辣味零食行业

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华鑫证券:维持卫龙美味(09985)“买入”评级 未来业绩有望快速增长
智通财经网· 2025-09-24 02:40
Group 1 - Company is a leading player in the spicy snack industry, with two core products each generating over 2.5 billion in revenue, and holds the top market share [1][2] - The company was established in 2001 and has seen significant growth, with projected revenue of 6.266 billion in 2024, where vegetable products are expected to surpass spicy strips as the primary growth driver [2] - The spicy snack industry in China is projected to reach 228.4 billion in 2024, with a 7-year CAGR of 9%, indicating strong demand and high repurchase rates due to the addictive nature of spicy flavors [3] Group 2 - The company has a strong brand effect that creates a solid competitive moat, with product price increases helping to maintain gross margins while expanding product categories [4] - The company is expanding into new channels, including traditional and emerging ones, which is expected to enhance growth and efficiency, benefiting from the industry's channel evolution [4] - The company is well-positioned to capitalize on the growth of the konjac product segment, with a projected market size of approximately 34.2 billion, indicating significant growth potential [3][4]