好想来在广州的门店 量贩零食还在狂奔，万辰集团去年一年开了近一万家门店。 近日，万辰集团（300972.SZ）发布了2024年财报。财报显示，去年，万辰集团实现营收323.29亿元， 同比增长247.86%；净利润为2.94亿元，同比增长453.95%。 万辰集团于2011年在漳州创立，原本主要从事食用菌业务，2022年8月，其创立了量贩零食品牌"陆小 馋"，首次进入量贩零食赛道。万辰集团主要通过合资和收购迅速扩大量贩零食版图，自2022年年底开 始，其接连拿下来优品、好想来、吖滴吖滴、老婆大人，之后又将这四个品牌统一更名为"好想来"品牌 零食，目前其旗下拥有"好想来"和"老婆大人"两大零食品牌，量贩零食也成为其主要业务。 而拥有零食很忙和赵一鸣零食两个品牌的鸣鸣很忙集团在华南市场则有较多布局。自2023年年底，量贩 零食行业就形成了以鸣鸣很忙集团和万辰集团为首的"两超多强"的局面，万辰集团是量贩零食赛道中唯 一一家上市企业。此前，按照门店规模来看，鸣鸣很忙集团排名第一，万辰集团排名第二。但是两者的 差距已经变得不太明显了。截至今年2月，鸣鸣很忙"在营门店"数超过1.5万家，万辰集团"签约门店"数 1.5万家 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 3.233 billion and net profit attributable to shareholders at 290 million, marking a year-on-year growth of 248% and a recovery from losses in 2023, aligning with the upper limit of its earnings forecast [1] Group 1: Financial Performance - In Q4 2024, the company achieved revenue of 1.172 billion and a net profit of 210 million, representing a year-on-year increase of 167% compared to the loss in Q4 2023 [1] - The gross margin for Q4 2024 was 11.3%, up by 1.0 percentage points quarter-on-quarter, while the sales expense ratio was 4.6%, an increase of 0.4 percentage points year-on-year due to significant business expansion costs [2] - The net profit margin for the snack retail business for the entire year was 2.7%, falling within the upper limit of the earnings forecast, with quarterly net profit margins showing a consistent upward trend [2] Group 2: Business Expansion and Strategy - The company expanded its store count to 14,196 by the end of 2024, with a net addition of 9,470 stores throughout the year, indicating aggressive market penetration in the snack retail sector [2] - The average revenue per store was 3.36 million, with a decline in apparent revenue per store attributed to increased store density, which is not expected to hinder the long-term growth trend of the snack retail format [2] - The company is exploring new store models that combine snacks with other categories, positioning itself to capitalize on the ongoing retail transformation [2] Group 3: Future Outlook - In the short term, Q1 2025 is expected to see a slight decrease in revenue compared to Q4 2024 due to seasonal factors and pre-holiday inventory buildup [2] - Long-term prospects remain positive, with expectations for revenue and net profit growth in 2025 and 2026, driven by the competitive advantages established in the snack category and potential improvements in profitability [2]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company achieved a revenue of 32.33 billion RMB in 2024, representing a year-over-year increase of 247.86%, and a net profit of 294 million RMB, marking a turnaround from losses [1] - The rapid expansion of the company's snack business and improved operational efficiency are expected to drive future growth [2] - The company is focusing on new business formats and has established 50 warehousing centers nationwide to support its expansion [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 11.72 billion RMB, a year-over-year increase of 166.68% and a quarter-over-quarter increase of 20.81%, with a net profit of 209 million RMB [1] - The gross profit margin for 2024 reached 10.8%, an increase of 1.46 percentage points year-over-year [3] - The company’s net profit margin in Q4 2024 was 1.8%, reflecting a quarter-over-quarter increase of 0.9 percentage points [3] Business Expansion - The snack business generated a revenue of 31.8 billion RMB in 2024, up 263% year-over-year, with the number of stores increasing to 14,196, a net addition of 9,470 stores [2] - The estimated annual revenue per store is 3.36 million RMB, slightly down year-over-year due to accelerated store openings [2] Profitability and Valuation - The company’s net profit for 2025 is projected to be 660 million RMB, with an upward revision of 22% from previous estimates [5] - The target price for the company is set at 128.33 RMB, based on a price-to-earnings ratio of 35 times for 2025 [5] - The expected net profits for 2025-2027 are 660 