万辰集团：第四季度利润率超预期；基本面强化支撑 2026 年上行空间

Accessible version 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 Wanchen Group (A) 4Q margin beat; strengthening fundamentals underpin 2026 upside Reiterate Rating: BUY | PO: 275.00 CNY | Price: 192.10 CNY Margin gains expected to sustain; raise estimates & PO In line with flash results, Wanchen's sales/NPAT were +59%/+358% YoY in 2025, or +27%/+134% in 4Q25. The snack segment reported RMB14.7bn/840mn in sales/core NPAT in 4Q25, with a 5.7% net margin (vs. 5.0% in 3Q), ahead of our expectations due to faster SKU refreshes, ...