证券研究报告 投资评级： 买入（首次） ——转型零食量贩，开启增长新纪元 投资要点： 风险提示：拓店速度不及预期，行业竞争加剧，食品安全风险 | 盈利预测与估值（人民币） | | | | | | | --- | --- | --- | --- | --- | --- | | | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入（百万元） | 549 | 9,294 | 30,953 | 48,985 | 59,985 | | 同比增长率（%） | 29.08% | 1,592.03% | 233.05% | 58.25% | 22.46% | | 归母净利润（百万元） | 48 | -83 | 254 | 526 | 886 | | 同比增长率（%） | 96.74% | -273.61% | 406.72% | 106.74% | 68.52% | | 每股收益（元/股） | 0.27 | -0.46 | 1.41 | 2.92 | 4.92 | | ROE（%） | 7.15% | -12.85% | 22.03% | 31.29% | 34.53% | | 市盈率 ...

企查查股权穿透显示，该公司由万辰集团全资持股。 证券时报网讯，企查查APP显示，近日，南京万丞信息科技有限公司成立，法定代表人为许顺根，注册 资本1000万元，经营范围包含：数据处理和存储支持服务；网络与信息安全软件开发；网络设备销售； 网络技术服务等。 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve revenue of 30-34 billion yuan in 2024, representing a year-on-year increase of 223%-266%, and a net profit of 240-300 million yuan, indicating a turnaround from losses [8] - The bulk snack business is projected to generate revenue of 30-33 billion yuan in 2024, with a year-on-year growth of 242.50%-276.75% [8] - The company is exploring new retail formats, such as hard discount stores, which may open new growth avenues [8] - The report revises the earnings forecast upwards, projecting revenues of 32 billion yuan in 2024, 48 billion yuan in 2025, and 57.55 billion yuan in 2026, with corresponding net profits of 280 million yuan, 660 million yuan, and 970 million yuan [8] Financial Summary - Total revenue for 2022 was 549.27 million yuan, with a forecast of 9.29 billion yuan for 2023 and 32 billion yuan for 2024, reflecting a significant increase [1] - The net profit for 2022 was 47.74 million yuan, with a forecasted loss of 82.93 million yuan for 2023, followed by a projected profit of 281.93 million yuan for 2024 [1] - The latest diluted EPS is expected to be 1.57 yuan per share in 2024, with a P/E ratio of 45.93 [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve revenue of 30-33 billion yuan from its bulk snack business in 2024, with a net profit forecast of 790-880 million yuan, resulting in a net profit margin of 2.50%-2.75% [1] - As of the end of 2024, the company is projected to have approximately 2.3 billion yuan in cash reserves, indicating strong liquidity [1] - The company plans to open over 8,000 new stores in 2024, bringing the total number of stores to 12,000-13,000, demonstrating its effective business model and operational capabilities [4] - The net profit margin for the bulk snack business in Q4 2024 is expected to be around 2.6%, with profitability expected to improve in 2025 due to reduced subsidy policies [4] - The company is anticipated to recover minority stakes in subsidiaries, which will enhance profitability through scale effects [4] - The report emphasizes the transformation of supply-demand relationships in the retail sector, highlighting investment opportunities in discount retailing and the bulk snack sector [4] Financial Summary - Total revenue is projected to grow from 9.294 billion yuan in 2023 to 32.027 billion yuan in 2024, reflecting a year-on-year growth rate of 244.6% [3] - The net profit attributable to the parent company is expected to increase significantly from a loss of 830 million yuan in 2023 to a profit of 270 million yuan in 2024 [3] - The gross profit margin is forecasted to improve gradually from 9.3% in 2023 to 11.6% in 2026 [3] - Earnings per share (EPS) are projected to rise from -0.46 yuan in 2023 to 1.50 yuan in 2024, and further to 5.81 yuan by 2026 [3] - The price-to-earnings (P/E) ratio is expected to decrease from 67.15 in 2024 to 17.36 in 2026, indicating improved valuation as earnings grow [3]

2025 年 01 月 25 日 利润持续释放，布局省钱超市探索新业态 —万辰集团（300972.SZ）公司事件点评报告 买入(维持) 事件 | 分析师：孙山山 | S1050521110005 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-01-24 | | --- | --- | | 当前股价（元） | 100.79 | | 总市值（亿元） | 181 | | 总股本（百万股） | 180 | | 流通股本（百万股） | 156 | | 52 周价格范围（元） | 18.02-105.49 | | 日均成交额（百万元） | 113.91 | 市场表现 -100 -50 0 50 100 150 200 250 (%) 万辰集团 沪深300 资料来源：Wind，华鑫证券研究 2、《万辰集团（300972）：业绩持 续增长，门店数量快速扩张》2024- 08-19 3、《万辰集团（300972）：量贩零 食高速推进，效率优化释放盈利》 2 ...

