行业点评报告：春节错期旺季备货开启，重视鸣鸣很忙上市催化
KAIYUAN SECURITIES·2026-01-27 13:12

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The upcoming Spring Festival in mid-February 2026 is expected to boost demand for leisure food products, as the low performance base in Q1 2026 will catalyze strong performance in the sector. The emphasis on expanding domestic demand and promoting consumption by policies will further support this trend. Leading snack companies are expected to benefit from category and channel changes, with net profit margins likely to improve due to their large product strategies and cost advantages [3][4] Summary by Sections Industry Performance - The leisure food sector is projected to experience a strong performance in Q1 2026 due to the Spring Festival, which is a peak consumption period for food and beverages. The demand for stocking up on products is expected to be released, leading to significant sales growth for snack companies [3] Company Focus - The upcoming IPO of Mingming Hen Mang Group is anticipated to reshape traditional retail with its bulk purchasing model, enhancing operational efficiency and rapid store expansion through a modern franchise system. This positive cycle in its business model is expected to create a strong competitive advantage [4] Recommended Stocks - Weilong Delicious: Expected to maintain rapid growth with new flavors in konjac products, and the potential for recovery in noodle products. The overseas market also presents significant opportunities [5] - Ganyuan Food: Anticipated recovery from operational difficulties, with positive trends across channels and significant elasticity in Q1 2026 due to the low base from H1 2025 [5] - Yanjinpuzi: Strong potential in sesame konjac products, with steady brand enhancement and ongoing expansion of distribution networks, leading to expected stable performance [5] - Wancheng Group: The IPO of Mingming Hen Mang is expected to increase market attention, with stable store expansion and potential for profit improvement due to scale effects [5]