零食行业更新：休闲食品：成长延续，抗周期能力凸显

Investment Rating - The report maintains an "Overweight" rating for the snack industry, consistent with the previous rating [2][15]. Core Insights - The snack sector demonstrates strong anti-cyclical capabilities, with continuous growth driven by product innovation, channel expansion, and cost advantages [3][4]. - The report highlights three core logic points for the snack industry: product benefits, channel advantages, and scale effects, which are expected to continue driving performance [4][7]. Summary by Sections Industry Overview - The snack industry is positioned to benefit from a downtrend in consumer spending, showcasing robust anti-cyclical characteristics [4][8]. - The upcoming peak season is anticipated to enhance demand, particularly for value-oriented snack products during the festive period [8]. Key Companies - Three Squirrels: Expected Q3 2024 net profit growth of 200.45% to 224.81%, driven by supply chain optimization and enhanced product value [4][9]. - Jinzai Foods: Projected Q3 2024 net profit growth of 30% to 60%, with strong performance in egg and fish products [9][10]. - Salted Fish: Anticipated Q3 2024 revenue growth of 20% to 25%, with a focus on discount and e-commerce channels [9][10]. - Qiaqia Foods: Expected to see a slight improvement in profits despite a weaker revenue outlook for Q3 2024 [10]. Investment Recommendations - The report suggests increasing positions in Three Squirrels, Jinzai Foods, Qiaqia Foods, Salted Fish, and Hong Kong-listed Weilong Delicious, with a focus on companies benefiting from the upcoming festive season [4][10].