Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.78, based on an 18x valuation for 2024 [2][7]. Core Insights - The company is positioned in the lucrative spicy snack food sector, with a compound annual growth rate (CAGR) of approximately 22.6% expected for net profit from 2024 to 2026. The market for flavored noodle products is anticipated to see accelerated market share growth, while konjac products are entering a period of significant growth [2][7]. - The report highlights the company's strong brand recognition and innovative product development capabilities, which are expected to drive continued revenue growth and market expansion [5][20]. Summary by Sections Strategic Positioning - The company has established itself as a leading brand in the spicy snack food market, benefiting from a significant reduction in low-priced products, with the share of products priced below 1 yuan dropping from 81% to 8% over the past decade. This positions the company to potentially increase its market share to over 30% [1][20]. - The konjac product segment is experiencing explosive growth, with a market size exceeding 2 billion yuan, and the company is well-positioned to capitalize on this expansion [1][20]. Product and Channel Development - The company focuses on two core product lines: spicy snacks and vegetable products, with a strong emphasis on product innovation and brand reinforcement. The spicy snack segment, particularly the "spicy strips," remains a solid foundation for growth, while vegetable products are emerging as a significant growth driver [1][20]. - The company is expanding its distribution network, aiming for 1 million offline terminals, and has seen a doubling of its presence in snack wholesale and Douyin channels compared to the previous year [1][20]. Financial Performance - The company's revenue has shown steady growth, with a projected increase from 48.72 billion yuan in 2024 to 77.04 billion yuan by 2026, reflecting a growth rate of 12.85% [3][20]. - The net profit attributable to the parent company is expected to rise from 8.80 billion yuan in 2024 to 16.23 billion yuan in 2026, with a remarkable growth rate of 481.87% in 2024 [3][20]. Market Trends - The spicy snack food market is expected to grow significantly, with the overall market size projected to reach 697 billion yuan by 2026. The report emphasizes the distinct characteristics of spicy snacks, which cater to younger consumers and have a high repurchase rate [1][30]. - The report notes that the flavored noodle product segment is experiencing a surge in demand, driven by consumer preferences and market cultivation efforts, which are expected to lead to substantial market expansion [1][30].
卫龙美味：辣味故事儿时诵，中华美味飘四海