Investment Rating - The report assigns a "Buy" rating to the company, Wei Long Mei Wei (9985.HK) [2]. Core Insights - The company is positioned in the spicy snack sector, with significant growth potential in its core products, spicy strips and konjac products. The report highlights the company's strong brand recognition and channel advantages, which are expected to drive market share growth [2][8]. - The company is projected to achieve an EPS of 0.49, 0.61, and 0.74 RMB for the years 2024 to 2026, respectively, with a target market value of 18.5 billion RMB by 2025, corresponding to a target price of 8.53 HKD per share [2][3]. Summary by Sections Investment Logic - The company is a leading brand in spicy snacks, with a market share of over 10% in the noodle products segment, indicating substantial room for growth compared to competitors [7]. - The konjac product line is experiencing a market expansion phase, with the company holding a 60-70% market share in this category, positioning it well for future growth [7][8]. Industry Overview - The spicy snack market in China was valued at 172.9 billion RMB in 2021, with a compound annual growth rate (CAGR) of 8.7% from 2016 to 2021, indicating a strong consumer preference for spicy flavors [17]. - The noodle products segment is a significant part of the snack food industry, with a market size of approximately 45.5 billion RMB in 2021, growing at a CAGR of 9.4% [17]. Competitive Advantages - The company has demonstrated strong product innovation capabilities and effective marketing strategies, which have helped it build a robust brand image and consumer loyalty [8][9]. - The management team is experienced, with a focus on industrialization and brand marketing, which has contributed to the company's growth trajectory [13][14]. Future Outlook - The company is expected to accelerate the introduction of new products, enhancing its market presence in both noodle and konjac segments [8]. - The overall supply chain efficiency is anticipated to improve, supporting stable profit growth as the company enters a revenue expansion phase [8].
卫龙美味：辣味长坡厚雪，龙头成长加速