Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported a revenue of 3.86 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 28.5%. The net profit attributable to shareholders was 490 million yuan, up 24.5% year-on-year. In Q3 2024, revenue reached 1.4 billion yuan, with a year-on-year increase of 26.2%, and net profit was 170 million yuan, growing 15.6% year-on-year [1][2]. Summary by Sections Revenue and Profitability - The company achieved a gross margin of 31.8% in the first three quarters, a decrease of 2.6 percentage points year-on-year, primarily due to changes in channel structure. The net profit margin was 12.8%, down 0.6 percentage points, mainly affected by a temporary increase in the income tax rate [2]. Product Performance - New products such as "Egg Emperor" quail eggs and "Big Demon King" vegetarian tripe have gained wide recognition, contributing to significant revenue growth. In Q3 2024, revenue from leisure konjac and quail eggs reached 240 million yuan (+39%) and 180 million yuan (+64%), respectively [1][2]. Channel Development - The company has made significant strides in the membership store channel, with "Egg Emperor" quail eggs entering Sam's Club. The snack channel continues to grow rapidly, with enhanced cooperation with leading systems. The "Big Demon King" vegetarian tripe is also seeing strong performance in e-commerce [1]. Shareholder Returns and Supply Chain - The company completed a buyback of 1.57 million shares for a total amount of 59.88 million yuan, which has been fully canceled to reduce registered capital. The first phase of the quail egg breeding base has reached full production, with future phases expected to increase daily egg production to 120 tons [2]. Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 630 million yuan, 810 million yuan, and 1 billion yuan, respectively. The corresponding EPS is projected to be 2.31 yuan, 2.97 yuan, and 3.68 yuan, with dynamic PE ratios of 23x, 18x, and 14x [2][4].

盐津铺子（002847.SZ）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 多渠道多品类快速发展，扣非业绩增长放缓 2024 年 10 月 30 日 ➢ 事件：公司发布 2024 年三季报，公司 2024 年前三季度实现营业收入 38.61 亿元，同比+28.49%；实现归母净利润 4.93 亿元，同比+24.55%；实现扣非归 母净利润 4.24 亿元，同比+12.90%；24Q3 公司实现营业收入 14.02 亿元，同 比+26.20%；实现归母净利润 1.74 亿元，同比+15.62%；实现扣非归母净利润 1.51 亿元，同比+4.80%。 ➢ 多品类多渠道快速增长，建立中国特色中式休闲食品全品类产品体系。2024 年 1-9 月，公司多个渠道、多个品类实现快速发展，持续聚焦七大核心品类：辣 卤零食、深海零食、休闲烘焙、薯类零食、蒟蒻果冻布丁、蛋类零食以及果干坚 果，全力打磨供应链，精进升级产品力。产品全规格发展：除优势散装外，全力 发展定量装、小商品以及量贩装产品，满足消费者各种场景的零食需求。全渠道 覆盖：在保持原有 KA、AB 类超市优势外，重点发展电商、零食量贩店、 ...

证券研究报告 | 2024年10月30日 盐津铺子（002847.SZ） 优于大市 第三季度收入同比增长 26.2%，盈利能力受税率波动影响 盐津铺子公布 2024 年三季度报告，2024 年前三季度实现营业总收入 38.61 亿元，同比+28.49%；实现归母净利润 4.93 亿元，同比+24.55%； 实现扣非归母净利润 4.24 亿元，同比+12.90%。第三季度实现营业总收 入 14.02 亿元，同比+26.20%；实现归母净利润 1.74 亿元，同比+15.62%； 实现扣非归母净利润 1.51 亿元，同比+4.80%。 第三季度收入增速环比提升，魔芋、鹌鹑蛋品类收入贡献突出。第三季度 公司收入在去年同期较高基数之上同比+26.2%，收入增速环比第二季度 提升，主要系：1）魔芋制品、鹌鹑蛋制品两大品类放量；2）高端会员 店取得较大突破，量贩零食、电商、定量流通渠道维持较快增长。公司 重点打造的品类品牌"大魔王"素毛肚全渠道铺设进展较快，第三季度 同比增速超 40%，鹌鹑蛋制品第三季度收入同比增速超 60%，其中高端 鹌鹑蛋品牌"蛋皇"6 月进入高端会员店渠道，月销额稳定。 第三季度归母净利率同比下滑 ...

