Investment Rating - The report assigns an "Accumulate" rating for Wancheng Group (300972.SZ) for the first time [1]. Core Views - Wancheng Group, originally a mushroom business, has successfully entered the snack wholesale market, establishing a strong position in the Jiangsu and Anhui markets and rapidly expanding into northern regions. The company is expected to see significant profit growth from 2024 to 2026, with projected net profits of 1.9 billion, 4.5 billion, and 7.9 billion yuan, representing year-on-year growth rates of 333.4%, 134.5%, and 73.6% respectively [4][19]. Summary by Sections Company Overview - Wancheng Group started as a mushroom farming enterprise and transitioned into the snack wholesale sector in 2022, launching its own brand "Lu Xiaochan" and collaborating with several regional brands [19][20]. - The company has consolidated its brands under "Haoxianglai" and acquired "Wife's Big Man," becoming one of the largest snack wholesale brands in the country [29]. Market Dynamics - The snack wholesale market operates on a low-margin, high-turnover discount model, where success hinges on scale and efficiency. The competitive landscape features a "two super, many strong" structure, with Wancheng Group and "Very Busy" leading the market [5][49]. - The company has a significant first-mover advantage in northern markets and is expanding its store network rapidly, with a well-established supply chain and logistics system [6][60]. Financial Projections - The company’s revenue is expected to grow significantly, with 2023 revenue reaching 93 billion yuan, a year-on-year increase of 1592%, primarily driven by the snack business [20]. - Forecasts indicate that the company will achieve revenues of 27.85 billion, 46.92 billion, and 55.90 billion yuan from 2024 to 2026, with corresponding net profits of 194 million, 454 million, and 788 million yuan [7]. Competitive Landscape - The snack wholesale market is characterized by intense competition, particularly in southern regions, while northern markets are still developing. The potential for new store openings is substantial, with estimates suggesting that the industry could support over 60,000 additional stores [5][60]. - Wancheng Group's strategic partnerships and acquisitions have positioned it well to capitalize on market opportunities and enhance operational efficiency [29][39].
万辰集团：公司首次覆盖报告：切入零食量贩赛道，迈向高增长新篇章