Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a robust revenue growth of 28.9% year-on-year for 2024, reaching 5.3 billion yuan, with a net profit increase of 26.5% to 640 million yuan. For Q1 2025, revenue was 1.54 billion yuan, up 25.7%, and net profit was 180 million yuan, up 11.6% [4][5] - The company is experiencing strong growth in its new product categories, particularly in konjac products, and is expanding its channels, including initial overseas market entries, which opens up future growth potential [4][6] - The company’s gross margin was affected by channel structure adjustments, with Q4 2024 gross margin at 27.6%, down 3.4 percentage points year-on-year. However, the company is expected to maintain a healthy profit growth trajectory in the coming years [6][7] Financial Summary - For 2024, the company achieved a revenue of 5.3 billion yuan, with a year-on-year growth of 28.9%. The net profit for the same year was 640 million yuan, reflecting a growth of 26.5% [7] - The projected revenues for 2025, 2026, and 2027 are 6.72 billion yuan, 8.31 billion yuan, and 10.29 billion yuan, respectively, with expected growth rates of 26.7%, 23.7%, and 23.8% [7][9] - The company’s earnings per share (EPS) are projected to increase from 3.09 yuan in 2025 to 4.82 yuan in 2027, indicating a strong growth outlook [7][9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 86.88 yuan [6]. Core Views - The company achieved a revenue of 5.3 billion yuan in 2024, representing a year-on-year increase of 28.9%, and a net profit attributable to shareholders of 640 million yuan, up 26.5% year-on-year [1]. - The growth was driven by the success of key products such as konjac, quail eggs, and dried fruits, with significant contributions from the distribution and e-commerce channels [2]. - The report highlights the company's multi-category supply chain advantages and comprehensive marketing network as key factors supporting consumer reach and performance growth [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 30.7%, a decrease of 2.9 percentage points year-on-year, and a net profit margin of 12.1%, down 0.2 percentage points year-on-year [3]. - For Q1 2025, the company achieved a revenue of 1.54 billion yuan, a year-on-year increase of 25.7%, with a net profit of 180 million yuan, up 11.6% year-on-year [1]. - The forecast for 2025-2027 indicates expected revenues of 6.46 billion yuan, 7.72 billion yuan, and 9.49 billion yuan, with corresponding net profits of 860 million yuan, 1.04 billion yuan, and 1.27 billion yuan, reflecting growth rates of 34.8%, 20.7%, and 21.8% respectively [4][5].

盐津铺子食品股份有限公司 投资者关系活动记录表 证券代码：002847 证券简称：盐津铺子 编号：2025-001 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 ☑其他（电话会议） | | 参与单位名称及 | 广发证券、长江证券、方正证券、工银瑞信基金、广发基金、 | | 人员姓名 | 嘉实基金、富国基金、汇添富、兴全基金等投资机构，总计 | | | 320 位投资者 | | 时 间 | 年 月 日（星期三）上午 2025 4 23 10:00-11:00 | | 地 点 | 线上电话会议 | | 上市公司接待人 | 董事、副总经理：杨林广 | | 员姓名 | 董 事 会 秘 书：张 杨 | | | 财 务 总 监：杨 峰 | | | Q：请问今年包括未来三年如何从品牌和品类两个角度展 | | | 望增长抓手和竞争优势？公司在新阶段下做了哪些组织管理 调整？ | | | A：2024 年，公司启动品类品牌战略，主推"大魔王" | | | 和"蛋皇"。两个品类品牌在公司的 ...

