Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [1] - In Q3 2024, the company achieved a revenue of 1.402 billion yuan, with a year-on-year increase of 26.20%, and a net profit of 174 million yuan, reflecting a 15.62% growth year-on-year [1] - The company continues to see strong revenue growth driven by new product launches and channel expansion, particularly in the snack segment [1] - The gross profit margin for Q3 2024 was 30.62%, a decrease of 2.32 percentage points year-on-year, indicating short-term pressure on profitability [1] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 5.323 billion yuan, 6.610 billion yuan, and 8.073 billion yuan respectively, with net profits expected to be 636 million yuan, 808 million yuan, and 991 million yuan [1][4] - The company is focusing on brand building and product differentiation to maintain competitive advantages and drive future growth [1] Financial Metrics - The company's P/E ratio is projected to decrease from 28.3 in 2023 to 14.4 in 2026, indicating an expected improvement in valuation over time [1] - The net asset return rate is forecasted to be 31% in 2024, gradually declining to 26% by 2026 [1][4] Market Position and Strategy - The company is leveraging a multi-channel strategy, particularly focusing on high-potential membership channels and aggressive e-commerce marketing to enhance sales [1] - The introduction of new product lines, such as "Big Demon King" and "Egg Emperor," is expected to contribute significantly to revenue growth [1]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 14.02 billion yuan in Q3 2024, representing a year-on-year increase of 26.2%. The net profit attributable to the parent company was 1.74 billion yuan, up 15.62% year-on-year [1]. - The growth in revenue was driven by the snack channel, with a notable 64.35% increase in revenue from konjac products. However, concerns remain regarding the company's growth potential due to insufficient product drivers [1]. - The company is focusing on enhancing supply chain efficiency and developing a big product strategy, which is expected to yield positive results in the future [1]. Financial Performance Summary - The company's total revenue for 2022 was 2,894 million yuan, with a projected increase to 4,115 million yuan in 2023 and further to 5,296 million yuan in 2024, reflecting a year-on-year growth rate of 42.2% [2]. - The net profit attributable to the parent company is expected to rise from 301 million yuan in 2022 to 506 million yuan in 2023, and to 641 million yuan in 2024, indicating a growth rate of 67.8% [2]. - The gross profit margin is projected to decrease from 34.7% in 2022 to 33.5% in 2023, and further to 31.4% in 2024 [2]. - The company's EPS (Earnings Per Share) is expected to increase from 1.11 yuan in 2022 to 1.85 yuan in 2023, and to 2.35 yuan in 2024 [2]. Future Outlook - The company is expected to maintain a strong focus on multi-category product structures that align well with e-commerce and various sales channels, which are anticipated to continue high growth [1]. - The supply chain efficiency is expected to improve, which will help maintain a favorable profit margin level [1].

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证券研究报告：食品饮料 | 公司点评报告 2024 年 11 月 1 日 公司基本情况 最新收盘价（元） 50.08 总股本/流通股本（亿股）2.73 / 2.44 总市值/流通市值（亿元）137 / 122 52 周内最高/最低价 83.50 / 35.78 资产负债率(%) 49.1% 市盈率 18.99 第一大股东湖南盐津铺子控股有限 公司 研究所 股票投资评级 买入|维持 个股表现 -35% -31% -27% -23% -19% -15% -11% -7% -3% 1% 5% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 盐津铺子 食品饮料 资料来源：聚源，中邮证券研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 盐津铺子(002847) 收入延续高增，经营性利润率环比提升 ⚫ 事件 公司2024年前三季度实现营业总收入/营业收入/归母净利润/扣 非 净 利 润 ...

Investment Rating - Buy (Maintained) [1] Core Views - Revenue continues to grow at a high rate, with momentum remaining strong [1] - Channel structure adjustments have lowered gross margins [1] - The company achieved revenue of 3.861 billion yuan in 2024Q1-Q3, a year-on-year increase of 28%, and net profit attributable to the parent company of 493 million yuan, a year-on-year increase of 25% [1] - In 2024Q3, the company's revenue was 1.402 billion yuan, a year-on-year increase of 26%, and net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 16% [1] - Gross margin in 2024Q3 decreased by 2 percentage points to 30.62%, mainly due to changes in channel structure [1] - The company aims to achieve a mid-term net profit margin target of 15% by focusing on brand building and enhancing B-end brand recognition [1] Business Performance and Strategy - Membership-based supermarkets maintain high momentum, with the "Egg King" quail eggs entering Sam's Club, achieving monthly sales of tens of millions [1] - The company maintains a leading position in the snack retail channel and has deep strategic cooperation with snack stores, showing high growth momentum [1] - The quantitative distribution channel focuses on building core products, with average double-digit growth this year, and is a key breakthrough direction for the next 3-5 years [1] - E-commerce channel achieved monthly sales exceeding 100 million yuan since Q2, with online pricing higher than offline for the "Big Devil" konjac product category [1] - The company has entered the nut and poultry product categories, promoting external growth through channel sinking and organizational restructuring [1] Financial Forecasts - Adjusted EPS for 2024-2026 are 2.33/3.04/3.78 yuan, with current stock price corresponding to PE ratios of 22/17/13 times [1] - Revenue growth rates for 2024-2026 are forecasted at 26.0%, 25.1%, and 22.3%, respectively [2] - Net profit attributable to the parent company growth rates for 2024-2026 are forecasted at 25.9%, 30.0%, and 24.6%, respectively [2] - ROE is expected to be 35.6%, 37.4%, and 37.5% for 2024-2026 [2] Financial Metrics - Gross margin for 2024-2026 is forecasted at 32.9%, 33.2%, and 33.5%, respectively [3] - Net profit margin for 2024-2026 is forecasted at 12.5%, 13.0%, and 13.2%, respectively [3] - Asset-liability ratio is expected to decrease from 46.0% in 2024 to 38.5% in 2026 [3] - Total asset turnover is forecasted to increase from 1.6 in 2024 to 1.8 in 2026 [3]

