中信证券：量贩零食成长趋势向好 穿越经济周期

Core Insights - The rapid development of China's snack retail industry is highlighted, with projections indicating that the number of stores will double year-on-year in 2024 and grow over 30% to 42,000 and 56,000 stores by 2025, respectively [1] - The industry sales scale is expected to exceed 220 billion yuan by 2025 [1] - Increased competition is anticipated in 2024, with leading snack retail companies accelerating store expansion through store openings and price wars [1] - Competition is expected to ease in 2025, although same-store sales for leading companies are projected to decline in the first half of 2025, with improvements in the second half [1] - The resilience of hard discount retail formats in China is supported by a review of Turkey's leading hard discount retailer BIM, suggesting that these formats can withstand economic cycles [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]