Core Viewpoint - The company, Wei Long, is a leading player in the spicy snack industry, focusing on flavored noodle and vegetable products, and has shown impressive growth through strategic product development and channel expansion [1][2]. Group 1: Financial Performance - The company is expected to achieve revenues of 77.2 billion, 93.3 billion, and 110.6 billion yuan from 2025 to 2027, with year-on-year growth rates of 23.2%, 20.8%, and 18.6% respectively [1]. - The net profit attributable to the parent company is projected to be 13.8 billion, 17.0 billion, and 20.6 billion yuan for the same period, with growth rates of 29.2%, 23.1%, and 21.1% respectively [1]. - The earnings per share (EPS) are expected to be 0.57, 0.70, and 0.85 yuan, with corresponding price-to-earnings (PE) ratios of 20.9, 17.0, and 14.0 times [1]. Group 2: Product Development - Wei Long has solidified its position as a leader in the classic spicy strip category while developing the konjac product line as a second growth engine [2]. - The company has upgraded its classic noodle products and expanded its flavor offerings, including new tastes like crayfish and barbecue [2]. - The revenue from vegetable products has surged from 660 million yuan in 2019 to an expected 3.37 billion yuan in 2024, accounting for over half of the company's revenue [2]. Group 3: Channel Strategy - The company is enhancing its channel coverage by adopting a dual strategy of traditional offline and emerging channels, focusing on precise management of sales terminals [3]. - Wei Long is collaborating deeply with new offline channels such as bulk snacks and Sam's Club, launching customized products [3]. - Online revenue is projected to reach 700 million yuan in 2024, reflecting a 38.0% year-on-year increase, with a focus on both traditional e-commerce and emerging platforms like Douyin [3].
卫龙美味(09985.HK)：辣味零食龙头品牌 品类扩张高速成长