公司研究/食品 证券研究报告 卫龙美味(9985.HK)公司研究报告 首次覆盖:中国辣味休食龙头, 盈利能力优异,第二曲线快速成长 投资要点: 中国领先辣味休食企业,盈利能力优异。公司是中国领先的辣味休闲食品企 业,根据招股说明书援引弗若斯特沙利文的资料,按 2021 年零售额计,公司 在中国所有辣味休闲食品企业中排名第一,市场份额达到 6.2%,且在调味面 制品及辣味休闲蔬菜制品细分品类的市场份额均排名第一。此外公司是中国 倍受年轻消费者喜爱的休闲食品品牌。公司营收从 2018 年的 27.52 亿元增长 至 2023 年的 48.72 亿元(CAGR=12.10%),保持稳健成长。 辣卤休食行业前景广阔,公司单品仍有较大提升空间。辣味休闲食品的零售 额由 2016 年的 1139 亿元增长至 2021 年的 1729 亿元(CAGR=8.7%),高于中 国整体休闲食品行业年复合增长率。此外辣味休闲食品在整体休闲食品行业 中的份额从 2016 年的 18.6%扩张至 2021 年的 21.0%,呈现较高景气度。公司 是中国休闲食品行业内增长最快、盈利能力最强的企业之一。对比三只松鼠 坚果 41.07 亿元、 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is a leading spicy snack food enterprise in China, with a strong brand appeal among young consumers and a market share of 6.2% in 2021, ranking first in both seasoned noodle products and spicy vegetable snack categories [13] - The spicy snack food industry has a promising outlook, with retail sales growing from CNY 113.9 billion in 2016 to CNY 172.9 billion in 2021 (CAGR=8.7%), and the company's products still have significant room for growth [21] - The company's revenue grew from CNY 2.752 billion in 2018 to CNY 4.872 billion in 2023 (CAGR=12.10%), driven by its strong product portfolio and market position [13] Product Performance - **Seasoned Noodle Products**: Revenue grew from CNY 2.162 billion in 2018 to CNY 2.649 billion in 2023 (CAGR=3.35%), with average selling price (ASP) increasing from CNY 13.90/kg to CNY 20.49/kg [4] - **Vegetable Products**: Revenue surged from CNY 298 million in 2018 to CNY 2.119 billion in 2023 (CAGR=48.05%), driven by products like "Moyu Shuang" and "Fengchi Seaweed" [4] - **Bean Products & Others**: Revenue declined from CNY 292 million in 2018 to CNY 204 million in 2023 (CAGR=-6.93%), but ASP increased from CNY 22.41/kg to CNY 38.36/kg [30] Channel Strategy - The company's offline channel revenue accounted for 90.40% of total revenue from 2018 to 2023, with a CAGR of 11.60%, while online channel revenue grew at a CAGR of 17.09% [32] - The company has 1,708 offline distributors as of December 31, 2023, and has been actively expanding into snack vending channels, selling 433,716 boxes of products through this channel in September 2023 [36] Financial Performance - The company's gross margin increased from 34.72% in 2018 to 47.68% in 2023, driven by product mix optimization and cost management [19] - Net profit grew from CNY 476 million in 2018 to CNY 880 million in 2023 (CAGR=13.07%), with net profit margin increasing from 17.26% to 18.01% [19] Industry Outlook - The Chinese snack food market is expected to grow from CNY 825.1 billion in 2021 to CNY 1.1472 trillion in 2026 (CAGR=6.8%), with spicy snack food expected to grow at a CAGR of 9.6% during the same period [21] - The company's market share in the spicy snack food industry is 6.2%, significantly higher than its competitors, and it is one of the fastest-growing and most profitable companies in the industry [22] Valuation - The report forecasts the company's revenue to reach CNY 5.599 billion, CNY 6.367 billion, and CNY 7.136 billion in 2024-2026, with net profit of CNY 1.030 billion, CNY 1.209 billion, and CNY 1.393 billion, respectively [41] - The company is valued at a PE range of 15-19x (2024E), with a target price range of HKD 7.10-8.99 per share [41]

Product Development and Innovation - The company launched new products such as spicy Latiao "BADAO PANDA", konjac vegetarian tripe "XIAO MO NV", and spicy crisp Latiao "CUI HUO HUO" in 2023, which gained significant popularity among consumers[4] - The company started the Chinese seasoned flour products (Latiao) industry in 2001 and has since diversified into vegetable products, bean-based products, and others, such as Konjac Shuang and Fengchi Kelp[4] - The company's product portfolio includes popular items like 78° Braised Egg, which complements its core Latiao offerings[4] - The Group launched new products including "BADAO PANDA" in September, "XIAO MO NV" in October, and "CUI HUO HUO" in December, enriching its product matrix[33] - The company launched new products including spicy Latiao "BADAO PANDA", konjac vegetarian tripe "XIAO MO NV", and spicy crisp