长江商报消息 ●长江商报记者 黄聪 通过不断转型升级，盐津铺子（002847.SZ）营业收入持续健康发展。 4月22日晚间，盐津铺子发布年报，公司实现营业收入53.04亿元，同比增长28.89%，首次突破50亿元级大关；净 利润6.4亿元，同比增长26.53%，创历史新高。 盐津铺子主要产品包括辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果、蒟蒻果冻布丁等六大品类。 长江商报记者发现，2024年，盐津铺子上述六大品类产品收入全线飘红。 值得一提的是，盐津铺子销售出海战略初显成效，2024年年报显示，公司海外营业收入达6273.61万元，与上年同 期31.49万元相比增长198倍。 六大品类产品收入全线飘红 2017年2月，盐津铺子上市。公司一直聚焦主业，专注休闲食品行业，长期坚持自主制造。 长江商报记者发现，自2013年有可查数据开始，盐津铺子营业收入一直保持增长。 2018年起，盐津铺子成功打造中保类休闲烘焙点心的第二增长曲线，增加了面包、蛋糕、薯片、沙琪玛、果冻布 丁等新品。当年公司营业收入首次超过10亿元大关，达11.08亿元。 2021年，盐津铺子实现营业收入22.82亿元，首次突破20亿元。 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a dual breakthrough in product categories and distribution channels, with significant growth in revenue and profitability [6][10] - The company achieved a revenue of 1.537 billion yuan in Q1 2025, representing a year-on-year increase of 25.7%, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its konjac and egg product lines, with strong performance in both offline and online channels [10] Summary by Relevant Sections Revenue - The company reported a total revenue of 5.304 billion yuan for 2024, an increase of 28.9% year-on-year [8] - In Q1 2025, the revenue exceeded market expectations, driven by strong sales in the konjac product line [8] Profitability - The gross margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] Financial Forecast - The company is projected to achieve total revenues of 6.802 billion yuan, 8.376 billion yuan, and 10.072 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% [10] - The forecasted net profit for 2025 is 844 million yuan, representing a 32.0% increase year-on-year [12] Market Position - The company is actively expanding its distribution channels, including entering the mass retail sector and enhancing its online presence [10] - The overseas business has shown remarkable growth, with a revenue increase of 19822% in 2024 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved dual breakthroughs in product categories and distribution channels, with significant revenue growth and profitability improvements [6][10] - The company reported a revenue of 1.537 billion yuan in Q1 2025, representing a 25.7% year-on-year increase, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its key product categories, particularly konjac, and the expansion of efficient distribution channels [10] Revenue Summary - In 2024, the company achieved a total revenue of 5.304 billion yuan, a 28.9% increase year-on-year [8] - The revenue for Q4 2024 was 1.443 billion yuan, reflecting a 30.0% increase [8] - The company expects to maintain strong growth in both offline and online channels, with significant contributions from new partnerships and product launches [8] Profitability Summary - The gross profit margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] - For the full year 2024, the gross profit margin was 30.69%, a decrease of 2.85 percentage points [8] Financial Forecast - The company forecasts total revenues of 6.802 billion yuan in 2025, 8.376 billion yuan in 2026, and 10.072 billion yuan in 2027, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% respectively [12] - The projected net profit for 2025 is 844 million yuan, increasing to 1.061 billion yuan in 2026 and 1.315 billion yuan in 2027, with growth rates of 32.0%, 25.6%, and 24.0% respectively [12] - The company maintains a strong return on equity (ROE) forecast, with expected values of 35.4% in 2025 and 33.5% in 2026 [12]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates strong growth potential with notable highlights in both products and channels [1] - Revenue for 2024 is projected at 5.304 billion yuan, representing a year-on-year increase of 28.89% [1] - The net profit attributable to the parent company for 2024 is expected to reach 639.95 million yuan, a year-on-year growth of 26.53% [1] - The report emphasizes the robust performance of the konjac product line and the initial success of overseas business [7] - The company is expected to prioritize revenue growth while managing expenses related to brand and channel development [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 4.115 billion yuan - 2024: 5.304 billion yuan - 2025: 6.658 billion yuan - 2026: 7.909 billion yuan - 2027: 9.204 billion yuan - Year-on-year growth rates for total revenue are projected at 42.22% for 2023, 28.89% for 2024, and gradually decreasing to 16.37% by 2027 [1][8] - The net profit attributable to the parent company is forecasted to grow from 505.77 million yuan in 2023 to 1.243 billion yuan in 2027, with respective growth rates of 67.76% and 20.77% [1][8] - The report anticipates a diluted EPS of 1.85 yuan in 2023, increasing to 4.56 yuan by 2027 [1][8] Market Data - The closing price of the company's stock is reported at 83.13 yuan, with a market capitalization of approximately 22.68 billion yuan [5] - The company has a price-to-earnings (P/E) ratio of 44.84 for 2023, decreasing to 18.25 by 2027 [1][5]

