魔芋、鹌鹑蛋大单品爆发 盐津铺子能否逃离低价陷阱？

Core Viewpoint - Salted Fish maintains stable growth in a highly competitive snack market, achieving approximately 5.304 billion yuan in revenue and 640 million yuan in net profit in 2024, reflecting year-on-year growth of 28.9% and 26.5% respectively [1] Group 1: Financial Performance - In 2024, Salted Fish's revenue reached approximately 5.304 billion yuan, with a year-on-year increase of 28.9%, while net profit was 640 million yuan, up 26.5% [1] - In Q1 of the current year, despite a revenue growth of 25.7%, the net profit attributable to shareholders only increased by 11.6%, indicating a slowdown [4] - The gross profit margin for Salted Fish decreased to 30.69% in 2024, down 2.85 percentage points year-on-year [6][22] Group 2: Market Trends and Product Development - The konjac snack market has surpassed 12 billion yuan in 2024, with an annual growth rate exceeding 20%, becoming a phenomenon in the snack food sector [8] - Salted Fish's revenue from konjac products reached 838 million yuan in 2024, a significant increase of 76% year-on-year, accounting for 15.81% of total revenue [11] - The company plans to focus on overseas markets, particularly Thailand, with a goal of achieving over 80% of sales from konjac products by 2025 [17] Group 3: Channel Strategy and Structural Changes - Salted Fish has shifted its channel strategy from high-margin, high-cost supermarkets to low-cost, low-margin snack wholesale stores, which has resulted in significant market share growth [19][21] - The first major customer contributed 1.26 billion yuan in sales, accounting for 23.7% of total annual sales in 2024 [21] - The company aims to reduce reliance on single channels by developing category brands and leveraging high-potential products to enhance brand influence [24] Group 4: Future Outlook and Challenges - Salted Fish has set ambitious targets for 2025, aiming for revenue of no less than 5.64 billion yuan and a net profit of at least 813 million yuan, which would require a year-on-year net profit growth of over 30% [28][29] - The company faces challenges in achieving these targets, especially given the slower growth in net profit observed in recent quarters [30]