latiao "CUI HUO HUO" to diversify its product portfolio and enhance category competitiveness[49][50] - "BADAO PANDA" spicy Latiao is inspired by authentic Sichuan cuisine, reflecting the company's commitment to traditional flavors and cultural heritage[50] - "XIAO MO NV" konjac vegetarian tripe features larger, crispier slices (35x35mm) and a unique 2D brand image to appeal to young consumers[51] - The company continues to focus on innovation and a multi-category strategy to meet diversified consumer needs through consumer insights[43] Awards and Recognition - The company won over 30 awards in 2023, including "2023 Vibrant Brands Favored by College Students" and "TopBrand2023 Top 500 Chinese Brands"[5] Sales and Distribution Network - The company expanded its sales and distribution network to include supermarkets, convenience stores, traditional e-commerce, and emerging channels like content and social e-commerce, effectively reaching young consumers[6] - The company's omni-channel strategy includes traditional and emerging e-commerce platforms, ensuring wide exposure to young consumers[6] - The Group strengthened its online and offline omni-channel strategy, embracing opportunities from emerging offline snack specialty retailer channels and online content e-commerce channels[34] - The company strengthened its omni-channel operation and expansion strategies to adapt to the rapid development of new retail channels like O2O and content e-commerce[44][46] - The company collaborated with 1,708 offline distributors and sold products through distributors to 147 national or regional operators for hypermarkets, supermarkets, and chained convenience stores as of December 31, 2023[59][60] - The company expedited the process of embracing emerging channels such as O2O and snack specialty retailers in the second half of 2023, establishing close cooperation with major systems of snack specialty retailers[61] - The company established its presence in major e-commerce platforms, including traditional and emerging content e-commerce platforms, to cover all channels of e-commerce platforms[62] - The company's online models include online direct sales and online distribution, complementing offline channels, and focus on creating topics and increasing interaction with consumers through short videos, internal live streaming, and influencer live streaming[62] - Revenue from offline channels increased by 5.2% from RMB4,145.9 million in 2022 to RMB4,361.2 million in 2023, driven by growth in emerging channels like O2O and snack specialty retailers, partially offset by a decline in traditional offline channels due to reduced consumer flow[65] - Revenue from online channels grew by 5.0% from RMB486.3 million in 2022 to RMB510.4 million in 2023, with online distribution revenue decreasing by 17.2% to RMB195.9 million and online direct sales revenue increasing by 26.0% to RMB314.5 million, reflecting the company's focus on capturing growth opportunities from content e-commerce platforms like Douyin[66] - Overseas revenue from offline distributors increased significantly, contributing RMB97.6 million in 2023 compared to RMB65.5 million in 2022, representing 2.2% of total revenue, driven by active expansion into overseas markets[68][69] - The company's total revenue for 2023 was RMB4,871.7 million, with offline channels contributing 89.5% (RMB4,361.2 million) and online channels contributing 10.5% (RMB510.4 million)[64] - Eastern China remained the largest revenue contributor among domestic regions, generating RMB967.1 million in 2023, up from RMB877.0 million in 2022, and accounting for 22.2% of total revenue[68] Financial Performance - Revenue for 2023 reached RMB 4,871.7 million, a 5.2% increase from 2022[24] - Gross profit for 2023 was RMB 2,322.7 million, with a gross margin of 47.7%, up 5.4 percentage points from 2022[24][26] - Adjusted net profit for 2023 was RMB 970.3 million, a 6.3% increase from 2022[24] - Adjusted EBITDA margin for 2023 improved to 31.2%, up 2.6 percentage points from 2022[26] - Inventory turnover days decreased to 73 days in 2023, down from 82 days in 