随着生活节奏的加快，为了快速补充能量，许多人会在工作间隙或外出时带一些零食，例如饼干、坚果及炒货、糖果、巧克力、果类零食、面包蛋糕、肉制 品、豆干制品等。 2024年，我国休闲食品的市场规模已达9330亿元，人均年消费额为662.5元，远低于美国（7578.7元）、英国（6543.9元）、日本（3524.6元）等发达国家， 市场仍有巨大增长空间。预计到2029年，市场规模将达1.14万亿元，复合年增长率4.1%。 目前，零食领域已经跑出不少上市公司，过去一年的表现可谓有人欢喜有人愁，下面就结合2024年财报简单介绍一下。良品铺子、绝味食品、来伊份、周黑 鸭、煌上煌、好想你等均出现营收、净利润双降。 "卤味三巨头"赫然在列。有业内人士分析认为，卤味产品长期以鸭脖、鸭翅为代表，缺乏创新，口味、品类也趋同，难以满足年轻消费者对多样化、健康化 的需求。盛香亭、王小卤、热卤食光等新兴品牌抢了不少风头，更重要的是价格上涨，被网友调侃为"月薪过万，啃不起鸭脖"。 由于业绩下滑，年来卤味三巨头的门店缩水超过5000家。截至2024年底，周黑鸭3031家，煌上煌3660家，分别同比净减少785家、837家；绝味食品没有在财 报 ...

零食，功能上是一种膳食的补充，如今也是一种生活方式。 十分亮堂的零食店一到晚上就聚集了许多年轻人，王佳乐下了班没事也会去逛逛。他爱去买泡面，一些爱吃的老品牌方便面，价格比外面的普遍便宜一 些，遇到促销，还能更划算。 小小一袋零食，过去大家会认为贵的就是好的，但如今人们在鸣鸣很忙这样的零食量贩店，吃出了消费的最新理念——质价比才是最好；也吃出了孤独时 代的情绪价值，一袋美味的零食是人们陪伴和褒奖自己的情绪能量棒。 事实上，质价比并非零食行业独一家的趋势，而几乎是这几年中国消费行业普遍存在的一股潮流。各行各业的"鸣鸣很忙们"涌现，例如蜜雪冰城、瑞幸 等，它们都通过质价比的产品、万店连锁业态让一二线城市与县城的人们享受同样的消费品质。 质价比本身也是一种社会学意义上的价值观——安全、理性、合适。人们选择基于这种价值观打造的商品和品牌，本质也映射着自己的内心：在不确定时 代，通过打捞确定锚点，来获得一种秩序和安全感。 01 为何大家会去鸣鸣很忙 "我不爱吃零食，但现在村里开了三家以上零食店，种类特别眼花缭乱，每天下了班就爱顺便去逛逛。" 王佳乐是一名25岁的打工人，从小出生在农村的他，大学毕业后留在西安，但还是选择了 ...

公司发布激励草案，授予股本当前占比约1.2%，价格为69.6 元/股。分四年归属，每年归属比例25%， 激励目标为25/26/27/28 年净利润较24 年分别增长40%/45%/50%/55%，即8.4/8.7/9.0/9.4 亿元；参考过 往，公司激励目标完成度较高，发布股权激励或表明公司深耕量贩零食业态决心。此外，公司作为量贩 零食龙头，在供应链效率、货盘迭代等方面具备领先优势，看好龙头强者更强。 盈利预测及估值 考虑到公司量贩业态盈利能力超预期，我们上调公司25-27 年量贩零食毛利率预期进而上调盈利预期， 预计公司2025-2027 年归母净利润分别为8.2、11.4、14.1 亿元（上调幅度为23%、38%、54%）。可比 公司25 年Wind一致预期PE 均值为32 倍，考虑公司所处的量贩零食业态景气度高企，且公司通过加强 供应链效率管理、货盘迭代升级、以及新店型开拓等实现了净利率的大幅提升，不仅充分验证了业态的 强壁垒，而且充分说明了公司的强竞争力，我们给予公司25 年40 倍PE，目标价182.22 元（前值128.33 元，对应25 年35XPE），上调投资评级至"买入"。 万辰集团发布一 ...