证券研究报告·公司点评报告·休闲食品 盐津铺子（002847） 2024Q3 业绩点评：收入略超预期，大单品持 续放量 2024 年 10 月 30 日 买入（维持） 证券分析师 孙瑜 执业证书：S0600523120002 suny@dwzq.com.cn 股价走势 | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2894 | 4115 | 5357 | 6438 | 7532 | | 同比（ % ） | 26.83 | 42.22 | 30.17 | 20.19 | 16.98 | | 归母净利润（百万元） | 301.48 | 505.77 | 646.83 | 843.97 | 1,099.08 | | 同比（ % ） | 100.00 | 67.76 | 27 ...

来源：公司年报、国金证券研究所 买入（维持评级） 业绩简评 10 月 28 日公司发布三季报，24Q1-Q3 实现营收 38.6 亿元，同比 +28.49%；实现归母净利润 4.93 亿元，同比+24.55%；扣非归母净 利润 3.76 亿元，同比+12.9%。其中，24Q3 实现营收 14.0 亿元， 同比+26.2%；实现归母净利润 1.73 亿元，同比+15.6%；扣非归母 净利润 1.51 亿元，同比+4.8%,收入超预期、业绩符合预期。 经营分析 渠道势能延续，收入环比提速。Q3 收入维持 20%+增长主要系公司 1）产品全规格发展：除优势散装外，全力发展定量装、小商品以 及量贩装产品，满足消费者各种场景的零食需求。2）全渠道覆盖： 在保持原有 KA、AB 类超市优势外，重点发展电商、零食量贩店、 CVS、校园店等，与当下热门零食量贩品牌零食很忙、赵一鸣、零 食有鸣等深度合作，在抖音平台与主播种草引流，品牌影响力和渠 道势能持续增强。3）新品类渗透率提升，今年"蛋皇"鹌鹑蛋进 驻山姆会员商店，"大魔王"麻酱味素毛肚赢得消费者和线上线下 渠道商的广泛认同，助推鹌鹑蛋、休闲魔芋等品类高速发展。 产品和渠 ...

