研報掘金丨申萬宏源:下調洽洽食品評級爲“增持”,中長期仍具有良好的成長性
申萬宏源研究指出,洽洽食品(002557.SZ)24年歸母淨利潤8.52億,同比增長6.19%。測算2024Q4歸母淨利潤2.26 億,同比下滑23.8%。業績低於市場預期。由於需求恢復不及預期,以及階段性的原材料成本壓力,下調評級爲“增持”,但公司管理變化、新品及渠道擴張情況依然值得關注。長期來看,公司憑藉品牌和渠道優勢,葵花籽業務有望在弱勢市場持續提升市佔率;堅果業務憑藉供應鏈和渠道優勢有望實現較快增長;公司中長期仍具有良好的成長性。
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