公 告 证券研究报告 ▌ 风险提示 请阅读最后一页重要免责声明 2 请阅读最后一页重要免责声明 3 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 ▌ 证券投资评级说明 | --- | --- | --- | |-------|-------|-------------------------------------------------| | | | | | | | | | | | 投资建议 行业指数相对同期证券市场代表性指数涨幅 | | 1 | 推荐 | > 10% | | 2 | 中性 | -10% — 10% | | 3 | 回避 | < -10% | 诚信、专业、稳健、高效 华鑫证券有限责任公司（以下简称"华鑫证券"）具有中国证监会核准的证券 投资咨询业务资格。本报告由华鑫证券制作，仅供华鑫证券的客户使用。本公 司不会因接收人收到本报告而视其为客户。 请阅读最后一页重要免责声明 5 2024 年 03 月 27 日 研 券 研 ▌ 盈利预测 | --- | --- | --- | --- | --- | |--------------- ...

评级说明 证券市场是一个风险无时不在的市场。投资者在进行证券交易时存在赢利的可能，也存在亏损的风险。建议投资者应当充分深入 地了解证券市场蕴含的各项风险并谨慎行事。 风险提示 本报告中所述证券不一定能在所有的国家和地区向所有类型的投资者销售，投资者应当对本报告中的信息和意见进行独立评估， 并应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专业顾问的意见。在任何情 况下，信达证券不对任何人因使用本报告中的任何内容所引致的任何损失负任何责任，投资者需自行承担风险。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 4 满静雅，英国华威商学院管理学硕士，海外留学及工作经验获得国际化开阔视野。具 备 三年头部房企战略投资的从业经验，擅长从产业的视角挖掘上下游发展机会。 2021 年加入国泰君安证券研究所，2021/2022 年新财富团队核心成员。2023 年加入 信达证券食品 饮料团队，主要覆盖白酒板块。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 3 分析师声明 负责本报告全部或部分内容的每一位分析师在此申明，本 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [7][11]. Core Views - The company emphasizes high cash dividends, proposing a cash dividend of 403 million yuan for 2023, which accounts for 70% of the total profit distribution [4]. - In 2023, the company achieved a revenue of 4.115 billion yuan, representing a year-on-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-on-year [8]. - The first quarter of 2024 is expected to see a net profit of 150 to 170 million yuan, indicating a year-on-year growth of 34.48% to 52.41% [8]. Financial Performance - The company’s gross margin for 2023 was 33.54%, with a net profit margin of 12.47% [10]. - The company’s revenue is projected to grow to 5.253 billion yuan in 2024, with a net profit of 663 million yuan, reflecting a growth rate of 31% [25]. - The earnings per share (EPS) are forecasted to be 3.38 yuan in 2024, with a price-to-earnings (P/E) ratio of 22.36 [25]. Market Data - As of March 27, 2024, the company's stock price is 75.67 yuan, with a market capitalization of approximately 14.84 billion yuan [2]. - The stock has a 52-week price range of 59.27 to 139.50 yuan [2]. Strategic Initiatives - The company is focusing on channel expansion and product development, with significant growth in e-commerce and other distribution channels [11][22]. - The company has increased its number of distributors to 3,315, with a net addition of 832 in 2023 [22]. Profitability and Cost Management - The company has implemented a cost-leading strategy, enhancing profitability through self-manufacturing and supply chain optimization [10]. - The selling expense ratio decreased to 12.53% in 2023, reflecting improved cost management [10]. Future Outlook - The company is expected to maintain strong growth in revenue and profit, with a projected net profit of 992 million yuan by 2026 [25]. - The report highlights the potential for continued optimization of profitability as supply chain capacities expand [11].

2024 年 3 月 27 日 公司研究 多品类稳步增长，全渠道持续布局 ——盐津铺子（002847.SZ）2023 年年报及 24Q1 业绩预告点评 要点 事件：盐津铺子发布 2023 年年报和 24Q1 业绩预告，公司 2023 年全年实现营 业收入 41.15 亿元，同比增长 42.22%；归母净利润 5.06 亿元，同比增长 67.76%； 扣非归母净利润 4.76 亿元，同比增长 72.84%。23Q4 实现营业收入 11.11 亿元， 同比增长 20.22%；归母净利润 1.10 亿元，同比增长 32.64%；扣非归母净利润 1.00 亿元，同比增长 21.23%。24Q1 实现归母净利润 1.5-1.7 亿元，同比增长 34.48%-52.41%；扣非归母净利润 1.3-1.5 亿元，同比增长 32.18%-52.51%。 大单品持续构建，全渠道布局稳步推进。分产品看，公司七大品类动销积极，核 心单品增势突出。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 2023 年分别实现收入 14.82/6.19/6.27/3.60/2.67/2.17/3.19 亿元， 同比分 ...