Group 1: Financial Performance - The company's Q3 revenue reached 1.402 billion CNY, representing a year-on-year growth of 26.20% [1] - The revenue from the "Big Demon King" product line was 551 million CNY, with a year-on-year increase of 38.97% [1] - The snack konjac segment achieved a revenue growth of 104.43% in the first three quarters [1] Group 2: Product Development and Strategy - The company launched two new product lines, "Big Demon King" and "Egg Emperor," in October 2023 and March 2024, respectively [1] - The "Big Demon King" sesame flavor products accounted for 55% of the konjac snack sales in the last month [2] - The "Egg Emperor" products contributed to 60% of the egg snack sales in the last month [2] Group 3: Channel Performance - Q3 channel growth rates ranked from highest to lowest: high-potential member stores > snacks > quantitative circulation > e-commerce (35%) [2] - Direct sales and bulk channels showed a contraction, while the snack mass channel experienced growth [2] Group 4: Profitability and Cost Management - The net profit margin and gross profit margin saw a decline due to tax rate impacts and changes in channel revenue composition [2] - The sales expense ratio for Q3 2024 (excluding share-based payments) was 11.41%, an increase of 0.46 percentage points year-on-year [2] - The cost of self-raised quail eggs was approximately 10.0-10.5 CNY/kg, compared to 11 CNY/kg for externally sourced eggs, with a yield advantage of 2%-5% for self-raised eggs [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 62 yuan, compared to the current price of 52.40 yuan [1]. Core Insights - The company reported revenue of 3.861 billion yuan for the first three quarters of 2024, a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year, while the net profit excluding non-recurring items was 424 million yuan, reflecting a 12.9% increase [1]. - In Q3 alone, the company achieved revenue of 1.402 billion yuan, a 26.2% increase year-on-year, with a net profit of 174 million yuan, up 15.62% year-on-year [1]. - The growth was driven by high performance in bulk sales and Douyin channels, with significant contributions from major products like konjac and quail eggs, which saw monthly sales exceeding 100 million and 70 million yuan, respectively [1]. - The operating profit margin continued to expand, although the effective tax rate increased significantly, impacting net profit margins [1]. Financial Performance Summary - Total revenue for 2023 is projected at 4.115 billion yuan, with a year-on-year growth rate of 42.2%. For 2024, revenue is expected to reach 5.207 billion yuan, reflecting a growth rate of 26.5% [2]. - The net profit attributable to shareholders is forecasted to be 506 million yuan for 2023, increasing to 658 million yuan in 2024, representing a growth rate of 30.2% [2]. - Earnings per share (EPS) is estimated to be 1.85 yuan for 2023, rising to 2.41 yuan in 2024, with corresponding price-to-earnings (P/E) ratios of 28 and 22, respectively [2]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 49.44% and a total market capitalization of approximately 142.96 billion yuan [3]. Growth Drivers - The company is expected to continue its high growth trajectory due to ongoing channel expansion and product category diversification. The report highlights the sustained momentum in bulk store expansions and the effective utilization of the Douyin platform for product promotion [1]. - The acquisition of companies in the snack food segment is anticipated to enhance the product matrix and leverage existing distribution channels, further supporting revenue growth [1]. - The upcoming Chinese New Year is expected to act as a catalyst for inventory buildup, potentially boosting sales in the near term [1].

