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研報掘金丨華安證券:洽洽食品二季度有望環比回暖,維持“買入”評級

華安證券研報指出,25Q2洽洽食品經營穩健,通過產品創新,主力品類瓜子與堅果增速有望環比回暖。基於公司產品力、品牌力領先,疊加海外積極求變,看好公司未來發展前景。中長期看,認爲公司後續催化來自①瓜子與堅果持續推出新品,與需求端變化趨勢同步,延長品類生命週期;②渠道端逐步強化與會員商超、量販零食等高效渠道合作,同時海外渠道拓寬產品矩陣以打開收入天花板;③新採購季瓜子成本若改善,有望貢獻盈利彈性。維持“買入”評級。

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