 billion RMB in 2021, growing at a CAGR of 9.4% [17]. Competitive Advantages - The company has demonstrated strong product innovation capabilities and effective marketing strategies, which have helped it build a robust brand image and consumer loyalty [8][9]. - The management team is experienced, with a focus on industrialization and brand marketing, which has contributed to the company's growth trajectory [13][14]. Future Outlook - The company is expected to accelerate the introduction of new products, enhancing its market presence in both noodle and konjac segments [8]. - The overall supply chain efficiency is anticipated to improve, supporting stable profit growth as the company enters a revenue expansion phase [8].

Investment Rating - The report assigns a "Buy" rating for the company, Wei Long Mei Wei (9985.HK) [2]. Core Viewpoints - The company is positioned in the spicy snack sector, with significant growth potential in its core products, spicy strips and konjac products, which are expected to become classic categories in the snack market [7][8]. - The company has a strong brand presence and channel advantages, with a clear growth path for market share expansion in its core products [2][8]. - The report forecasts EPS for 2024, 2025, and 2026 to be 0.49, 0.61, and 0.74 CNY respectively, with a target market value of 18.5 billion CNY and a target price of 8.53 HKD per share [2]. Summary by Sections Investment Logic - The company is a leading brand in spicy snacks, with a historical preference for spicy flavors in Chinese cuisine, which enhances its market potential [7]. - The spicy strip product has a market share of over 10%, with significant room for growth compared to leading brands in other snack categories [7]. - The konjac product line is currently experiencing a market expansion phase, with the company holding a 60-70% market share in this segment [7][8]. Industry Overview - The spicy snack market is growing rapidly, with a market size of 172.9 billion CNY in 2021 and a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021 [17]. - The report highlights the increasing consumer preference for low-calorie and healthy snacks, positioning konjac products favorably in the market [17]. Competitive Advantages - The company has demonstrated strong product innovation capabilities and effective marketing strategies, which have helped to establish its brand and expand its market presence [8]. - The company has a robust supply chain and is expected to improve its profitability as it enters a revenue expansion cycle [8]. Future Outlook - The company is expected to accelerate the introduction of new products, enhancing its market share in both spicy strips and konjac products [8]. - The long-term vision includes becoming a multi-category snack company, leveraging its strong brand and product innovation capabilities [8].

业绩简评 8 月 15 日公司发布半年度业绩，24H1 实现营收 29.4 亿元，同比 +26.3%；实现归母净利润 6.2 亿元，同比+38.9%。 经营分析 全品类恢复增长，提价影响逐步消化。1）分产品看，24H1 面制品 /菜制品/豆制品及其他销售额分别为 13.5/14.6/1.2 亿元，同比 +5.0%/+56.6%/+17.5%。受益于新规格补充及新品上市，面制品提 价约 2 年后恢复增长。菜制品延续高增，系魔芋爽老品稳健、小 魔女新品上市表现强劲。2）24H1 线下/线上渠道销售额同比 +25.4%/+33.2%。线下合作头部零食专营店、O2O、会员电商等新 兴渠道，且传统渠道单点卖力持续提升，助销辅销模式发挥成效。 24H1 公司经销商数量为 1822 家，较 23 年底增长 6.7%。3）分区 域来看，华东/华中/华北/华南/西南/西北/海外实现收入同比 +31.88%/+12.50%/+20.89%/+33.06%/+34.09%/+26.10%/-23.05%。 华中增速略慢，我们推测主要系零食量贩渠道竞争较为激烈，海 外下滑系同期高基数。 成本下行+产品结构优化+供应链完善，盈利能力持 ...

股 票 研 究 0% 20% 40% 60% 80% 100% 120% 2023/8 2023/12 2024/4 2024/8 本报告导读： 投资要点： 52周股价走势图 卫龙美味 恒生指数 [Table_Report] 相关报告 | --- | --- | --- | --- | |----------|------------------|--------------------------|--------------------| | | 訾猛(分析师) | 庞瑜泽(分析师) | 陈力宇(分析师) | | | 021-38676442 | 021-38031037 | 021-38677618 | | | zimeng@gtjas.com | pangyuze028741@gtjas.com | chenliyu@gtjas.com | | 登记编号 | S0880513120002 | S0880524010003 | S0880522090005 | [Table_Market] 交易数据 | --- | --- | |-------------------------|----------- ...

2024 年 8 月 17 日 公司研究 蔬菜制品收入增长亮眼，利润率显著改善 ——卫龙美味（9985.HK）2024 年半年报点评 增持（维持） 当前价：6.85 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)： 161.05 一年最低/最高(港元)： 4.48/7.70 近 3 月换手率： 1.98% 股价相对走势 -40% -30% -20% -10% 0% 10% 23/823/9 23/1023/1123/1224/124/224/324/424/524/624/7 卫龙美味 恒生指数 收益表现 | --- | --- | --- | --- | |-------|-------|-------|-------| | ...

上 市 公 司 食品饮料 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |------------------------|---------------------| | 市场数据： | 2024 年 08 月 15 日 | | 收盘价（港币） | 6.80 | | 恒生中国企业指数 | 6035.27 | | 52 周最高/最低（港币） | 8.00/4.65 | | H 股市值（亿港币） | 159.88 | | 流通 H 股（百万股） | 2,351.15 | | 汇率（人民币/港币） | 1.0914 | 一年内股价与基准指数对比走势： -37% -17% 3% 23% HSCEI 卫龙美味 资料来源：Bloomberg 证券分析师 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 熊智超 A0230524050003 xiongzc@swsresearch.com 联系人 熊智超 (8621)23297818× xiongzc@sw ...

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6月30日止六個月的 中期業績公告 | --- | --- | --- | |-------|-------------------------------------------------------|-------| | | | | | | 2024 年中期業績摘要 | | | • | 總收入為人民幣 2,938.6 百 萬 元，同 比 上 升 26.3% ； | | | • | 毛利為人民幣 1,462.3 百 萬 元，同 比 上 升 32.2% ； | | | • | 毛利率為 49.8% ，同 比 上 升 2.3 個 百 分 點； ...