盐津铺子（002847）：品类与渠道红利驱动公司高增

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]