智通财经APP获悉，鸣鸣很忙(01768)涨近9%，截至发稿，涨8.8%，报437.6港元，成交额1.75亿港元。
东吴证券指出，零食量贩高景气，公司龙头地位确立。该行指出，行业市场规模从2019年73亿元快速增长至2024年1297亿元，5年间CAGR达到77.8%，增速领跑硬折扣零售细分赛道。此外，行业已形成高度集中的双寡头竞争格局。按照GMV计算，2024年公司与万辰集团合计占据零食量贩行业约75.6%市场份额，门店数量合计占比达到75.2%，市场头部集聚效应显著，行业进入壁垒提高。
中信建投证券认为，26 年处在格局改善+同店修复+利润快速释放期。公司深耕广阔下沉市场，开店天花板至少可达3-3.5 万家，并通过快速跑马圈地实现规模壁垒，打造极致高效的供应链体系，在公司良好管理下的老店生命力旺盛，稳态同店仍有小幅增长，龙头地位强者恒强。
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