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 ...

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 ...

Group 1 - The company achieved revenue of 10.82 billion yuan in Q1 2025, a year-on-year increase of 124.0% [1] - The net profit attributable to shareholders reached 210 million yuan, up 3344.1% year-on-year, while the net profit excluding non-recurring items was also 210 million yuan, reflecting a year-on-year increase of 10562.3% [1] - The snack wholesale business maintained a doubling growth trend, with revenue of 10.688 billion yuan in Q1 2025, a year-on-year increase of 127.6% [1] Group 2 - The net profit margin of the wholesale business significantly improved quarter-on-quarter, with a net profit of 412 million yuan after excluding share-based payment expenses, resulting in a net profit margin of 3.85% [1] - The gross profit margin for Q1 2025 was 11.0%, an increase of 1.2 percentage points year-on-year, while the sales/management expense ratio decreased by 0.7% and 0.5% year-on-year, respectively [1] - The company expects to see continued growth in profitability, with revised net profit forecasts for 2025-2027 of 944 million, 1.257 billion, and 1.608 billion yuan, representing year-on-year increases of 221.68%, 33.18%, and 27.85%, respectively [2]

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]

信达证券 2025 年 5 月"十大金股"组合 [Table_ReportDate] 2025 年 4 月 28 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 邮 箱：lichunchi@cindasc.com 庞倩倩 计算机首席分析师 执业编号：S1500522110006 邮 箱：pangqianqian@cindasc.com 刘旺 传媒联席首席分析师 执业编号：S1500524120005 邮箱：liuwang@cindasc.com 莫文宇 电子首席分析师 执业编号：S1500522090001 邮箱：mowenyu@cindasc.com 证券研究报告 策略研究 [策略Table专题报告 _ReportType] [Table_A 樊继拓 uthor 策略首席分析师 ] 执业编号：S1500521060001 邮箱：fanjituo@cindasc.com 程丽丽 食品饮料分析师 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com 罗岸阳 家电行 ...

还记得小时候，为了买心仪的零食，要攒好久零花钱，在小卖部前徘徊半天。如今，零食量贩店如 雨后春笋般出现在街头巷尾。它们如哆啦A梦的口袋，装满了各种美味，还价格亲民。这是怎么做 到的？又会怎样改变我们的零食消费习惯呢？ 零食量贩店如何实现快速扩张？ 独特经营模式：零食量贩店的 "成功密码" 未来展望：零食量贩店的 "星辰大海" 1 2 3 本期要点荟萃 这些店铺选址大多在社区和商业街，方便消费者购买，能覆盖周边1-1.5km的范围。在这里，你可 以用更实惠的价格买到心仪的零食，品牌产品零售价比传统商超低20%-40%，客单价多在30-40 元每人次，性价比很高。不仅如此，零食量贩店还会每月更新100+新品，定期淘汰复购低的产品， 让消费者始终有新鲜感。 分享人 | 武雨欣 （中金公司研究部食品饮料行业分析师） 01 零食量贩店如何实现快速扩张？ 时光回溯到 2021 年，当时的零食市场正悄然发生着变化。消费者对于零食的需求不再仅仅满足于 传统渠道提供的有限选择和价格。资本如敏锐的猎手，纷纷涌入零食量贩赛道。 2021-2022年资 本介入后，零食量贩门店加速扩张 ，据北京商报，2021年底约0.25万家，202 ...