2022[26] - Trade receivables turnover days improved to 4.4 days in 2023, down from 4.9 days in 2022[26] - Total assets for 2023 increased to RMB 7,053.6 million, up 1.8% from 2022[25] - Net assets for 2023 grew to RMB 5,705.9 million, a 3.3% increase from 2022[25] - The liability-to-asset ratio decreased to 19.1% in 2023, down 1.2 percentage points from 2022[26] - Adjusted return on equity for 2023 was 17.3%, down 2.6 percentage points from 2022[26] - The Group's overall revenue for the year was RMB4,871.7 million, representing a 5.2% increase compared to the previous year[31][32] - Gross profit margin was 47.7%, up 5.4 percentage points from 42.3% in the previous year[31][32] - Net profit was RMB880.4 million, a 481.9% increase compared to the previous year, while adjusted net profit was RMB970.3 million, up 6.3%[31][32] - Total revenue for the year increased by 5.2% to RMB4,871.7 million, driven by growth in emerging channels such as O2O, snack specialty retailers, and content e-commerce platforms[45][46] - Gross profit rose by 18.5% to RMB2,322.7 million, with gross profit margin improving from 42.3% to 47.7% due to higher average selling prices, lower raw material costs, and optimized cost management[45][46] - Net profit surged by 481.9% to RMB880.4 million, primarily due to increased gross profit and the absence of share-based payments related to Pre-IPO investments[45][46] - Adjusted net profit increased by 6.3% to RMB970.3 million, with adjusted net profit margin slightly improving from 19.7% to 19.9%[45][46] - Revenue from seasoned flour products decreased by 6.2% from RMB2,718.6 million in 2022 to RMB2,549.2 million in 2023, accounting for 52.3% of total revenue, down from 58.7% in 2022[54][55] - Revenue from vegetable products increased by 25.1% from RMB1,693.3 million in 2022 to RMB2,118.5 million in 2023, accounting for 43.5% of total revenue, up from 36.6% in 2022[55][56] - Sales volume of seasoned flour products decreased by 17.4% to 124,427.2 tons in 2023, while vegetable products sales volume increased by 31.1% to 71,454.7 tons[58][59] - Revenue from bean-based and other products decreased by 7.4% from RMB220.3 million in 2022 to RMB203.9 million in 2023, accounting for 4.2% of total revenue[54][55] - Revenue increased by 5.2% to RMB4,871.7 million in the current year, driven by growth in emerging channels such as O2O, snack specialty retailers, and content e-commerce platforms[90] - Gross profit rose by 18.5% to RMB2,322.7 million, with gross profit margin increasing by 5.4 percentage points to 47.7% due to higher average selling prices, lower raw material costs, and optimized cost management[91][93] - Distribution and selling expenses increased by 27.4% to RMB806.7 million, accounting for 16.6% of total revenue, driven by higher employee benefits and a 53.6% increase in promotion and advertising expenses[92][94] - Administrative expenses decreased by 4.7% to RMB458.9 million, with the proportion to total revenue dropping from 10.4% to 9.4%[95][101] - Net finance income surged by 204.3% to RMB175.6 million, primarily due to increased bank interest income[98][103] - Income tax expense increased by 52.8% to RMB398.9 million, driven by higher taxable income and increased withholding tax provisions[99][103] - Profit for the year skyrocketed by 481.9% to RMB880.4 million, largely due to the absence of share-based payments related to Pre-IPO investments and higher gross profit[100] - Annual profit increased by 481.9% from RMB 151.3 million in the previous year to RMB 880.4 million in the current year, primarily due to the increase in gross profit and share-based payments related to Pre-IPO investments[104] - Adjusted net profit (Non-IFRS measure) increased by 6.3% from RMB 913.1 million in the previous year to RMB 970.3 million in the current year, with the adjusted net profit margin rising from 19.7% to 19.9%[110] - The company proposed a final dividend of RMB 0.10 per share, totaling approximately RMB 235.1 million, representing 27% of the net profit for the year ended December 31, 2023[110] - A special dividend of RMB 0.11 per share was