China Consumer Staples_ Snack_ Revisit industry channel reshuffle; Initiate Three Squirrels at Neutral on valuation and Buy Yanker

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Consumer Staples Snack: Revisit industry channel reshuffle; Initiate Three Squirrels at Neutral on valuation and Buy Yanker We revisit the themes we identified in our industry in-depth report from early 2024: opportunities for fast topline growth arising from channel reshuffle/expansion and threats to brands' margin and intensified competition from private labels. Looking ahead, we continue to see disruption given still fast growth of discounters thanks to category expansi ...