Financial Performance Forecast - The company expects a net profit of 240 million to 300 million CNY for 2024, a significant recovery from a loss of 82.93 million CNY in the previous year[3] - Operating revenue is projected to be between 3,000 million and 3,400 million CNY, compared to 929.37 million CNY in the same period last year, indicating a substantial increase[3] - The snack business is expected to achieve operating revenue of 30 billion to 33 billion CNY, representing a year-on-year growth of 242.50% to 276.75%[6] - The net profit for the snack business is anticipated to be between 790 million and 880 million CNY, with a net profit margin of 2.50% to 2.75%[6] - The performance forecast is based on preliminary calculations and has not yet been audited by an accounting firm[4] Business Development and Strategy - The company has approximately 2.3 billion CNY in cash, ensuring sufficient funds for business development[5] - The company is focusing on enhancing its supply chain, logistics, brand building, and digital capabilities to support sustainable growth[6] - The company emphasizes the importance of high-quality development in its snack and edible mushroom businesses in response to national consumption policies[5] Market Conditions and Investor Guidance - The edible mushroom business has been impacted by market factors, leading to lower sales prices for key products like enoki mushrooms[6] - Investors are advised to make cautious decisions as the financial data will be finalized in the 2024 annual report[7]

证券时报e公司讯，企查查APP显示，近日，宁波万辰企业管理咨询有限公司成立，法定代表人为许顺 根，经营范围包含：企业管理咨询；品牌管理；技术服务、技术开发、技术咨询、技术交流、技术转 让、技术推广。 企查查股权穿透显示，该公司由万辰集团全资持股。 ...

Investment Rating - Buy rating, first-time coverage [2] Core Views - The company has shown strong development momentum in 2024, with its first store under the "Laiyoupin" brand opening in January 2025, marking further innovation in the snack retail industry [5] - The company is expected to maintain rapid growth due to the continuous expansion of its snack retail business and increasing market share [5] - The company has actively explored business transformation, entering the snack retail market in 2022 and integrating multiple snack brands to enhance market competitiveness [6] - The company's snack retail business has accelerated, with net profit margins steadily increasing, and the number of stores expected to reach 10,000 by the end of 2024 [7] - The snack retail market has formed a duopoly, with the company having significant room for store expansion and potential for profit margin improvement [8][9] Financial Performance - In the first three quarters of 2024, the company achieved revenue of 20.613 billion yuan, a year-on-year increase of 320.63%, and net profit attributable to the parent company of 84 million yuan, a year-on-year increase of 248.64% [7] - The snack retail business achieved quarterly revenues of 4.695 billion yuan, 5.979 billion yuan, and 9.554 billion yuan in Q1-Q3 2024, with net profit margins of 2.5%, 2.72%, and 2.73% respectively [7] - The company's gross profit margin for the snack retail business exceeded 10% in the first half of 2024, with a stable operating net profit margin of 2-3% [8] Business Strategy - The company has transitioned from focusing on edible fungi to diversified retail business, integrating multiple snack brands to enhance market competitiveness [6] - The company has accelerated the layout of its snack retail business, with a focus on store model refinement and upgrading, aiming to improve store efficiency through customized products and private brands [8] - The company has increased its control over subsidiaries by acquiring minority equity, which is expected to enhance consolidated net profit and demonstrate stronger control over subsidiaries [9] Market Outlook - The snack retail market is in a rapid store expansion phase, with the company actively expanding its store network to capture market share [8] - The company is expected to achieve significant profit margin improvement in the long term as the business stabilizes and economies of scale emerge [9] Financial Forecast - The company is expected to achieve revenues of 30.254 billion yuan, 49.577 billion yuan, and 56.468 billion yuan in 2024-2026, with year-on-year growth rates of 225.53%, 63.87%, and 13.9% respectively [10] - Net profit attributable to the parent company is expected to be 203 million yuan, 568 million yuan, and 754 million yuan in 2024-2026, with year-on-year growth rates of 345.07%, 179.58%, and 32.68% respectively [10] - The company's EPS is expected to be 1.13 yuan, 3.16 yuan, and 4.19 yuan in 2024-2026, with corresponding P/E ratios of 80, 29, and 22 times [10] Financial Ratios - The company's gross profit margin is expected to increase from 9.3% in 2023 to 12.0%, 12.8%, and 13.0% in 2024-2026 [15] - The net profit margin is expected to improve from -0.9% in 2023 to 0.7%, 1.1%, and 1.3% in 2024-2026 [15] - ROE is expected to increase from -12.8% in 2023 to 21.4%, 45.6%, and 46.0% in 2024-2026 [15]