proposed, totaling approximately RMB 258.6 million, representing 30% of the net profit for the year ended December 31, 2023[110] - Total term deposits, restricted cash, and cash equivalents increased by 19.1% to RMB 4,690.5 million at the end of the current year, compared to RMB 3,939.3 million at the end of the previous year[113] - Borrowings increased from RMB 161.3 million at the end of the previous year to RMB 180.9 million at the end of the current year, primarily for plant construction and machinery purchases[113] - Inventories decreased by 29.9% from RMB599.3 million to RMB419.9 million, with inventory turnover days reduced from 82 to 73 days[115][118] - Trade receivables decreased by 22.3% from RMB66.4 million to RMB51.6 million, with turnover days reduced from 4.9 to 4.4 days[116][119] - Other receivables decreased by 38.0% from RMB62.4 million to RMB38.7 million[116][119] - Prepayments increased by 9.0% from RMB111.2 million to RMB121.2 million[117][119] - Financial assets at fair value through profit or loss decreased by 67.9% from RMB382.4 million to RMB122.8 million[120][125] - Trade payables decreased by 12.1% from RMB187.3 million to RMB164.7 million, with turnover days reduced from 26 to 25 days[121][126] - Contract liabilities and refund liabilities decreased by 8.4% from RMB225.3 million to RMB206.3 million[122][127] - Gearing ratio increased from 2.9% to 3.2%[123][128] - Capital commitments for property, plant, and equipment decreased from RMB79.5 million to RMB49.4 million[131][137] - Pledged land use rights decreased from RMB93.8 million to RMB91.8 million[132][138] Production and Capacity - The company operates multiple production plants in Luohe, Henan Province, including Luohe Pingping Plant, Luohe Weidao Plant, Luohe Weilai Plant, and Luohe Xinglin Plant[10] - The company's total production capacity in 2023 was 339,884.9 tons, with actual production reaching 187,994.0 tons, resulting in a utilization rate of 55.3%, down from 59.2% in 2022[73] - Seasoned flour products accounted for the largest share of production, with a designed capacity of 237,722.4 tons and actual production of 114,791.6 tons in 2023, achieving a utilization rate of 48.3%[73] - Vegetable products saw a utilization rate increase to 72.0% in 2023, up from 64.4% in 2022, with actual production reaching 69,309.0 tons against a designed capacity of 96,228.0 tons[73] - The company operates five production plants in Henan, with the Luohe Xinglin Plant currently undergoing capacity expansion and partially operational as of December 31, 2023[71][72] - Designed production capacity for seasoned flour products decreased in the current year due to production line adjustments, while vegetable products and bean-based products increased due to new production lines at Luohe Xinglin Plant[74][75] - Overall utilization rate decreased to 55.3% in 2023 from 59.2% in 2022, primarily due to a drop in utilization rate of seasoned flour products[76][77] - Luohe Xinglin Plant achieved the highest utilization rate at 93.6% in 2023, up from 90.1% in 2022, driven by higher efficiency and production line shifts[76][77] Corporate Governance and Board Structure - The company's board of directors includes executive directors such as Mr. LIU Weiping (Chairman), Mr. LIU Fuping (Vice Chairman), and Mr. SUN Yinong (Chief Executive Officer), as well as independent non-executive directors like Ms. XU Lili and Mr. ZHANG Bihong[18] - The company's audit committee is chaired by Mr. ZHANG Bihong, with members including Ms. XU Lili and Ms. XING Dongmei[18] - The company's nomination committee is chaired by Mr. LIU Weiping, with members including Ms. XU Lili and Mr. ZHANG Bihong[19] - The company's remuneration committee is chaired by Ms. XING Dongmei, with members including Ms. XU Lili and Mr. CHEN Lin[19] - The company's website is www.weilongshipin.com[18] - The Company emphasizes corporate governance, including a diligent Board of Directors and a robust risk management and internal control system[146] - The Board is responsible for formulating the Company's long-term and short-term strategic direction, including