点击注册小程序 从门店结构来看，公司深度覆盖下沉市场，门店网络覆盖全国1224个县，县城覆盖率达66%，2024年县城 及乡镇门店比例约58%。从单店表现来看，2024年单店营收为567万元，门店平均客单价为35元左右，单 店日均单量为452单，低客单价+高订单量的模式支撑公司1.55万元的平均单店日销表现。 重塑零售产业链，提供高效解决方案 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 零食量贩业态的龙头企业 鸣鸣很忙在上游端通过减少供应链中间环节和规模采购等方式提供高质价比产品，在下游端通过加盟模式 实现业务规模的快速扩张。公司旗下共"零食很忙"和"赵一鸣"两个品牌，集团于2017年在长沙开设首家零 食很忙门店，23年实现零食很忙和赵一鸣的合并。22/23年零食很忙和赵一鸣相继突破1 ...

证券研究报告 万辰集团 (300972 CH) 净利率大幅提升，品牌势能延续 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 种植业 | 万辰集团发布一季报，2025 年 Q1 实现营收 108.21 亿元（yoy+124.02%）， 归 母 净 利 2.15 亿 元 （ yoy+3344.13% ）， 扣 非 净 利 2.11 亿 元 （yoy+10562.30%）。2025Q1 公司量贩业务净利率大幅优化，品牌势能延 续，强者恒强的逻辑得到充分验证。考虑到行业景气度高企，同时公司竞争 实力强劲，我们上调对公司的投资评级至"买入"。 量贩零食业务营收同比高增、环比略有下滑，净利率大幅提升 25Q1 量贩零食业务实现营收 107 亿元，同比+128%，其中同比高增主系公 司门店数高增带动，估算单店营收同比略有下滑，或系公司 24H2 开店过快、 及行业整体 24 年门店加密较多影响。Q1 系开店淡季，我们预计截至 Q1 末公司并表门店数或达 1.42 万家附近，环比 24Q4 末或微增。25Q1 公司量 贩零 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company demonstrated strong competitive advantages in its business model, with a significant revenue increase of 124% year-on-year in Q1 2025, reaching 10.82 billion yuan, and a notable rise in net profit to 215 million yuan from 6 million yuan in Q1 2024 [1][2] - The snack retail business achieved revenue of 10.69 billion yuan in Q1 2025, with a net profit margin of 3.85%, reflecting a sequential improvement of 1.11 percentage points from Q4 2024 [2] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, with projected net profits of 978 million yuan and a revenue forecast of 54.77 billion yuan [3] Summary by Sections Revenue and Profitability - The company reported total revenue of 10.82 billion yuan in Q1 2025, a 124% increase year-on-year, and a net profit of 215 million yuan, compared to 6 million yuan in Q1 2024 [1][2] - The gross profit margin for Q1 2025 was 11%, an increase of 1.2 percentage points year-on-year, while the sales expense ratio and management expense ratio decreased by 0.7 and 0.5 percentage points, respectively [2] Business Model and Competitive Advantage - The company’s snack retail business continues to show strong competitive advantages, with a significant number of stores (14,196) contributing to its market position [2] - The business model is characterized by "low margin, high turnover," with inventory turnover days maintained at 15-16 days, indicating efficient inventory management [2] Future Projections - Revenue and net profit forecasts for 2025 and 2026 are 54.77 billion yuan and 19.2 billion yuan, and 67.19 billion yuan and 25.3 billion yuan, respectively, with an upward adjustment in net profit for 2025 to 980 million yuan [2][3] - The company is expected to continue improving its return on equity, with projections of 47.1% in 2025 and 38.7% in 2026 [3]