休闲零食行业深度报告：品类视角理解中式零食发展：为什么是魔芋和鹌鹑蛋？

Industry Overview - The snack industry in China has shown stable growth, with the market size reaching approximately 4718 billion yuan in 2024, with a 5-year CAGR of 1.2% and a 10-year CAGR of 2.9% [6] - Salty snacks are preferred by 41% of consumers, while sweet snacks are preferred by 38%, with China leading in salty snack innovation [6] - The competitive advantage in the snack industry is accumulated through product categories, with category innovation driven by agricultural and food technology advancements [6][10] Key Companies - Saltalk (盐津铺子): Current stock price is 55.80 yuan, with EPS expected to grow from 2.58 in 2022 to 5.46 in 2026, and a "Buy" rating [1] - Qiaqia Food (洽洽食品): Current stock price is 31.06 yuan, with EPS expected to grow from 1.58 in 2022 to 2.77 in 2026, and a "Buy" rating [1] - Jinzai Food (劲仔食品): Current stock price is 13.81 yuan, with EPS expected to grow from 0.46 in 2022 to 1.11 in 2026, and a "Buy" rating [1] Category Innovation - Konjac (魔芋): China leads in konjac production, accounting for 63% of global output, with konjac snacks rapidly growing, led by Weilong [21] - Quail Eggs (鹌鹑蛋): Quail egg snacks have emerged as a star category in 2023, with low market concentration and significant growth potential [25] - Both konjac and quail egg snacks have transitioned from traditional ingredients to packaged snacks, driven by technological advancements in processing and packaging [27][29] Market Potential - Konjac Snacks: The konjac snack market is expected to grow significantly, with Weilong and Saltalk leading the market, but there is still room for national expansion [32] - Quail Egg Snacks: The quail egg snack market is still in its early stages, with Saltalk and Jinzai Food showing strong growth potential, particularly in regional markets [32] - Both konjac and quail egg snacks are expected to become billion-yuan categories, with the potential to produce billion-yuan single products [51] Investment Recommendations - Weilong (卫龙): As a national leader in spicy snack categories, Weilong is well-positioned to benefit from the growth of konjac and quail egg snacks [54] - Saltalk (盐津铺子): With strong product capabilities, Saltalk is recommended for its potential to expand nationally in the konjac and quail egg snack markets [54] - Jinzai Food (劲仔食品): Jinzai Food is also recommended for its regional strength and potential to expand in the quail egg snack market [54]