卫龙美味(9985.HK):魔芋开启新纪元 辣味王者再启航

华泰证券
28 Apr

首次覆盖卫龙美味并给予“买入”,目标价19.96 港元(基于25 年32xPE)。中国零食行业在较长时间内呈现多品类、弱品牌的特点,辣味零食成瘾性更强、复购率更高,有效延长产品生命周期。卫龙已成功打造国民辣条品牌形象、领先优势明显,并作为魔芋赛道的先行者、有望率先享受品类高速扩张的红利。卫龙根基稳固,品牌力构成竞争力的核心,并具备开创创新品类的定力与能力,敢为人先、勇于求变,后续或仍将聚焦打造大...

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