每股收益 2.58 3.48 4.56 5.80 PE 27 20 15 12 | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 净利润 | 513 | 682 | 894 | 1,137 | | 折旧和摊销 | 159 | 175 | 205 | 225 | | 营运资金变动 | -59 | 204 | 12 | -799 | | 经营活动现金流 | 664 | 1,094 | 1,149 | 598 | | 资本开支 | -345 | -420 | -399 | -374 | | 投资 | 0 | 0 | 0 | 0 | | 投资活动现金流 | -296 | -420 | -399 | -374 | | 股权募资 | 186 | 0 | 0 | 0 | | 债务募资 | -93 | 150 | 100 | 0 | | 筹资活动现金流 | -255 | -173 | -330 | -5 ...

证 券 研 究 报 告 本报告导读： 公 司 更 新 报 告 景气延续，趋势向好 公司 2023 年多品类、全渠道策略成功，叠加单品规模效应释放，业绩弹性凸显；2024Q1 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 2,894 | 4,115 | 5,354 | 6,619 | 8,020 | | (+/-)% | 27% | 42% | 30% | 24% | 21% | | 经营利润（ EBIT ） | 358 | 614 | 766 | 988 | 1,268 | | (+/-)% | 88% | 72% | 25% | 29% | 28% | | 净利润（归母） | 301 | 506 | 686 | 887 | 1,145 | | (+/-)% | 1 ...

Financial Performance - The company reported a total investment income of ¥1,790,533.67, accounting for 0.31% of total profit, primarily from financial management income [18]. - The company recognized an asset impairment loss of ¥740,840.99, which represents -0.13% of total profit, mainly due to inventory write-downs [18]. - Other income amounted to ¥60,014,441.86, making up 10.46% of total profit, primarily from government subsidies, indicating a sustainable focus on the core business of leisure food [18]. - The company's operating revenue for 2023 reached ¥4,115,175,423.46, representing a 42.22% increase compared to ¥2,893,520,454.12 in 2022 [58]. - Net profit attributable to shareholders for 2023 was ¥505,773,918.21, a 67.76% increase from ¥301,492,878.19 in the previous year [58]. - The net profit after deducting non-recurring gains and losses was ¥476,234,230.93, up 72.84% from ¥275,551,050.86 in 2022 [58]. - The company's cash flow from operating activities for 2023 was ¥664,033,786.96, reflecting a 56.04% increase compared to ¥425,547,974.26 in 2022 [58]. - Basic earnings per share for 2023 were ¥2.64, a 66.04% increase from ¥2.40 in 2022 [58]. - The company reported a net cash increase of ¥112,740,032.41, reflecting a 45.57% increase compared to the previous year [87]. Research and Development - The company has completed its annual R&D goals for several projects, including the development of a high-transparency konjac jelly production process, which aims to enhance product quality and market competitiveness [6]. - The number of R&D personnel decreased by 32.08% from 240 in 2022 to 163 in 2023, with a corresponding drop in the proportion of R&D staff from 6.80% to 3.90% [6]. - The company's R&D investment increased by 7.37% to ¥79,751,445.60, but the proportion of R&D investment to operating revenue decreased from 2.57% to 1.94% [86]. - The company is actively engaged in R&D projects, including the development of ice cream pudding and low-fat whole wheat bread, aimed at enhancing product competitiveness and consumer satisfaction [153]. - The company has a strong R&D team focused on market needs, leading to innovations in product formulations and production processes [110]. Market Strategy and Expansion - The company has diversified its product offerings, including new categories such as baked goods and jelly puddings since 2018 [49]. - The company aims to improve consumer satisfaction and market competitiveness through innovative product development and quality enhancement [6]. - The company plans to expand its market presence through continuous product innovation and enhanced brand building to adapt to competitive pressures [68]. - The company has established a marketing headquarters to manage direct supermarket channels, distributor channels, and online e-commerce channels [72]. - The company is expanding its market presence by developing new retail channels, including community group buying and live streaming sales [79]. - The company aims to enhance its brand influence and channel strength through collaborations with popular snack brands and social media marketing [79]. - The company intends to expand its presence in lower-tier cities and enhance its community group buying and instant snack offerings [176]. Supply Chain and Production - The company has a complete and independent supply, production, and sales system, ensuring operational independence and compliance with regulations [3]. - The company has adopted a digitalized supply chain management system to enhance production efficiency and product quality [48]. - The company maintains a procurement model based on production plans, ensuring quality and cost-effectiveness in sourcing raw materials [96]. - The company has established a comprehensive product system focusing on seven major categories, including spicy snacks, potato snacks, deep-sea snacks, and baked goods, with a brand matrix that includes "Salted Fish" and "31° Fresh" among others [107]. - The company has implemented advanced production techniques and automation to enhance product quality and safety while improving production efficiency [109]. Marketing and Sales - The company reported a significant increase in user engagement through digital marketing strategies, leveraging social media and e-commerce platforms to reach consumers directly [65]. - The e-commerce channel revenue reached 82,839.83 million in 2023, representing 20.13% of total revenue, up from 14.45% in 2022 [84]. - The company has implemented a direct sales model with large chain supermarkets, enhancing market responsiveness and consumer engagement [117]. - The company has established a comprehensive multi-channel marketing network, enhancing its competitive advantage in the snack food industry [90]. - The company emphasizes a multi-channel marketing strategy, integrating direct sales, distributors, and e-commerce to mitigate channel dependency risks [104]. Financial Management - The company has a cash dividend payout ratio that has consistently exceeded 100% in recent years, with a total cash dividend of 947 million yuan since its listing [191]. - The company prioritizes high cash dividends, reflecting a strong commitment to investor returns [200]. - The company has established a rigorous product traceability system, utilizing ERP, WMS, and LIMS systems to monitor the entire process from raw material procurement to finished product sales [113]. Corporate Governance and Social Responsibility - The company emphasizes the importance of corporate governance and aims to enhance the protection of minority investors' rights and interests through improved internal control systems [198]. - The management will continue to enhance the company's governance level and operational efficiency to improve core competitiveness and sustainable development capabilities [198]. - The company is committed to social responsibility and will continue to engage in public welfare activities [178]. - The company has committed to social responsibility initiatives, particularly in education and rural development, to contribute to community welfare [186].

