2024年，卫龙实现总营收62.66亿元，同比增长28.6%；净利润10.68亿元，同比增长21.3%。这一亮眼成 绩的背后，核心驱动力来自以魔芋爽为代表的蔬菜制品业务。蔬菜制品收入达33.71亿元，同比增长 59.1%，占总营收的53.8%，首次超越辣条成为公司第一大收入来源。这一结构性转变标志着卫龙从"辣 条依赖"向"多品类矩阵"的成功跨越。 第二增长曲线爆发 魔芋爽成营收主力 对此，卫龙需在"去辣条化"与"品类平衡"间找到新路径。例如，将辣条定位为"怀旧零食"，通过限量联 名款激活存量用户；或开发低卡辣条，切入健康零食赛道。 此外，公司还存在家族化管理与职业经理人困境。 魔芋爽的成功并非偶然。自2014年推出以来，卫龙抓住健康化消费趋势，以"低热量"为卖点，通过洗脑 式广告营销强化消费者认知。尽管其配料表仍含添加剂，但相比传统辣条（如大面筋每100克能量达 1821千焦），魔芋爽（每100克约500千焦）在"解馋无负担"的心理需求中占据优势，被消费者戏称 为"人类猫条"。从数据看，魔芋爽2024年贡献约30亿元收入，占据蔬菜制品板块近九成份额，成为真正 的"造血引擎"。 卫龙的渠道策略呈现"双轮驱动"特 ...

| 研究所： | | | | --- | --- | --- | | 证券分析师： | | 刘洁铭 S0350521110006 | | | | liujm@ghzq.com.cn | | 证券分析师： | | 秦一方 S0350523120001 | | | | qinyf@ghzq.com.cn | | 联系人 | ： | 黄诗汶 S0350124040004 | | | | huangsw01@ghzq.com.cn | [Table_Title] 魔芋品类势能向上，全年收入提速 ——卫龙美味（09985）2024 年报点评报告 最近一年走势 2025 年 04 月 01 日 公司研究 评级：增持(首次覆盖) | 相对恒生指数表现 | | | 2025/03/31 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 卫龙美味 | 57.2% | 111.4% | 190.6% | | 恒生指数 | 0.8% | 15.3% | 39.8% | | 市场数据 | | | 2025/03/31 | | 当前价格（港元） | | | 15.22 | | 周 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The company has demonstrated rapid revenue growth, with a reported revenue of 6.27 billion HKD for 2024, reflecting a year-over-year increase of 28.6%. The net profit attributable to the parent company reached 1.068 billion HKD, up 21.37% year-over-year [8][9]. - The company is focusing on expanding its product matrix by launching new products that cater to consumer preferences, particularly in the vegetable product category, which saw a significant revenue increase of 59.1% in 2024 [8][9]. - The company is enhancing its distribution channels, with a total of 1,879 offline distributors and a strong online presence, achieving a revenue of 7.05 billion HKD from online channels, up 38.06% year-over-year [8][9]. Financial Data and Forecast - Total revenue is projected to grow from 4.887 billion HKD in 2023 to 8.093 billion HKD in 2025, with a year-over-year growth rate of 29% for both 2024 and 2025 [7][11]. - Net profit is expected to increase from 880 million HKD in 2023 to 1.3 billion HKD in 2025, with a year-over-year growth rate of 22% [7][11]. - The company’s gross margin is projected to remain stable, with a slight decrease to 46.81% in 2025, while the net profit margin is expected to be around 16.07% [7][11]. Market Performance - The company's stock has shown strong performance, with a closing price of 15.22 HKD as of March 31, 2025, and a 52-week price range of 6.91-15.22 HKD [2][9]. - The company’s revenue growth is supported by effective business strategies, including channel development and brand building, leading to a robust market presence [8][9].

2025 年 3 月 27 日晚，卫龙美味全球控股有限公司发布公告，现任 CEO 孙亦农因个人事务及其他业务 安排，辞任公司执行董事及首席执行官职务，创始人之一刘福平将于 4 月 30 日接任。 从卫龙公布的 2024 年财报数据来看，总营收达62.66亿，同比增长 28.63%；股东应占溢利为 10.69 亿， 同比增长 21.37%。这是一个靓丽的数据。 卫龙营收并非一路攀升，2022年出现下滑，总营收为46.32亿，同比下降3.50%，不过 2024 年迎来较为 显著的增长。 卫龙于 2022 年 12 月 15 日在港交所上市，发行价为每股 10.56 港元，上市首日市值为 236 亿港元（数 据来源：港交所公开信息）。然而上市后股价连跌，12 月 19 日收盘跌至每股 8.85 港元，总市值为 208.08 亿港元。截至 2025 年 3 月 31 日，股价为 15.02 港元，总市值为 353.14 亿港元。股票估值方面， 2021 年 5 月刚完成 Pre - IPO 轮融资时，卫龙估值一度高达约 600 亿元。2022 年4月，估值降为约 350 亿人民币。上市后估值远低于此前高值，近期随着股 ...