Key Points Company and Industry Overview 1. **Company Background**: Wan Cheng Group, a private enterprise, previously focused on biological fungi businesses like enoki mushrooms. It transitioned into the snack retail sector in 2022, establishing its own brand "Lu Xiaochan" and collaborating with "Haolaiyou Pin" and "Mrs. Lady" brands. [4] 2. **Stock Performance**: In the second half of 2024, Wan Cheng Group's stock surged nearly threefold, driven by macro policy changes, improved operational efficiency, profit release, and valuation recovery. [3] 3. **Market Position**: Wan Cheng Group has established a solid position in the Suhuan market and is gradually expanding into the northern market, leveraging its first-mover advantage. [3] 4. **Business Model**: The company's competitive edge lies in scale effects and efficient supply chain management, achieving price advantages and rapid expansion through low gross margins, high turnover rates, and direct procurement and distribution models. [4] Business Transformation and Development 1. **Transition to Snack Retail**: Wan Cheng Group successfully transformed into the snack retail sector, with its "Lu Xiaochan" brand and others experiencing rapid growth. Revenue from snack retail reached 206 billion yuan in the first three quarters of 2024, accounting for over 90% of total revenue. [4] 2. **Competitive Landscape**: The retail snack sector is characterized by a "two super and many strong" landscape, with two leading brands and multiple small and medium-sized brands. [6] 3. **Challenges**: The industry faces challenges such as fluctuating per capita consumption expenditure, increasing store saturation, and intensified competition. [8] Management and Strategy 1. **Ownership Structure**: Wan Cheng Group is a family-owned enterprise with a concentrated and stable ownership structure, controlled by the Wang Zemin family. The management team has extensive experience and a deep understanding of the company's development. [9] 2. **Recent Actions**: In August 2024, Wan Cheng Group announced the acquisition of 49% of Nanjing Wanhao, further integrating internal resources and consolidating its leading position in the industry. [11] 3. **Market Expansion**: The company plans to expand its presence in the northern market and continue to densify its store network. [13] Financial Performance and Outlook 1. **Revenue Growth**: Wan Cheng Group's retail snack business revenue is expected to grow from 270 billion yuan in 2020 to around 550 billion yuan by 2026. [16] 2. **Profitability**: Gross margin is expected to increase from 9.7% in 2020 to over 11% by 2026. Net profit is projected to reach nearly 2 billion yuan in 2024, 4.5 billion yuan in 2025, and 8 billion yuan in 2026. [16] 3. **Industry Risks**: Risks include potential underperformance in expansion, increased competition leading to lower gross margins and net interest rates, and food safety risks. [17]

证券代码：300972 证券简称：万辰集团 公告编号：2025-004 福建万辰生物科技集团股份有限公司 关于 2024 年前三季度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 福建万辰生物科技集团股份有限公司（以下简称"公司"）2024 年前三季度权 益分派方案已获 2024 年 12 月 30 日召开的 2024 年第九次临时股东会审议通过。 现将权益分派事宜公告如下： 一、股东会审议通过权益分派方案情况 1、公司 2024 年第九次临时股东会审议通过的 2024 年前三季度权益分派具体 内容如下： 公司以现有总股本 179,989,761 股为基数，向权益分派实施时股权登记日的在 册股东每 10 股派送现金股利 2.00 元（含税），合计派送现金股利 35,997,952.20 元。本次利润分配不送红股，不进行资本公积金转增股本，剩余未分配利润结转 下一年度。 自公司董事会审议利润分配预案后至实施权益分派预案的股权登记日期间， 公司股本如发生变动，将按照现金分红总额不变的原则对分配比例进行相应调整。 2、自分配方案披露至实施期间公司股 ...