盐津铺子：第二季度收入同比增长23%，着力打造品类品牌

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]