预制菜行业深度报告：新规重构行业标准，再看市场格局演化

Investment Rating - The report maintains a "Buy" rating for the prepared food industry, highlighting the growth potential and favorable market conditions [3][4]. Core Insights - The new regulations are reshaping industry standards and promoting supply chain upgrades, which will enhance the overall market environment for prepared foods [10][12]. - The prepared food industry in China is experiencing rapid growth, with a projected CAGR of 19% from 2019 to 2022, and expected revenue to reach 475.7 billion yuan by 2025 [3][27]. - The market is still in its early stages compared to mature markets like the US and Japan, indicating significant room for growth [29][30]. Summary by Sections 1. Supply Chain Upgrades - New regulations have narrowed the definition of prepared foods, emphasizing the absence of preservatives and raising production standards [10][11]. - The supply chain for prepared foods includes procurement, processing, transportation, and sales, with cold chain logistics becoming a critical factor for industry expansion [12][13]. 2. Market Growth Potential - The prepared food market in China was valued at 227.1 billion yuan in 2022, with a growth rate of 24% year-on-year [27][29]. - The penetration rate of prepared foods in China is currently between 10% and 15%, significantly lower than over 60% in developed countries, indicating a long growth trajectory ahead [29][30]. 3. Key Company Analysis - Major companies such as Anjixin Foods, Qianwei Central Kitchen, and Longda Foods are highlighted for their strong market positions and growth strategies [3][4]. - Anjixin Foods has achieved a CAGR of 58% in its prepared food segment from 2018 to 2023, driven by a multi-faceted strategy including self-production and acquisitions [2][3]. - Qianwei Central Kitchen has seen a remarkable CAGR of 97% in its revenue from prepared foods, benefiting from strong client relationships and product innovation [2][3]. 4. Consumer Demand Trends - The demand for prepared foods is driven by changing consumer lifestyles, including smaller household sizes and a growing preference for convenience [24][27]. - The report notes that over 70% of takeaway businesses are utilizing prepared foods to enhance efficiency and profitability [22][24].