智通财经APP获悉，摩根士丹利发布研报称，市场反映出魔芋制品的产能受限问题。该行认为，目前这种由需求驱动且供应受限的模式——类似于泡泡玛特毛绒挂件目前的市场状态——表明魔芋制品品类仍处于早期发展阶段，随着海外需求的上升，该品类应该会存在需求溢价。卫龙美味(09985)股价年初至今(YTD)上涨了66%(同期明晟中国指数(MSCI China)上涨17%)，这在很大程度上得益于被纳入港股通以及2025年前两个月的出色销售业绩，这也推动了其估值倍数的提升。
该行的渠道调研显示，2025年前两个月的销售额增长约30% ，远高于整体主食和零食的增长速度，这表明如果这种趋势持续下去，卫龙魔芋爽的销售额有望超出预期。该行预计2024-2026年的净利润复合年增长率(CAGR)超过10%。该行认为给予16倍市盈率是合理的，原因有三：1)出色的销售表现——2024-2026年的销售额复合年增长率为12%，快于往年;2)强大的产品认可度和品牌价值;3)海外扩张成功带来的“期权价值”。
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