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|-------|-------|------------------------------------------------------------------------------------------------------------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 2,894 | 4,115 | 5,263 | 6,543 | 7,963 | | (+/-)% | 26.8% | 42.2% | 27.9% | 24.3% | 21.7% | | 净利润（归母） | 301 | 506 | 635 | 800 | 1,002 | | (+/-)% | 100.0% | 67.8% | 25.6% | 25.9% 国泰君 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥1,401,672,096.99, representing a 26.20% increase compared to the same period last year[2] - Net profit attributable to shareholders was ¥173,645,209.37, reflecting a 15.62% year-over-year growth[2] - The net profit after deducting non-recurring gains and losses was ¥151,494,087.64, which is a 4.80% increase from the previous year[2] - Basic earnings per share for the third quarter was ¥0.63, a decrease of 12.50% compared to the previous year[3] - Diluted earnings per share was ¥0.65, down 16.07% year-over-year[3] - Total operating revenue for Q3 2024 reached ¥3,860,690,589.15, an increase of 28.5% compared to ¥3,004,608,968.85 in the same period last year[22] - Net profit for Q3 2024 was ¥495,476,767.98, up 22.8% from ¥403,493,578.71 in Q3 2023[23] - Total comprehensive income for the period reached ¥495,476,767.98, an increase of 22.8% compared to ¥403,493,578.71 in the previous period[24] - Basic earnings per share increased to ¥1.81 from ¥1.47, representing a growth of 22.9%[24] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date period was ¥881,628,521.14, showing a significant increase of 104.38% compared to the same period last year[3] - Net cash flow from operating activities was ¥881,628,521.14, up 104.8% from ¥431,370,569.64 in the previous period[26] - Cash inflow from operating activities totaled ¥4,469,224,424.00, compared to ¥3,435,913,630.69 in the previous period, marking a 29.9% increase[26] - The company reported cash and cash equivalents at the end of the period of ¥265,271,727.48, a decrease from ¥272,175,503.77 in the previous period[27] - The company's cash and cash equivalents decreased from RMB 310,423,110.94 at the beginning of the period to RMB 269,363,220.56 by the end of September 2024[17] Assets and Liabilities - The total assets at the end of the reporting period were ¥3,081,774,564.08, marking a 7.38% increase from the end of the previous year[3] - The company's total assets increased to ¥3,081,774,564.08, compared to ¥2,869,970,537.70 at the beginning of the year, reflecting a growth of 7.4%[21] - The total liabilities increased to ¥1,523,734,187.07, compared to ¥1,408,236,030.40 at the beginning of the year, marking an increase of 8.2%[20] - Long-term borrowings were reported at ¥134,137,003.22, marking a significant increase[7] - Short-term borrowings increased by 49.88% to ¥450,000,000.00, reflecting a rise in bank loans[7] Expenses and Investments - The company reported a significant increase in sales expenses to ¥496,265,299.32, up 34.3% from ¥369,420,415.30 in the previous year[22] - The company’s sales expenses rose by 34.34% to ¥496,265,299.32, driven by increased marketing efforts and participation in food exhibitions[7] - Research and development expenses for Q3 2024 were ¥57,544,653.26, a decrease of 8.5% from ¥63,194,881.54 in Q3 2023[23] - Cash outflow for investing activities was ¥1,069,504,088.47, an increase from ¥747,696,460.16 in the previous period[27] - Investment income increased by 51.14% to ¥1,607,855.67, attributed to higher financial investment returns[7] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 10,984, indicating a diverse shareholder base[9] - The company completed the repurchase of 1,569,900 shares, which were subsequently canceled, reducing the registered capital[16] - The company reported a cash dividend distribution of RMB 294,089,152.50 for the 2023 fiscal year, with a capital reserve transfer of 78,423,774 shares, resulting in a total share capital of 274,484,259 shares[13] - The company plans to distribute a cash dividend of RMB 164,633,225.40 for the first half of 2024, with no stock dividends or capital reserve transfers[14] Strategic Focus and Growth - The company plans to continue focusing on its seven core product categories to drive future growth[7] - In the first three quarters of 2024, the company achieved rapid development across multiple channels and categories, focusing on seven core categories: spicy snacks, deep-sea snacks, leisure baking, potato snacks, konjac jelly pudding, egg snacks, and dried fruits and nuts[12] - The company has enhanced its brand influence and channel capabilities through deep cooperation with popular snack brands and influencers on platforms like Douyin[12] - The company has expanded its product offerings to include various packaging formats to meet diverse consumer needs[12] - The company is focusing on enhancing product quality and supply chain efficiency to drive growth in key product categories[12] Adjustments and Reporting - The company has made adjustments to previously reported financial data due to changes in accounting standards and capital reserves[1] - The report for the third quarter was not audited[28]

关于向已合作银行申请授信额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 盐津铺子食品股份有限公司（以下简称"公司"）于2024年10月28日召开第 四届董事会第十四次会议和第四届监事会第十二次会议，审议通过了《关于向已 合作银行申请授信额度的议案》，现将具体情况说明如下： 上述授信额度（即：在授权期限内固定资产贷款额度、流动资金贷款额度、 贸易融资、电子商业承兑汇票保贴、保函等授信本金余额之和的最高限额）自银 行授信生效之日起，有效期不超过 2 年，全部为综合授信额度。 证券代码：002847 证券简称：盐津铺子 公告编号：2024-080 上述拟申请授信额度以银行最终审批额度为准。 盐津铺子食品股份有限公司 特此公告。 为满足公司经营管理及发展的需要，拓宽融资渠道，保障公司能及时快捷按 实际需求用款，提高资金管理效率和效益，同意公司（含子公司）向下列银行申 请综合授信额度，明细详见下表： | 序号 | 银行名称 | 申请授信额度（万元） | 备注 | | --- | --- | --- | --- | | 1 | 中国建设银行股份有限公司长沙天心 ...