中信证券：头部量贩零食企业未来还有超50%的开店空间

Core Viewpoint - The rapid development of China's snack retail industry is highlighted, with projections indicating significant growth in store numbers and sales revenue in the coming years [1] Group 1: Industry Growth Projections - It is estimated that the number of snack retail stores will double year-on-year by 2024 and grow over 30% to 42,000 and 56,000 stores by 2024 and 2025, respectively [1] - The industry sales scale is expected to exceed 220 billion yuan by 2025 [1] Group 2: Competitive Landscape - Increased competition is anticipated in 2024, with leading snack retail companies accelerating store expansion through store openings and price wars [1] - By 2025, competition is expected to ease, although leading companies may experience a decline in same-store sales in the first half of the year, with improvements noted in the second half [1] Group 3: Strategic Insights - The analysis of Turkey's leading hard discount retailer BIM suggests that domestic hard discount retail formats can withstand economic cycles and maintain resilient growth [1] - There remains over 50% potential for store openings among leading snack retail companies, with key future development tasks including category expansion, private label product management, store format optimization, and refined operations [1]