日均成交额（百万） 193.38 2024 年 08 月 09 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn [Table_Title] 淡季收入增势延续，品类品牌培育卓有成效 ——盐津铺子（002847）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 8 日，盐津铺子发布 2024 年半年度报告。2024H1 公司的 营业收入为 24.59 亿元，同比+29.84%；归母净利润为 3.19 亿元，同比 +30.00%；扣非归母净利润为 2.73 亿元，同比+17.96%。2024Q2 公司 的营业收入为 12.36 亿元，同比+23.44%；归母净利润为 1.60 亿元，同 比+19.11%；扣非归母净利润为 1.35 亿元，同比+1.58%。 投资要点: 相对沪深 300 表现 2024/08/09 零食量贩和抖音渠道引领增长，整体收入符合预期。公司 2024H1 营收和归母净利润分别同比增长 29.8%和 30. ...

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证 券 研 报 公 司 研 2024 年 08 月 10 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|----------------------------------------|-----------------------|--------------------------------------------------------------------| | 2024 年 08 月 09 日 \n盐津铺子（ 002847.SZ ） \n品类渠道多点开花，夯实内功提质增效 \n 事件：公司发布 2024 年半年度报告。根据公告， 2024H1 公司实现营业收入 24.59 | 投资评级 \n股价 | (2024-08-09) | 食 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 ——盐津铺子 2024H1 业绩点评 业绩符合预期，成长修复可期 盐津铺子(002847) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | | | | | 021-38676442 | 8621-38675854 | | | | | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | | | | | 登记编号 | S0880513120002 | S ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][8] Core Views - In the second quarter of 2024, the company achieved a revenue growth of 23.44% year-on-year, with a net profit growth of 19.11%. For the first half of 2024, total revenue reached 2.459 billion yuan, up 29.84% year-on-year, and net profit was 319 million yuan, up 30.01% year-on-year [1][4][5] - The company is focusing on building category brands such as "Da Mo Wang" and "Dan Huang" to cover a broader consumer base, transitioning from a channel advantage to a category brand advantage [6][1] Financial Performance Summary - For the first half of 2024, the company reported total revenue of 2.459 billion yuan, a year-on-year increase of 29.84%, and a net profit of 319 million yuan, a year-on-year increase of 30.01% [1][4] - The second quarter revenue was 1.236 billion yuan, up 23.44% year-on-year, and net profit was 160 million yuan, up 19.11% year-on-year [1][5] - The company’s first half net profit margin was 13.0%, remaining stable year-on-year, while the non-deducted net profit margin was 11.1%, down 1.1 percentage points year-on-year [1][5] Revenue Breakdown - The largest category, spicy snacks, saw a revenue increase of 38.9% year-on-year, with significant contributions from konjac products [5][6] - Egg snacks revenue surged by 150.3% to 239 million yuan, indicating strong consumer recognition of quail egg products [5][6] - Revenue from direct sales, distribution channels, and e-commerce channels were 108 million, 1.770 billion, and 580 million yuan respectively, with year-on-year changes of -43.6%, +35.1%, and +48.4% [5][6] Future Growth Potential - The company aims to enhance its brand presence and product lines, focusing on high-growth channels such as bulk snacks and e-commerce, while also expanding into high-end membership supermarkets and overseas markets [6][1] - The forecast for total revenue from 2024 to 2026 is 5.22 billion, 6.51 billion, and 7.89 billion yuan, with year-on-year growth rates of 26.8%, 24.7%, and 21.2% respectively [6][1]

证券研究报告 非金融公司|公司点评|盐津铺子（002847） 产品渠道双轮驱动，期待盈利改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月09日 证券研究报告 |报告要点 盐津铺子发布 2024 半年报，2024H1 公司实现收入 24.59 亿元，同比增长 29.84%，实现归母 净利润 3.19 亿元，同比增长 30.00%。单 2024Q2 公司实现收入 12.36 亿元，同比增长 23.44%； 实现归母净利润 1.60 亿元，同比增长 19.11%。 |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08月09日 盐津铺子(002847) 产品渠道双轮驱动，期待盈利改善 | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 食品饮料/休闲食品 买入（维持） | | 当前价 ...

盐津铺子（002847） 公司点评 积极拥抱渠道红利 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

盐津铺子（ [Table_StockNameRptType] 002847） 公司点评 积极拥抱渠道红利 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|-------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------- ...

2024 年 8 月 9 日 公司研究 修炼内功，彰显韧性 ——盐津铺子（002847.SZ）2024 年中报点评 要点 事件：盐津铺子发布 2024 年半年报，公司 24H1 实现营业收入 24.59 亿元，同 比增长 29.84%；归母净利润 3.19 亿元，同比增长 30.00%；扣非归母净利润 2.73 亿元，同比增长 17.96%。其中 24Q2 单季度实现营业收入 12.36 亿元，同比增 长 23.44%；归母净利润 1.60 亿元，同比增长 19.11%；扣非归母净利润 1.35 亿元，同比增长 1.58%。 品类品牌打造顺利，多渠道布局稳步推进。24Q2 销售收入环比 24Q1 增加 1253 万元，收入端保持较好的经营韧性。分产品看，公司各品类动销积极，新品增势 良好。辣卤零食/深海零食/休闲烘焙/薯类零食/果干坚果/蒟蒻果冻布丁/蛋类零 食 24H1 分别实现收入 8.98/3.24/3.42/2.21/2.10/1.83/2.39 亿元，同比 +25.81%/+11.83%/+12.60%/+39.34%/+95.98%/+44.01%/+150.54%。公司推 进品类品牌的打造进程， ...