development strategy, major investments, and significant asset acquisitions or disposals[148][149] - Management provides monthly reports to the Board, supported by up-to-date financial data, to ensure informed decision-making[150] - The Board's authorization to management includes daily production, management, and operational decisions, but excludes major decisions and key personnel appointments[151] - The company's Board consists of nine Directors, including six executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[153][157] - The Board complies with the Listing Rules by having at least three independent non-executive Directors, with one possessing appropriate professional qualifications or financial expertise[154][157] - The Board includes two female members, accounting for 22.22% of the total Directors, aligning with gender diversity requirements[160][162] - The company's employees (including executive Directors and senior management) achieved gender diversity with 42.7% male and 57.3% female employees as of December 31, 2023[163][166] - The roles of Chairman and Chief Executive Officer are separated, with Mr. LIU Weiping as Chairman and Mr. SUN Yinong as CEO, ensuring a balance of power and authority[159][161] - The company has adopted a Board diversity policy, selecting candidates based on gender, age, cultural background, industry experience, and other factors[160][162] - The company has made appropriate insurance arrangements for Directors regarding any legal proceedings[158][161] - The Board is responsible for developing and reviewing corporate governance policies, monitoring compliance, and ensuring adherence to the Corporate Governance Code[164][165] - The Board reviewed and ensured compliance with the Corporate Governance Code and disclosed requirements in the Corporate Governance Report[167] - All Directors participated in training courses or reading materials on corporate governance and related topics, with records provided to the Company[169] - The Board held four meetings and one general meeting in 2023, with all Directors attending all meetings[174] - The Audit Committee comprises three independent non-executive Directors and oversees financial policies, risk management, and internal controls[177] - The Board adopted a policy on seeking independent professional advice by Directors on March 23, 2023, and will review its implementation annually[168] - The Company has mechanisms in place for Directors to seek independent professional advice to ensure access to independent views[168] - The Board is responsible for leadership, strategic decisions, and maintaining effective risk management and internal control systems[175] - The Chairman held one meeting with independent non-executive Directors without the attendance of other Directors in 2023[176] - The Audit Committee supervises the financial activities, internal audit, and external accounting firm's work[177] - The Board has three committees: Audit, Nomination, and Remuneration, each with specific terms of reference[172] - The Audit Committee held four meetings in 2023, exceeding the minimum requirement of two meetings per year as stipulated by the Corporate Governance Code[179] - The Audit Committee reviewed the company's annual results for 2023 and confirmed compliance with all applicable accounting standards and regulations, with sufficient disclosures made[180] - The Audit Committee was satisfied with the effectiveness and sufficiency of the company's internal control mechanisms, including financial, operational, and compliance controls, as well as risk management

卫龙的增长经不起细看 作者丨侯书青 思维财经&投资者网 出品丨ID：touzizhebao 单看卫龙美味(下称"卫龙"，09985.HK)2023年财报中的主要财务指标，营收、净利润都有所增长，但当我们将目光放到公司业务层面，在其线下货架上，就 会发现昔日的"辣条王者"，如今的处境难言顺利。与众多竞争对手相比，卫龙困于"辣条"太久了。 大多数时候，市场的眼光都是雪亮的，这份财报虽然没有给卫龙的股价带来与净利润增速相匹配的增长，却为公司管理层带来了分红的底气：2023年公司的 总派息比率高达90%，其中有超过8成分红落入实控人刘福平、刘卫平的口袋。 卫龙能取得今天的行业地位，与它率先解决目标消费者的"食安焦虑"、出色的营销策略有莫大的关系。但这些终究难以为公司建立起坚固的护城河，拳头产 品够硬固然重要，但再硬的拳头，也难以改变"消费者喜欢新鲜感，且始终拥有选择权"的事实。 辣条不好卖了？ 看完卫龙的2023年财报，最令人意想不到的发现是：这么有名的辣条，居然不好卖了。 卫龙2023年全年实现总收入48.72亿元，同比增长5.2%，年内净利润同比增长了481.9%。公司在年报中解释称，公司净利润大幅增长主要系毛利 ...

