金吾财讯 | 交银国际研报指，认为中国零食行业正处于由渠道效率驱动的重构中，零食量贩行业正处于快速增长轨道，行业已形成由鸣鸣很忙(01768)与万辰集团主导的双强格局，公司作为行业龙头，有望凭借规模优势实现快速高质发展。该机构指，鸣鸣很忙门店增长潜力依然广阔，市场份额有望进一步提升，该机构预计2028年公司门店数量将接近3.1万家，较当前仍有约四成的增长空间。与此同时，公司正围绕零食消费场景进行品类延伸。公司运营效率行业领先。该机构认为公司有望经历一轮由规模效应释放与竞争格局优化共同驱动的盈利能力上行期，得益于行业竞争趋缓、万店规模带来的上游议价能力提升、及数字化系统对费用的有效摊薄等因素。该机构预计公司2025-2028年收入CAGR约18%，经调整净利润CAGR约23%，利润增速快于收入增速，展现出量贩模式从规模扩张期进入盈利变现期的特征，预计经调整净利率将从2025年的4.1%稳步提升至2028年的4.6%。基于25倍2026-27年平均市盈率，给予目标价542.00港元，对应1.1倍PEG，在可比公司中具备吸引力，首予买入评级。
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