million RMB, 820 million RMB, and 920 million RMB respectively [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][3] Core Insights - The company achieved revenue in line with expectations for 2024, with net profit exceeding forecasts. The growth in bulk snacks continues, with market share accelerating towards the top [1] - The company is expected to continue gaining market share due to its leading capabilities across multiple dimensions, with significant elasticity in net profit margins [1] - Future potential for market capitalization growth is supported by the recovery of minority equity and the expansion of discount supermarket opportunities [1] Financial Performance Summary - **Revenue Forecasts**: - 2023: 9,294 million - 2024: 32,329 million (+248% YoY) - 2025E: 55,387 million (+71% YoY) - 2026E: 61,785 million (+12% YoY) - 2027E: 66,003 million (+7% YoY) [2][9] - **Net Profit Forecasts**: - 2023: -83 million - 2024: 294 million (+454% YoY) - 2025E: 749 million (+155% YoY) - 2026E: 910 million (+22% YoY) - 2027E: 1,171 million (+29% YoY) [2][9] - **Earnings Per Share (EPS)**: - 2023: -0.46 - 2024: 1.63 - 2025E: 4.16 - 2026E: 5.06 - 2027E: 6.51 [2][9] - **Profitability Ratios**: - Gross Margin: 9.3% (2023) to 11.0% (2027E) - Net Margin: -0.9% (2023) to 1.8% (2027E) [9] Operational Highlights - The company opened over 9,652 new stores in 2024, with a closure rate of only 2.2%, resulting in a total of 14,196 stores by the end of Q4 2024 [7] - The bulk snack segment saw a revenue increase of 262.9% in 2024, while the edible fungus segment reported a slight revenue increase of 0.7% [7] - The company’s Q4 gross margin improved to 11.4%, with a net margin of 2.2%, reflecting enhanced supply chain efficiency and scale effects [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 32.33 billion yuan in 2024, representing a year-on-year increase of 247.86% [7] - The net profit attributable to shareholders reached 2.94 billion yuan, a significant recovery from a loss of 0.8 billion yuan in the previous year [7] - The rapid growth in store numbers, reaching 14,196 in 2024 from 4,726 in 2023, indicates strong expansion [7] - The company is exploring new business models, including a "discount supermarket" format, which may broaden its product offerings [7] Financial Performance Summary - Total revenue projections for 2025-2027 are 50.81 billion yuan, 56.43 billion yuan, and 59.84 billion yuan, respectively, with growth rates of 57.15%, 11.06%, and 6.04% [1][8] - The net profit attributable to shareholders is forecasted to be 7.0 billion yuan in 2025, 9.7 billion yuan in 2026, and 12.3 billion yuan in 2027, with year-on-year growth rates of 139%, 39%, and 27% [7][8] - The company's earnings per share (EPS) are expected to rise to 3.90 yuan in 2025, 5.41 yuan in 2026, and 6.85 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 28.92 in 2025 to 16.48 in 2027, indicating improving valuation [1][8] Operational Insights - The gross margin for 2024 was 10.8%, an increase of 1.5 percentage points year-on-year, driven by scale effects in the snack retail business [7] - The company reported a net profit margin of 1.9% for 2024, with expectations for continued improvement [7] - The company’s operating cash flow is projected to reach 2.89 billion yuan in 2025, reflecting strong operational efficiency [8]

Investment Rating - The report maintains a "Buy" rating for Wancheng Group [1] Core Views - In 2024, the company achieved a revenue of 32.33 billion yuan, a year-on-year increase of 247.9%, and a net profit of 6.0 billion yuan, recovering from a loss of 1.5 billion yuan in the previous year [7] - The rapid growth in store numbers and stable single-store revenue despite increased store density are highlighted, with 14,196 stores in 2024 compared to 4,726 in 2023 [7] - The company is expected to continue improving its profitability, with a projected net profit of 7.0 billion yuan in 2025, reflecting a year-on-year growth of 139% [7] Financial Performance Summary - Total