《港湾商业观察》廖紫雯 日前，卫龙辣条产品一度超过猪肉价格引发大众热议，卫龙辣条怎么越来越贵了？ 近日，"辣条第一股"卫龙美味全球控股有限公司(以下简称：卫龙，09985.HK)发布2023年业绩报告，显 示公司主营产品辣条迎来收入、销量、产能利用率均下滑的局面，其中辣条少卖数达2.61万吨。 即便2023年卫龙净利润出现较大增长，但在券商纷纷下调其盈利预测的背景下，卫龙辣条销量的显著下 滑、产能利用率不及5成，"辣条第一股"卫龙似乎面临着一定挑战。更令投资者担忧的是，卫龙还被调 出港股通标的证券名单，这无疑给公司带来了进一步的压力。 01 业绩增长，辣条单价比猪肉贵？ 2023年，卫龙实现营收、归母净利润、年内经调整后净利润分别为48.72亿、8.80亿、9.7亿，分别同比 增长5.2%、481.9%、6.3%。 卫龙表示，营收增长主要由于O2O、零食量贩店、内容电商等新兴渠道带来的收入增长被由于流量下滑 的线下传统渠道的收入下降所部分抵消；净利润增加主要是由于1，毛利的增加；2，上年度有与首次公 开发售前投资有关的以股份为基础的付款，金额为人民币628.8百万元；经调整净利润增加，主要由于 毛利的上升。 ...

买入 2024年 04月 02日 （首次） 证券研究报告•2023年年报点评 当前价： 5.62港元 卫龙美味（9985.HK） 食品饮料 目标价： 6.85港元 蔬菜制品增长亮眼，量贩渠道开拓可期 投资要点 西南证券研究发展中心 [T a事ble件_：Su卫m龙m发ary布] 2023年年报，全年实现营收48.7亿元，同比+5.2%；归母净利 [分Ta析bl师e_：Au朱th会or振] 润8.8亿元，同比+481.9%。其中，23H2 实现营业收入25.4亿元，同比+7.3%； 执业证号：S1250513110001 归母净利润4.3亿元，同比+5.1%。 电话：023-63786049 邮箱：zhz@swsc.com.cn  调味面制品销量承压，蔬菜制品增长亮眼。2023年调味面制品/蔬菜制品/豆制品 及其他分别实现营收 25.5/21.2/2.0亿元，同比-6.2%/+25.1%/-7.5%。拆分量价 联系人：杜雨聪 来看，调味面制品/蔬菜制品/豆制品及其他销量分别为 12.4/7.1/0.5 万吨，同比 电话：18716686475 邮箱：dyuc@swsc.com.cn -17.4%/+31.1 ...