Core Insights - The snack industry has seen significant revenue growth, driven by new product launches and channel restructuring, including social e-commerce and discount stores [1][2] - Despite revenue growth, snack companies are facing challenges in maintaining profitability, with fluctuating sales expenses and gross margins [1][8] Revenue Growth Drivers - Major snack companies reported substantial revenue figures for 2024, with Three Squirrels leading at 10.622 billion, followed by other companies like Liangpinpuzi and Qiaqia Foods [2] - New product development has been highlighted as a key contributor to revenue, with Three Squirrels launching over 20 new products that achieved significant sales [3][4] Channel Expansion - The restructuring of sales channels has provided new opportunities for snack companies, with a focus on e-commerce and discount stores [5][6] - Three Squirrels reported an 81.73% increase in revenue from Douyin, indicating the effectiveness of digital marketing strategies [4] International Market Growth - Companies are increasingly targeting international markets, particularly Southeast Asia, to expand their growth potential [6][7] - Qiaqia Foods and other companies have reported significant growth in overseas sales, with Qiaqia's overseas revenue increasing by approximately 90% [6] Profitability Challenges - Many snack companies have experienced rising sales expenses, with increases ranging from 15.55% to 50.92%, primarily due to higher advertising costs [8][9] - Gross margins have shown volatility, with some companies reporting declines due to rising raw material costs and competitive pricing strategies [10] Dividend Distribution - Several companies have announced substantial cash dividends, reflecting confidence in their operational performance and future growth [11][12] - The total cash dividends and share buybacks for some companies represent a significant portion of their net profits, indicating a strong commitment to returning value to shareholders [11]

Core Viewpoint - The financial report of Wanchen Group, the parent company of the snack brand "Haoxianglai," shows significant growth in revenue and a successful turnaround in profit for 2024, indicating a strong market position in the bulk snack industry [1][2]. Financial Performance - In 2024, the company's revenue reached 32.33 billion yuan, a year-on-year increase of 247.9% [1]. - The net profit attributable to the parent company turned from a loss of 82.93 million yuan in the previous year to a profit of 294 million yuan [1]. - The bulk snack business generated revenue of 31.79 billion yuan, a year-on-year growth of 262.94%, accounting for 98.33% of total revenue [2]. Business Strategy - Wanchen Group has focused on penetrating lower-tier markets and integrating its supply chain to reduce costs, achieving economies of scale [2]. - The company opened 9,776 new stores in 2024, averaging 26 new stores per day, facilitated by a low-cost franchise model [4][6]. - The franchise model includes zero franchise fees, management fees, site selection fees, training fees, service fees, and delivery fees, requiring only a 20,000 yuan deposit and a one-time system usage fee of 13,000 yuan [4]. Market Position and Competition - As of March 11, 2024, "Haoxianglai" has over 10,000 operating stores, while Wanchen Group has signed contracts for over 15,000 stores in total [5]. - The competitive landscape includes "Mingming Hen Mang," which has also expanded rapidly, indicating a fierce rivalry in the bulk snack market [5]. Challenges and Risks - Despite rapid expansion, the company faced challenges such as a decline in single-store profitability and low gross margins [2][6]. - The net profit margins for the bulk snack business were low, with net profit rates of 2.63% and 2.74% for the first and second halves of 2024, respectively [8]. - Increased operational costs, including sales and management expenses, have risen significantly, with sales expenses reaching 1.431 billion yuan in 2024, up 229.8% from 2023 [8]. Future Outlook - The bulk snack market is projected to grow significantly, with an expected market size of 217.29 billion yuan by 2027, representing 18% of the snack food industry [9]. - Both "Haoxianglai" and "Mingming Hen Mang" are transitioning towards full-category supermarkets to enhance profitability and meet the demands of franchisees [9].

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 ...

Core Viewpoint - The event "Seeking China's Good Ingredients" initiated by the Central Radio and Television Station and local governments aims to promote rural revitalization and brand integration through innovative models combining media credibility, local resources, digital platforms, and brand industrialization [1][3]. Group 1: Event Launch and Collaboration - The event was launched at Qu Yuan Temple Square, featuring a performance that highlighted the cultural significance of the region [3]. - Good Products has been designated as a strategic partner for regional public brand ecological cooperation, collaborating with seven county governments to promote ingredient traceability and rural revitalization [3][5]. Group 2: Product Offerings and Cultural Significance - Good Products focuses on geographical indication raw materials from Hubei, introducing a series of culturally rich Dragon Boat Festival gift boxes featuring local specialties [5]. - The company has developed high-value products such as orange peel toast and lotus root snacks, enhancing the economic value of local agricultural products [5][8]. Group 3: Strategic Goals and Future Plans - Good Products emphasizes the importance of high-quality raw materials, committing to long-term direct sourcing and quality standard development in collaboration with local governments [8]. - The company plans to establish 10 core raw material bases across 50 production areas nationwide, aiming to create a complete value chain from soil to food [8].

