金吾财讯 | 鸣鸣很忙(01768)午后发力，截至发稿，升8.6%，报436.8港元，成交额2.1亿港元。申万宏源此前研报指出，公司拥有零食很忙、赵一鸣零食两大主力品牌。截至2025Q3共有19517家门店，覆盖28个省份；其中59%位于县城及乡镇，下沉市场覆盖1341个县。当前公司在库SKU达3997个，2025Q1-Q3GMV总额660.6亿元，位居休闲食品饮料连锁零售商第一名。预计公司2025-2027年实现营业收入631.64/798.83/924.82亿元，同比+60.5%/+26.5%/+15.8%；实现归母净利润22.92/30.89/37.43亿元，同比分别为+174.9%/+34.8%/+21.2%，当前股价对应2025-2027年PE分别为33X/24X/20X。给予公司2026年可比公司平均PEG（0.96），较当前市值上涨空间约10%。首次覆盖，给予“增持”评级。
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