研究报告Research Report 25 Mar 2024 卫龙 WEILONG Delicious Global Holdings (9985 HK) 2023 年业绩点评：分红大幅提高，股息具有吸引力 Payout ratio has increased significantly and dividend is attractive [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 业绩符合市场预期。2023 年公司实现营收 48.7 亿元，同比增长 评级 优于大市OUTPERFORM 5.2%，经调整净利润为 9.7 亿元，同比增长 6.3%。2023H2 实现营 现价 HK$5.59 目标价 HK$9.29 收 25.44 亿元，同比增长 7.3%，实现经调整利润 4.73 亿元，同比 下滑 3.0%。 HTI ESG 3.3-3.8-2.5 E-S-G: 0-5, (Please refer to the ...

股 票 研 究 [Table_industryInfo] 食品饮料 [ Table_Main[卫I Tnaf 龙bol]e 美_Ti味tle]（ 9985） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.68 业绩符合预期，新品开拓加速 2024.03.25 海 [ 交Ta易bl数e_M据a rket] 外 訾猛(分析师) 庞瑜泽(分析师) 陈力宇(分析师) 52周内股价区间（港元） 4.81-11.64 当前股本（百万股） 2,351 公 021-38676442 021-38031037 021-38677618 当前市值（百万港元） 13,355 司 zimeng@gtjas.com pangyuze028741@gtjas.com chenliyu@gtjas.com 证书编号 S0880513120002 S0880524010003 S0880522090005 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 2023年营收稳增、盈利提升明显，公司加强品牌建设、新品投入和渠道多元化，持续 卫龙美味 恒生指数 巩固细分龙头优势，有望进一步增强竞 ...

业绩简评 3月 22日公司发布业绩，23年实现营收48.7 亿元，同比+5.2%； 实现归母净利润8.8 亿元，同比+481.9%；经调整后净利润9.7 亿 元，同比+6.3%。其中，23H2 实现营收25.4 亿元，同比+7.3%；实 现归母净利润4.3 亿元，同比+5.1%；经调整后净利润4.7 亿元， 同比-3.0%。 经营分析 菜制品增长亮眼，全面拥抱新渠道。1）分产品看，23 年面制品/ 菜制品/豆制品及其他销售额分别为 25.5/21.2/2.0 亿元，同比 -6.2%/+25.1%/-7.4%。受提价及主动优化产品结构影响，面制品 销量依旧承压，23 年量-17%，价+13%。菜制品中魔芋爽保持高增， 带动 H2 销量恢复，全年量+31%，价-5%，其他品类中豆皮下滑较 港币(元) 成交金额(百万元) 多。2）23 年线下/线上渠道销售额同比均增长5%。其中线上新增 14.00 20 18 内容电商渠道，线下合作头部零食专营店（截至2023 年底覆盖门 12.00 16 14 店数2万+家）、O2O 等新兴渠道。传统渠道承压系人流下滑及公司 10.00 12 10 主动调整产品规格，但网点质量进 ...

2024年3月22日 公司研究 全年业绩平稳增长，建议关注新品新渠道发展 ——卫龙美味（9985.HK）2023 年年报点评 要点 增持（维持） 事件：卫龙发布2023年年报业绩，23年实现营业收入48.7亿元，同比+5.2%；归 当前价：5.68港元 母净利润8.8亿元，同比+481.9%。其中，23H2实现营业收入25亿元，同比+6.0%； 归母净利润4.3亿元，同比+5.1%。 作者 辣条需求仍较疲软，蔬菜制品保持较快增长。 分析师：陈彦彤 执业证书编号：S0930518070002 1）分产品来看：23年调味面制品/蔬菜制品/豆制品及其他产品实现收入 021-52523689 25.49/21.19/2.04亿元，同比-6.23%/+25.11%/-7.43%。调味面制品收入同比下滑 chenyt@ebscn.com 主要系需求疲软下线下传统渠道流量下滑；蔬菜制品收入同比提升较快主要系公司 不断迭代升级该产品以及扩充产能保障产品供应。 分析师：汪航宇 执业证书编号：S0930523070002 2）分渠道来看，23年线下/线上渠道实现收入43.61/5.10亿元，同比 021-52523174 wan ...