Core Viewpoint - The article discusses the significant rise in the stock price of Yanjinpuzi (002847), which increased by 31%, and highlights the missed investment opportunities for certain fund managers, particularly Han Weijun, who sold off their holdings before the price surge [1]. Group 1: Stock Performance - Yanjinpuzi's stock price surged by 37.10% since the beginning of April [1]. - Han Weijun's fund, the Jiaoyin Domestic Demand Growth One-Year Fund, had a year-end market value of 97.8067 million yuan for 1.5624 million shares of Yanjinpuzi [1]. Group 2: Fund Management - Han Weijun managed the Jiaoyin Domestic Demand Growth One-Year Fund, which has seen a cumulative return decline of 32% since its inception on December 11, 2020, with a current net value of 0.68 yuan [1]. - The Jiaoyin Quality Growth One-Year Mixed Fund, also managed by Han Weijun, has cumulative return losses of 25.19% and 27.40% for its A and C classes, respectively, with net values of 0.7481 yuan and 0.7260 yuan [2][3]. Group 3: Fund Holdings - The top ten holdings of the Jiaoyin Domestic Demand Growth One-Year Fund in Q1 included major companies such as Kweichow Moutai (600519) and Qingdao Beer (600600) [1]. - The top ten holdings for the Jiaoyin Quality Growth One-Year Mixed Fund were identical to those of the Jiaoyin Domestic Demand Growth One-Year Fund [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company demonstrates strong growth potential with highlights in both products and channels. The revenue for 2024 is projected to be 5.304 billion yuan, representing a year-on-year increase of 28.89%. The net profit attributable to the parent company is expected to reach 639.95 million yuan, a growth of 26.53% year-on-year [1][7] - The company has shown robust performance with significant growth in its key product lines, particularly in konjac products and egg snacks, which achieved revenue growth of 76% and 82% respectively. The overseas business is also starting to show promising results with revenue of 60 million yuan in 2024 [7] - The company is expected to prioritize revenue growth in the near term, with a focus on high-margin product categories and channels. The net profit for 2025 is projected to be 827.85 million yuan, reflecting a year-on-year increase of 29.36% [1][7] Financial Projections - Total revenue is forecasted to grow from 5.304 billion yuan in 2024 to 9.204 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 16.37% [1][8] - The net profit attributable to the parent company is expected to increase from 639.95 million yuan in 2024 to 1.243 billion yuan in 2027, with a CAGR of about 20.77% [1][8] - The earnings per share (EPS) is projected to rise from 2.35 yuan in 2024 to 4.56 yuan in 2027, indicating a strong upward trend in profitability [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to achieve significant revenue growth driven by category and channel expansion, with a projected revenue of 5.3 billion RMB in 2024, representing a year-on-year increase of 28.9% [1] - The first quarter of 2025 is anticipated to show continued growth, with revenue expected to reach 15.4 million RMB, a year-on-year increase of 25.7% [1] - The company is focusing on health-oriented products, particularly konjac and quail egg categories, which are expected to drive further growth [2] - The report highlights the company's strategic channel expansion, particularly in membership-based supermarkets and e-commerce, contributing to revenue growth [2] Summary by Sections Financial Performance - In 2024, the company reported revenues of 5.3 billion RMB, with a net profit of 639.95 million RMB, reflecting a year-on-year growth of 26.5% [6] - The gross margin for 2024 was 30.7%, down 2.9 percentage points year-on-year, primarily due to changes in channel and product mix [3] - The net profit margin for 2024 was 12.1%, a slight decrease of 0.2 percentage points year-on-year [3] Growth Drivers - The company is leveraging multi-channel strategies, including membership supermarkets and e-commerce, to enhance its market presence [2] - The konjac product line is experiencing high demand, with supply unable to meet the market needs [2] - The report anticipates that the company's focus on brand investment will yield positive results in the coming years [4] Valuation and Forecast - The earnings per share (EPS) forecast for 2025 is set at 3.12 RMB, with an upward revision of 5% from previous estimates [4] - The target price for the company's stock is set at 99.84 RMB, based on a price-to-earnings (PE) ratio of 32 times for 2025 [4] - The report projects continued growth in revenue and net profit through 2027, with expected revenues of 9.46 billion RMB and net profits of 1.27 billion RMB [6]