Core Insights - Wancheng Group (300972.SZ) is a private enterprise established in 2011 in Fujian Province, primarily engaged in the research, factory cultivation, and market sales of edible fungi, with products covering seven major regions in China and exports to Southeast Asia and Europe and the United States [1] - The company's core business has shifted to the snack wholesale sector, with revenue from this segment reaching 98.33% by 2024, while the edible fungi business accounts for only 1.67% [1] Group 1 - In 2022, the company entered the snack wholesale market, achieving significant growth through asset acquisitions, including "Luxiaochan," "Haoxianglai," and "Laopo Daren" in 2022 and 2023, establishing a nationwide presence [2] - By 2024, the company had over 15,000 wholesale stores covering 29 provinces, with wholesale revenue reaching 31.79 billion yuan, representing an average annual growth of 66.6 times from 2023 to 2024 [2] - The snack wholesale model features low gross margins but high return on net assets, with a net asset return rate of 17.44% in Q1 2025, significantly higher than other retail channels [2] Group 2 - The company's net profit margin in Q1 2025 was 3.59%, second only to department stores at 4.5%, and higher than other channels, attributed to lower costs in rent, marketing, and management [2] - The company also exhibits higher inventory turnover, accounts receivable turnover, and total asset turnover compared to other channels, contributing to its financial efficiency [2] - Earnings per share are projected to be 4.46, 6.35, and 7.85 yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 33.76, 23.71, and 19.20 based on the closing price of 150.65 yuan on August 14 [3]
万辰集团(300972)公司深度分析：硬折扣时代的渠道新探索