7月4日，中国速冻食品龙头企业安井食品（02648.HK）在香港联交所主板挂牌上市。然而，该股在上市首日表现不佳，盘中大跌5%，引发市场关注。
根据公告，安井食品此次全球发售3999.47万股H股，最终发售价定为每股60港元，净筹资金约23.02亿港元。虽然公司的香港公开发售部分获得44.2倍超额认购，但上市首日股价仍未能守住发行价。分析人士认为，这可能反映了投资者对公司未来增长前景的担忧。
事实上，安井食品近年来的业绩增长已呈现放缓趋势。公司2022年至2024年的营收增速从31.39%降至7.7%，净利润增速更是从61.37%断崖式下滑至0.46%。今年一季度，公司业绩进一步承压，营收同比下降4.13%，归母净利下滑10%。这些数据无疑给投资者敲响了警钟。
此外，行业竞争加剧也是投资者关注的焦点。速冻食品行业集中度较低，新兴品牌不断涌现，通过低价策略抢占市场份额。安井食品不仅要面对传统同行的竞争，还要应对餐饮品牌、渠道商超自营等新入局者的挑战。市场竞争的加剧可能导致价格战，进一步挤压公司的利润空间。
尽管如此，安井食品作为行业龙头，仍具有一定优势。公司在速冻调制食品和速冻菜肴制品两大核心细分领域均稳居榜首，市场份额领先。未来，公司将如何应对增长瓶颈、维持行业地位，将是投资者密切关注的重点。
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