山西证券给予万辰集团增持评级，万店筑起量贩业态，供应制胜千亿蓝海

Group 1 - The core viewpoint of the report is that Wancheng Group (300972.SZ) is rated as a buy due to its strong performance in the snack market and the rapid growth of the Chinese snack industry [2] - The Chinese leisure snack industry has a CAGR of 2.54% from 2019 to 2023, indicating significant growth potential [2] - The market for leisure snacks is highly concentrated, with Wancheng and Henbang actively capturing market share, resulting in a CR2 market share of 80% [2] - Wancheng Group has a mature supply chain system and operational capabilities that reinforce its leading position in the snack market [2]