智通财经APP获悉，光大证券发布研究报告称，首予卫龙(09985)“增持”评级，预计2022-24年收入为47.09/58.42/65.88亿元，归母净利润为0.99/10.25/12.61亿元。辣味食品用户粘性强，增长较为稳定，公司作为龙头，调味面制品业务维持稳健增长，新业务健康食品蔬菜制品也保持较快增长，成为第二增长曲线，该行看好公司未来增长潜力。
该行提到，关于辣味食品龙头空间的问题，从杂牌替代的角度看：面筋和素肉竞争格局分散，随着消费升级的持续和行业集中度的提升，卫龙素肉/卫龙面筋有望通过抢夺尾部杂牌市场份额来提升市占率。从参考瓜子竞争格局的角度看：由于辣味食品和瓜子具有相似的产品属性，且瓜子的行业发展较辣味食品更为成熟，因此可以借鉴瓜子目前的竞争格局作为辣味食品的竞争终局。洽洽线下市占率约50%，2022年1-10月线上市占率为30%，线上线下整体市占率超过40%，若参考洽洽瓜子的市占率，该行认为卫龙未来30%的市占率是有希望实现的。
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