证券代码：002847 证券简称：盐津铺子 公告编号：2024-010 盐津铺子食品股份有限公司 2024年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 （一）会议召开日期和时间： 现场会议时间为：2024 年 3 月 26 日下午 14:30 网络投票时间为：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2024 年 3 月 26 日上午 9:15—9:25，9:30—11:30，下午 13:00－15:00；通过深圳 证券交易所互联网投票系统投票的具体时间为：2024 年 3 月 26 日（现场股东大 会召开当日）上午 9:15 至当日下午 15:00。 （二）现场会议召开地点：湖南省长沙市雨花区长沙大道运达中央广场写字 楼 A 座 32 楼，盐津铺子食品股份有限公司总部行政会议室。 （三）会议召集人：盐津铺子食品股份有限公司董事会。 （四）会议召开方式：本次股东大会采取现场投票与网络投票相结合的 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-016 盐津铺子食品股份有限公司 关于2024年度日常关联交易预计的公告 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。 公司于2024年3月26日召开第四届董事会第七次会议、第四届监事会第六次 会议审议通过了《关于公司2024年度日常关联交易预计的议案》，2024年公司因 日常经营需要向关联方购买、销售货物或提供、接受劳务等计划关联交易总额预 计为58,900.00万元（去年实际发生金额为31,641.95万元）。除回避的董事外，其 他董事、监事一致同意。独立董事已经召开独立董事专门会议并发表了明确的同 意意见。 该议案尚需提交公司2023年度股东大会审议。 一、日常关联交易基本情况 | | | | | | 实际发 | 实际发 | 披 露 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交 | | 关联交 | 实际发生 | 预计交易 | 生额占 | 生额与 | 日 期 | | 易类别 | 关联人 | 易内容 | 金额 | 金额 | ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-020 盐津铺子食品股份有限公司 关于公司会计政策变更的公告 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。 特别提示： 盐津铺子食品股份有限公司（以下简称"公司"）根据中华人民共和国财政 部（以下简称"财政部"）印发的《企业会计准则解释第 17 号》（财会【2023】 21 号，以下简称"准则解释 17 号"）的要求变更会计政策。本次变更后的会计 政策更能准确的反映公司财务状况和经营成果，不会对公司当期的财务状况、经 营成果和现金流量产生重大影响，不存在损害公司及股东合法权益的情况。 公司于 2024 年 3 月 26 日召开了第四届董事会第七次会议和第四届监事会 第六次会议审议通过了《关于公司会计政策变更的议案》。根据《深圳证券交易 所股票上市规则》等的相关规定，本次会计政策变更事项无需提交公司股东大会 审议，具体情况如下： 一、会计政策变更概述 1、变更原因及日期 二、本次会计政策变更对公司的影响 本次会计政策变更是公司根据财政部发布的相关文件要求进行的变更，变更 后的会计政策能够客观、公允 ...