3月27日晚间，卫龙美味（下称"卫龙"）发布2024年度业绩公告，在整体经济下行的大环境中维持稳增长。财务数据显示，公司2024年实现营业收入62.66 亿元，同比增长28.22%，录得净利润10.68亿元，同比增长21.3%，毛利率升至48.13%。 与传言靠涨价拉动增长截然相反，卫龙的增长得益于品类创新、渠道破局、精准营销等。事实上，伴随供应链体系提效和产能利用率提升，卫龙持续让利 消费者，全线核心产品"加量不加价"，好吃不贵的品牌形象深入人心。 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。" 辣味零食扛把子 卫龙不只是一种辣 自1999年发明第一根辣条以来，卫龙便从未停止洞察消费者需求，顺应消费者的喜好持续拓宽产品线，深入研究消费者的消费习惯和价值取向，确保每一 个产品都能击中消费者的"味蕾痛点"。 作为中国辣味休闲食品行业领军品牌，卫龙一直保持着高度的市场竞争力，在"让世界人人爱上中国味"的使命驱动下，持续贯彻"多品类"的产品策略，不 断用创造的力量赋予品牌鲜活的生命 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 6.266 billion RMB in FY24, representing a year-on-year growth of 28.6%, with a net profit attributable to shareholders of 1.069 billion RMB, up 21.3% year-on-year [2] - The company proposed a final dividend of 0.11 RMB per share and a special dividend of 0.18 RMB per share, leading to a total dividend payout of 0.45 RMB per share for FY24, with a payout ratio of 99% [2] - The company is focusing on the growth of vegetable products, which have opened a second growth curve, surpassing noodle products to become the largest business segment [3] - The gross margin for FY24 was 48.13%, an increase of 0.45 percentage points year-on-year, while the gross margin for H2 FY24 was 45.96%, a decrease of 1.12 percentage points year-on-year [4] - The company has maintained a high dividend payout ratio and has a strong cash position, indicating a commitment to shareholder returns [5] Summary by Sections Financial Performance - In FY24, the company reported revenues of 6.266 billion RMB, with a year-on-year increase of 28.6% [2] - The net profit attributable to shareholders was 1.069 billion RMB, reflecting a growth of 21.3% year-on-year [2] - The company’s revenue from noodle products, vegetable products, and other products for FY24 was 2.667 billion RMB, 3.371 billion RMB, and 229 million RMB respectively, with vegetable products growing by 59.16% year-on-year [3] Growth Drivers - The company’s offline and online channel revenues for FY24 were 5.562 billion RMB and 705 million RMB, with year-on-year growth of 27.54% and 38.24% respectively [3] - The vegetable products segment, particularly konjac products, is expected to maintain high growth momentum in FY25 [5] Profitability and Margins - The gross margin for FY24 was 48.13%, with an overall capacity utilization rate of 77.7%, an increase of 22.4 percentage points year-on-year [4] - The net profit margin for FY24 was 17.06%, down 1.02 percentage points year-on-year, primarily due to losses from financial investments [4] Future Projections - Revenue forecasts for FY25 and FY26 have been raised to 7.549 billion RMB and 8.767 billion RMB respectively, with an additional forecast for FY27 at 9.988 billion RMB [6] - The earnings per share (EPS) estimates for FY25 and FY26 have been adjusted to 0.54 RMB and 0.64 RMB respectively, with a new estimate for FY27 at 0.73 RMB [6]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company achieved a revenue of 6.266 billion CNY in 2024, representing a year-on-year growth of 28.63%, and a net profit attributable to shareholders of 1.069 billion CNY, up 21.37% year-on-year [2]. - The growth in revenue and profit is driven by the recovery in the noodle products segment and accelerated sales in vegetable products, with significant increases in online and offline sales channels [3][4]. - The company is expected to benefit from the growth of the konjac product category and its diversified channel strategy, which includes traditional and emerging sales channels [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 48.1%, with a slight increase of 0.5 percentage points year-on-year, although the second half of the year saw a decline due to rising costs [4]. - The company’s net profit margin for 2024 was 17.1%, down 1.0 percentage points year-on-year, impacted by a one-time loss from financial assets [4]. - The forecast for net profit attributable to shareholders for 2025-2027 is 1.3 billion, 1.6 billion, and 1.96 billion CNY, respectively, with growth rates of 22%, 24%, and 22% [5][10].

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 " ...