衛龍辣條真賣不動了

當辣條價格貴過豬肉，對于衛龍美味來說，意味着什麼？

2023年，公司再次提高調味面制品（辣條）銷售價格，馬上遭遇市場反噬，産品銷量和收入雙雙下降。受大幅提價的影響，最近兩年，衛龍辣條已累計少賣了7萬噸。

劉氏兄弟靠辣條起家，如今這包小小的辣條，卻成了他們的心痛之處。好在蔬菜制品業務慢慢走上正軌，已逐漸撐起了衛龍的半邊天。

兩年少賣近7萬噸

上周四晚間，衛龍美味（09985.HK）披露的2023年業績頗為吸睛，公司實作營業收入、歸母淨利潤分别為48.72億元、8.80億元，同比分别增長5.2%和481.9%。經調整後淨利潤為9.7億元，同比增長6.3%。

公司解釋，新興管道收入增長、産品平均售價提升、原材料價格下降以及成本管理等，對業績産生了積極影響，整體毛利率47.68%，較上年增加5.38個百分點。

為此，公司慷慨地拿出合計約7.76億元派息，總派息率近90%，大部分将流進實控人劉衛平、劉福平兄弟的腰包。

衛龍飄紅的業績背後，卻是當家産品辣條的失寵。

去年全年，公司調味面制品（辣條）收入25.49億元、銷量12.44萬噸，同比分别下降6.25%和17.4%。

導緻這一結果的一個重要原因，就是漲價。

2023年，公司調味面制品（辣條）銷售單價較上年上漲13.26%至20.15元/kg。要知道，去年全國2.5-3.5cm膘厚白條豬肉批發市場成交均價才19.07元，辣條比肉還貴。

一漲價，銷量就下降，這在衛龍幾成定律。2022年，公司将調味面制品銷售單價上調19.87%，銷量就同比下降22.21%，較上年少賣了4.3萬噸。

産品銷量的下滑，已嚴重影響生産端的效率。2023年，公司調味面制品的産能使用率已低至48.3%。

3月22日，衛龍辣條漲價、銷量下滑的話題，沖上微網誌熱搜。同日，二級市場反應強烈，衛龍美味開盤即下跌，盤中最高跌幅4.66%，全天報收5.68港元，跌2.07%，總市值133.55億港元。

第二曲線逐漸成型

東邊不亮西邊亮，衛龍辣條增不動了，旗下蔬菜制品業務接過了接力棒。

2023年，公司蔬菜制品業務收入21.19億元，較上年增長25.1%，營收貢獻率已達43.5%。

蔬菜制品是衛龍近年精心培育的業務闆塊，主要産品包括風吹海帶、小魔女，以及魔芋爽等。

對于這個新的業務闆塊，衛龍采取了不同的市場政策。去年，公司辣條價格一路上漲，蔬菜制品卻在降價。2023年，其銷售單價為29.6元/kg，同比下降4.82%，銷量從上年的5.45萬噸增至7.15萬噸，足足多賣了1.7萬噸。

相比辣條産品，蔬菜制品的生産原材料更寬泛，可選擇性強，同時産品閱聽人面也更廣，得以成為公司第二曲線。

資料顯示，2019年-2022年，公司蔬菜制品收入分别為6.65億元、11.68億元、16.64億元、16.93億元，分别占各期公司總收入的19.6%、28.3%、34.7%和36.6%。同期，收入增速分别為75.64%、42.47%、1.74%和25.16%。

蔬菜制品已逐漸頂起衛龍美味的半邊天，說明公司已逐漸擺脫對辣條的單一依賴。

或許你已經發現了，衛龍在小區電梯、網際網路等各種廣告媒介中，蔬菜、豆制品廣告頻繁出現，辣條反而少了許多。

從辣味到美味

辣條産品味濃、耐嚼和便宜，曾是80、90兩代人最喜愛的零食之一。衛龍靠着這一産品，成為辣味休閑食品市場裡的頭牌。

以2021年的零售額計，衛龍美味在中國所有辣味休閑食品企業中排名第一，市場佔有率6.2%，為第二大企業的3.9倍。

不過，單靠辣條這一大單品，不足以讓衛龍高枕無憂。畢竟，該産品的市場空間有限、門檻低，各大零食品牌均有布局，還有專業選手麻辣王子等，對衛龍的地位虎視眈眈。

過去的幾年的資料，已可說明衛龍美味已陷入增長瓶頸。

2019年至2022年，公司收入規模分别為33.85億元、41.20億元、48.00億元和46.32億元，同比增速23.01%、21.73%、16.50%和-3.50%。同期，歸母淨利潤增速分别為38.18%、24.41%、0.97%和-81.70%。去年經營狀況雖有所好轉，但仍不容樂觀。

在衛龍上市途中，外界就對公司的成長性表示擔憂，在非辣條業務上能否創新和突破，是公司實作可持續性發展的關鍵。

對于衛龍來說，能做的就是依托辣條生産線、供應鍊等，在口味和品類上進行拓展。

近年公司推新品的動作頻繁，先後推出魔芋爽、風吃海帶、78鹵蛋以及小魔女素毛肚等産品，改善了産品結構。特别是魔芋爽，已成為繼大面筋之後，又一個大單品。

由單一的辣條到蔬菜制品和豆制品等，衛龍正從辣條逐漸向辣味乃至美味領域拓展。2024年1月17日起，公司證券簡稱由“衛龍”正式更名為“衛龍美味”，正是為了展現公司業務的變化。

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#3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) .wx-root[data-weui-theme=dark],body:not(.pages_skin_pc) body[data-weui-theme=dark]{--appmsgExtra-BG: #121212}}@media screen and (min-width:1024px){body:not(.pages_skin_pc)body:not(.pages_skin_pc){background:var(--weui-BG-2)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root[data-weui-mode=care]:not([data-weui-theme=light]),body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) 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#10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, 255, 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59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 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.05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]) .rich_media_content img:not(.wx_img_placeholder){filter:brightness(.8)}}@media screen and (min-width:1024px){body:not(.pages_skin_pc) :root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}}:root{--articleFontsize: 17px}:root{--sab: env(safe-area-inset-bottom)}:root{--wxBorderAvatarRatio: 3}:root{--discussPageGap: 20px}:root{--immersive-safe-bottom: env(safe-area-inset-bottom)}:root{--appmsgPageGap: 20px;--appmsgPageBottomGap: 40px}*{margin:0;padding:0}.rich_media_content *{max-width:100%!important;box-sizing:border-box!important;-webkit-box-sizing:border-box!important;word-wrap:break-word!important}.rich_media_content p{clear:both;min-height:1em}td p{margin:0;padding:0}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}