中泰证券：【中泰研究丨晨会聚焦】食品饮料范劲松：休闲零食行业深度：解码小零食的大单品之路——从奥利奥说起-20240814

Core Insights - The report emphasizes that the snack food industry is a business of culture and flavor, with Chinese snacks possessing "resource endowments" that can be leveraged for new product development [3] - The current state of the Chinese snack food industry is characterized by a "large industry, small companies" dynamic, with a market size of over 1 trillion yuan and a high growth rate in flavored snacks [3] - The report discusses the necessity and potential for "big single products" in the snack food sector, highlighting the challenges of channel management and brand establishment for smaller categories [3] Industry Overview - The Chinese snack food industry is highly fragmented, with low concentration in the flavored snack segment and a scarcity of major brands, particularly in Chinese snack single products [3] - The report identifies the necessity for big single products due to challenges in channel management, cost-effectiveness, and brand recognition [3] - The potential for big single products is supported by consumer willingness to pay a premium for emotional value, lower price points, and diverse distribution channels [3] Case Study: Oreo - The report analyzes how Oreo successfully established itself as a leading product through effective product design, early channel development, and clear brand positioning [3] - Historical context is provided, noting that economic conditions and societal changes in the U.S. post-World War II created opportunities for emotional consumption [3] Future Outlook - The report outlines characteristics of snack categories likely to produce big single products, focusing on consumer satisfaction and emotional engagement [3] - It suggests that the availability of raw materials and the development of new agricultural technologies can enhance the growth of related snack categories [3] Investment Recommendations - The report expresses optimism about the investment value in the snack food industry, particularly in two areas: the rapid development of Chinese spicy snacks, recommending companies like Yanjinpuzi and Jinzhai Foods, and established nut snack leaders like Qiaqia Foods, while also monitoring companies like Three Squirrels and Ganyuan Foods [3]