近日，亿滋国际发布2024年度《享受好零食报告》（Snacking Made Right Report），披露公司在各个可 持续发展目标下取得的进展。此次发布的报告凸显了亿滋国际在推动零食行业更加可持续发展方面的长 期努力，并重申公司将"可持续发展"列为与增长、执行、文化并列的第四大战略支柱的承诺。在亿滋中 国，我们积极探索全价值链的减排，除了关注自身直接排放和外购能源产生的温室气体排放外，还关注 第三方物流等间接排放。 该报告还彰显了亿滋国际对透明度的持续承诺，展示了其在推动更可持续的发展和更用心的零食方面取 得的实质性进展。2024年亿滋国际取得的进展包含： ● 通过"可可之生"（Cocoa Life）这一公司标志性的可可可持续发展项目，赋能农业社区并修复耕 作生态，目前公司近91%的可可原料采购已被纳入该项目； ● 加速气候行动，较2018基准年，端到端温室气体排放降低约12%； ● 节能减排：依据内部数据统计，较2018基准年，2024年产量增长约29%，二氧化碳当量排放降低 48.8%； ● 在包装循环经济方面取得进展，约96%的产品包装实现了设计可回收； ● 提升用心设计分量产品的占比，超过84% ...

一季报持续高增，维持"增持"评级 公司发布2025Q1 季报，实现营收108.2 亿元，同比增长124.0%；实现归母净利润2.1 亿元，同比增长 3344.1%。公司快速拓店，规模效应提升，我们上调盈利预测，预计公司2025-2027 年归母净利润分别 为8.9（+2.3）、11.5（+0.8）、16.6（+1.2）亿元，同比分别增长201.9%、29.5%、44.3%，当期股价对 应PE 分别为29.9、23.1、16.0 倍，维持"增持"评级。 零食量贩增长亮眼，品类拓宽打开空间 公司2024Q1 营收增速为124.0%，其中零食量贩业务持续高增，2025 年初门店数达14196 家，预计 2025Q1 约新开近1000 家门店，公司门店数量持续爬坡，2025 年预计随着华北、南方等区域继续拓店， 门店数量规模有望进一步提升。 公司调整门店店型向省钱超市模式进化，品类从零食水饮向熟食、日化、冻品等方向拓展，提升消费者 粘性，打开拓店空间。另外选品方面公司增加自有品牌，有望进一步提升毛利率，同时夯实公司品牌力 与护城河。 规模效应持续释放，量贩业务利润率有所提升2025Q1 公司毛利率11.0%，同比提升 ...

2025年4月30日星期三 ➢ 特朗普减负车企；中国研究替代美 国药。A股弱势运行。上证指数跌 0.05% 报 3286.65 点 ， 深 证 成 指 跌 0.05%，创业板指跌0.13%。医美行业 涨幅居前，PEEK概念领涨。港股窄 幅震荡 。 恒 生 指 数 涨 0.16% 报 22008.11点，恒生科技指数涨0.62%， 恒生中国企业指数跌0.15%。互联网 医疗活跃，茶饮股再获热度。大市 成交1776.58亿港元。外盘方面，欧 洲三大股指收盘涨跌不一。美国三 大股指全线收涨，道指涨0.75%，标 普500指数涨0.58%，纳指涨0.55%。 特朗普颁令减轻汽车关税影响。中 国据悉要求制药企业和医院研究替 代美国进口产品的可行性。 资料来源：彭博 | 22008.11 | 0.16 | 9.71 | | --- | --- | --- | | 8067.94 | -0.15 | 10.67 | | 5019.73 | 0.62 | 12.35 | | 136.09 | 0.54 | -4.83 | | 3286.66 | -0.05 | -1.94 | | 9849.80 | -0.05 | -5.4 ...