revenue for 2023 was 9.29 billion yuan, with a forecast of 32.33 billion yuan for 2024, and expected to reach 50.81 billion yuan by 2025 [1][8] - The net profit for 2023 was a loss of 82.93 million yuan, turning into a profit of 293.52 million yuan in 2024, and projected to grow to 702.75 million yuan in 2025 [1][8] - The earnings per share (EPS) is expected to rise from -0.46 yuan in 2023 to 1.63 yuan in 2024, and further to 3.90 yuan in 2025 [1][8] Operational Highlights - The gross margin for 2024 is reported at 10.8%, an increase of 1.5 percentage points year-on-year, driven by the scale effect of the snack retail business [7] - The company is exploring new business models, including a "discount supermarket" format, which may broaden its product offerings [7] - The net profit margin is expected to continue rising, with a net profit margin of 1.9% in Q4 2024, up by 3.4 percentage points year-on-year [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has demonstrated strong revenue growth, with total revenue for 2024 reaching 32.33 billion yuan, a year-on-year increase of 248%. The net profit attributable to shareholders was 294 million yuan, recovering from a loss of 83 million yuan in 2023 [4][6] - The company is expanding its store network significantly, with a total of 14,196 stores by the end of 2024, an increase of 9,470 stores from the beginning of the year. This expansion is expected to enhance operational efficiency and profitability [6][7] - The company is focusing on developing a discount supermarket model, leveraging its strengths in supply chain management and product offerings to increase customer retention and average transaction value [6][7] Summary by Sections Financial Performance - In Q4 2024, total revenue was 11.72 billion yuan, up 167% year-on-year, with a net profit of 209 million yuan compared to a loss of 26 million yuan in Q4 2023. The gross margin improved by 1 percentage point to 11.35% due to enhanced supply chain efficiency [4][5] Store Expansion and Business Strategy - The company is actively expanding its store count and has launched a new discount supermarket format centered around snacks. The snack retail business generated 31.79 billion yuan in revenue in 2024, a 263% increase year-on-year [6][7] Profitability Forecast - The company is expected to maintain strong profitability, with projected EPS of 3.44 yuan, 4.74 yuan, and 5.98 yuan for 2025, 2026, and 2027 respectively. The current stock price corresponds to a PE ratio of 33, 24, and 19 for the respective years [7][10]

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 | 2025-04-18 | | --- | --- | | 当前股价（元） | 112.9 | | 总市值（亿元） | 203 | | 总股本（百万股） | 180 | | 流通股本（百万股） | 156 | | 52 周价格范围（元） | 18.02-114.36 | | 日均成交额（百万元） | 158.45 | 市场表现 2025 年 04 月 20 日 拓店势能延续，规模效应释放 -100 0 100 200 300 400 (%) 万辰集团 沪深300 2025 年 4 月 18 日，万辰集团发布 2024 年年报。2024 年总营 收 323.29 亿元（同增 248%），归母净利润 2.94 亿元（2023 年为亏损 0.83 亿元），扣非净利润 2.58 亿元（2023 年为亏 损 0.84 亿元）。2024Q4 总 ...

公募基金方面，本期较上一期持股增加的公募基金共计1个，即东财食品饮料指数增强A，持股增加占 比小幅上涨。本期较上一季度持股减少的公募基金共计8个，主要包括东方红启航三年持有混合A、东 方红恒阳五年定开混合、东方红内需增长混合A、东方红ESG可持续投资混合A、山证资管品质生活混 合A等，持股减少占比达0.45%。本期较上一季度新披露的公募基金共计218个，主要包括财通价值动量 混合A、财通成长优选混合A、东方红睿和三年持有混合A、易方达信息产业混合A、财通匠心优选一年 持有期混合A等。本期较上一季未再披露的公募基金共计3个，包括东方红睿和三年定开混合A、财通资 管消费升级一年持有期混合A、财通资管品质消费混合发起式A。 2025年4月19日，万辰集团(300972.SZ)发布2024年年度报告。截至2025年4月19日，共有231个机构投资 者披露持有万辰集团A股股份，合计持股量达9911.12万股，占万辰集团总股本的55.06%。其中，前十 大机构投资者包括福建含羞草农业开发有限公司、漳州金万辰投资有限公司、深圳市鼎信企业咨询管理 有限责任公司、深圳市为顺正新投资有限责任公司、中国工商银行股份有限公司-财通价 ...

证券代码：300972 证券简称：万辰集团 公告编号：2025-014 本公司及除董事长王健坤外的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。 一、日常关联交易的基本情况 （一） 日常关联交易概述 福建万辰生物科技集团股份有限公司（以下简称"公司"）及合并报表内子 公司因日常经营、业务发展及生产经营需要，2025年度预计与关联方福建含羞 草农业开发有限公司（以下简称"福建农开发"）、江苏含羞草农业有限公司（以 下简称"含羞草农业"）、含羞草（江苏）食品有限公司（以下简称"含羞草（江 苏）") 发生采购商品、承租办公房、仓储管理、物流配送服务等日常关联交易， 总额不超过80,850.62万元，2024年同类交易预计不超过45,272.80 万元，实际发 生日常关联交易44,216.55万元，交易价格依据市场价格确定。 公司于2025年4月18日召开第四届董事会第二十五次会议，审议通过了《关 于公司2025年度日常关联交易预计的议案》，公司董事林该春、王泽宁、王丽 卿、陈文柱为关联董事对此项议案回避表决。对于公司2025年度日常经营关联 交易预计事项，独立董事召开了独立 ...