| --- | --- | --- | |---------|-------------|-------| | | | | | | | | | 29 日 | 月 公司点评 | | | | 买入/维持 | | 盐津铺子(002847) 目标价: 64.68 昨收盘:52.40 盐津铺子：Q3 收入增速环比提速，扣非净利润有所波动 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 23/10/3024/1/1024/3/2224/6/224/8/1324/10/24 盐津铺子 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.73/2.44 总市值/流通(亿元) 142.96/127.98 12 个月内最高/最低价 (元) 84.55/35.53 相关研究报告 <<电商、零食量贩渠道红利延续，大 单品打造初显成效>>--2024-08-15 <<全渠道驱动核心品类扩张，一季度 延续高势能增长>>--2024-04-25 <<2023 年顺利收官，打造爆品全渠道 发力，2024Q1 利润超预期>>--2024- 03-29 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][17] Core Views - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [3] - The company is focusing on a multi-category strategy, emphasizing seven core categories and aiming to enhance product quality and supply chain efficiency. The company plans to develop new growth categories while leveraging all-channel strategies for revenue and profit growth [4] - The company maintains good control over operating expenses, with a gross margin of 31.84% and a net margin of 12.83%. The company is expected to achieve a trend of increasing profit margins through various measures [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.402 billion yuan, a year-on-year increase of 26.20%, and a net profit of 174 million yuan, up 15.62% year-on-year [3] - The company’s revenue projections for 2024-2026 are 5.242 billion yuan, 6.531 billion yuan, and 7.862 billion yuan, with growth rates of 27.37%, 24.60%, and 20.37% respectively [6][8] - The net profit projections for the same period are 646 million yuan, 817 million yuan, and 1 billion yuan, with growth rates of 27.77%, 26.36%, and 22.52% respectively [6][8] Strategic Initiatives - The company is enhancing its channel operations by focusing on different channel characteristics, including strengthening partnerships with major snack retailers and expanding e-commerce capabilities [4] - The company aims to establish new market bases in provinces such as Sichuan, Shandong, Henan, Jiangsu, and Zhejiang over the next three years [4] Profitability and Cost Management - The company’s expense ratios for sales, management, and R&D are 12.85%, 4.00%, and 1.49% respectively, indicating effective cost management [5] - The company’s gross margin is projected to stabilize around 32.7% to 33.1% over the next few years, reflecting a focus on maintaining profitability [12]

食品饮料 证 券 研 究 报 告 2024 年 10 月 29 日 盐津铺子 (002847) ——收入保持高增 盈利能力稳定 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 29 日 | | 收盘价（元） | 52.44 | | 一年内最高 / 最低（元） | 84.55/35.53 | | 市净率 | 9.2 | | 息率（分红/股价） | 4.00 | | 流通 A 股市值（百万元） | 12,807 | | 上证指数/深证成指 | 3,286.41/10,543.33 | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 09 月 30 日 | | 每股净资产（元） | 5.66 | | 资产负债率 % | 49.44 | | 总股本/流通 A 股（百万） | 273/244 | | 流通 B 股/H ...

幅证券 食品饮料/休闲食品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 股价走势图 -48% -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 盐津铺子 沪深300 数据来源：聚源 相关研究报告 《收入延续高速增长，品牌势能稳步 提升—公司信息更新报告》-2024.8.12 《2023 年完美收官，多品类全渠道持 续发展 — 公 司 信 息 更 新 报 告 》 -2024.3.29 《业绩预告表现较好，展望未来持续 成长—公司信息更新报告》-2024.1.9 盐津铺子（002847.SZ） 2024 年 10 月 30 日 收入维持高速增长，品牌力稳步提升 ——公司信息更新报告 | --- | --- | --- | --- | --- | |-------------------------|-------------|--------------------------------------------------------------------|------------------------------------------ ...

证券研究报告 非金融公司|公司点评|盐津铺子（002847） 收入表现稳健，盈利略有承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月30日 证券研究报告 |报告要点 盐津铺子发布 2024 三季报，2024 前三季度公司实现收入 38.61 亿元，同比增加 28.49%，实 现归母净利润 4.93 亿元，同比增加 24.55%。单 2024Q3 公司实现收入 14.02 亿元，同比增加 26.20%；实现归母净利润 1.74 亿元，同比增长 15.62%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月30日 盐津铺子(002847) 收入表现稳健，盈利略有承压 | --- | --- | |----------------------------|-------------------| | | | | 行 业： | 食品饮料/休闲食品 | | 投资评级： | 买入（维持） | | 当前价格： | 51.54 ...