盐津铺子：收入增长稳健，加强股东回报

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to achieve revenue of 2.4 to 2.5 billion RMB in the first half of 2024, representing a year-on-year growth of 26.7% to 32.0%. The net profit attributable to shareholders is projected to be between 310 to 330 million RMB, with a year-on-year increase of 26.2% to 34.3% [1] - The company has demonstrated strong revenue growth in Q2, with a growth rate exceeding 20%. This is attributed to its competitive advantage in cost leadership and effective channel management [1] - The company has announced a share buyback plan of 50 to 70 million RMB and a mid-term dividend proposal of 6 RMB per 10 shares, reflecting confidence in its future prospects and commitment to shareholder returns [1] Financial Summary - Total revenue is projected to grow from 2.894 billion RMB in 2022 to 7.427 billion RMB by 2026, with a compound annual growth rate (CAGR) of 18.4% [2] - The net profit attributable to shareholders is expected to increase from 301 million RMB in 2022 to 966 million RMB in 2026, with a CAGR of 18.5% [2] - The company's gross margin is forecasted to slightly decline from 34.7% in 2022 to 31.9% in 2026, while the return on equity (ROE) is expected to improve from 26.6% in 2022 to 39.9% in 2026 [2] Earnings Per Share (EPS) Forecast - The EPS is projected to rise from 1.10 RMB in 2022 to 3.52 RMB in 2026, indicating strong earnings growth potential [2][3]