Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage in the market [5][49]. Core Viewpoints - The company is transitioning into the snack wholesale sector, which is expected to initiate a new growth era. The snack wholesale industry is experiencing rapid expansion, with market share increasingly concentrating among leading players [5][6][10]. - The company has established a strong market position in the snack wholesale sector, particularly in Jiangsu and Anhui, and is expanding into surrounding northern markets [6][10][39]. - The report anticipates significant revenue growth, projecting revenues of RMB 30.95 billion, RMB 48.98 billion, and RMB 59.99 billion for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 233.1%, 58.3%, and 22.5% [5][7][49]. Summary by Sections Market Performance - As of February 27, 2025, the closing price of the company's stock is RMB 94.16, with a total market capitalization of RMB 16,947.84 million [3]. Financial Forecasts and Valuation - The company is expected to achieve a net profit of RMB 254 million in 2024, RMB 526 million in 2025, and RMB 886 million in 2026, with year-on-year growth rates of 406.72%, 106.74%, and 68.52% respectively [5][49]. - The report highlights that the company's price-to-sales (P/S) ratio is significantly lower than the industry average, suggesting potential undervaluation [6][49]. Industry Overview - The snack wholesale industry is projected to reach a market size of RMB 154.7 billion by 2027, with a compound annual growth rate (CAGR) of 28% from 2019 to 2027 [6][26]. - The competitive landscape is characterized by a "two super, many strong" structure, with the company being one of the leading players alongside its main competitor [6][28]. Business Model and Strategy - The company has a robust supply chain and logistics system, with over 50,000 square meters of modern logistics warehouses and a digital supply chain system, enhancing its operational efficiency [6][39]. - The report notes the company's effective store expansion strategy, with a target of reaching 10,000, 13,500, and 16,000 stores by 2024, 2025, and 2026 respectively [8][43].
万辰集团：转型零食量贩，开启增长新纪元-20250228