零食调研反馈：春节备货积极筹备，“送礼物”创新礼赠场景

Industry Investment Rating - Overweight (Maintained) [5] Core Viewpoints - The snack industry is expected to benefit from the combined effects of the Spring Festival and the new "Gift Sending" feature on WeChat, which creates a new gifting consumption scenario [1] - Companies are actively preparing for the Spring Festival, with increased focus on gift boxes and low-price segment products [1] - The early Spring Festival in 2025 (12 days earlier than 2024) is expected to create a small peak season, with some preparations concentrated in Q4 2024 [1] Company Analysis Gan Yuan Food - Core products (green peas, melon seeds, broad beans) are traditional Chinese New Year goods, with expanded capacity supporting increased preparation for the festival [2] - The company is focusing on flavored nuts for gift boxes, with a price range below 60 RMB, and has diversified its product matrix [2] - Overseas expansion in Southeast Asia and growth in online and bulk snack stores are expected to drive revenue growth [2] - The company is also expanding into chocolate and baked goods, creating new growth opportunities [2] Jinzai Food - Benefiting from the early Spring Festival in Q4 2024, the company is a leader in the leisure fish product market [2] - Product upgrades include new marinated quail eggs, deep-sea anchovies, and innovative dried tofu products [2] - The company is expanding its channels from traditional to modern and online, and from small packages to bulk and loose sales [2] Haoxiangni - Focused on high-end gifting with red dates as the core product, the company is expanding into sub-100 RMB gift boxes to cover more consumer scenarios [7] - The company is also developing a second product line of red date snacks and expanding into various retail channels [7] - A significant drop in red date prices (Q4 2024 average price down 32.4% YoY to 9746.2 RMB/ton) is expected to release cost benefits in 2025 [7] Yanjin Shop - The company has a strong foundation in multi-category operations, particularly in spicy flavors, and has shifted to a high-cost-performance model [18] - During the Spring Festival peak season, the company is focusing on spicy gift boxes in the 30-70 RMB price range, with online revenue exceeding 100 million RMB in Q1 2024 [18] - The company is expected to further benefit from channel growth and multi-category operations in 2025 [18]