证券研究报告·公司深度研究·休闲食品 盐津铺子（002847） 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,115 | 5,304 | 5,962 | 7,079 | 8,197 | | 同比（%） | 42.22 | 28.89 | 12.40 | 18.74 | 15.79 | | 归母净利润（百万元） | 505.77 | 639.95 | 819.71 | 1,008.28 | 1,224.11 | | 同比（%） | 67.76 | 26.53 | 28.09 | 23.00 | 21.41 | | EPS-最新摊薄（元/股） | 1.85 | 2.35 | 3.01 | 3.70 | 4.49 | | P/E（现价&最新摊薄） | 38.85 | 30.71 | 23.97 | 19.49 | 16.05 | [Table_Tag] [Table_Summary] 投资要点 ◼ 公司二十余载发 ...

长沙晚报全媒体记者 刘俊 朱泽寰 11月26日，香港新界宏福苑发生火灾，牵动社会各界关注。灾情发生后，湘籍企业和企业家积极募捐、 驰援香港，在关键时刻展现湘港情谊。 捐资助物：爱心暖流汇聚香江 倡议联动：凝聚同心救灾合力 据悉，香港湖南联谊总会发起救灾募捐活动，呼吁社会各界如有抗寒救灾物资赞助，或需要寻求帮助， 可与总会联系，共同为受影响香港市民提供支持与关怀；如有湖南乡亲认识其他受此次火灾波及的同乡 家人，可协助转达联络，总会将竭诚为有需要的乡亲提供支援与协助。联系人及电话：王馨榆 （+852）68077622；刘美桃（+852）97697621；余华丽（+852）60415151。 长沙市工商联、湖南省长沙市光彩事业基金会发布《关于驰援香港新界大埔区住宅楼重大火灾事故救灾 工作的倡议书》，号召全市广大商协会和民营企业大力弘扬"义利兼顾、以义为先，自强不息、止于至 善"的光彩精神，积极履行社会责任，慷慨解囊、伸出援手、奉献爱心，为受灾地区捐款捐物，帮助受 灾地区的同胞早日渡过难关，以实际行动为香港重大火灾事故紧急救援、灾后重建、恢复生产贡献长沙 民营经济力量。联系人及电话：汤展翔15874908083。 截 ...

出品｜刻度财经 单季营收14.9亿元，同比增长6.1%，前三季度净赚6亿元。 2025年的零食行业，正上演一场惨烈的渠道淘汰赛，鸣鸣很忙带着1.6万家门店冲刺港股，万辰集团靠 着量贩模式扩大门店规模，向香港联合交易所递交上市申请。另一边，三只松鼠增收不增利，抖音渠道 扩展但难掩盈利压力，良品铺子连续三年业绩下滑。 在这种情况下，盐津铺子更像是逆势突围的"优等生"。《刻度财经》研究财报发现，盐津铺子前三季度 营收44.27亿元、归母净利润6.05亿元，同比分别增长14.67%和22.63%。单季营收14.9亿元，同比增长 6.1%，归母净利润2.3亿元。 图源：西南证券报告 另外，公司通过上游产业链的布局，降低了魔芋原料成本压力，一定程度上加强了规模化采购红利，延 续核心产品魔芋制品的爆发表现，2025年上半年，盐津铺子实现营收29.41亿元，同比增长19.58%，归 母净利润3.73亿元，同比增加16.70%，扣非净利润增速达22.50%，整体呈现稳健增长态势。 | | 本报告期 | 本报告期比上年 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | ...

近段时间，党的二十届四中全会精神在中原大地引发热烈反响。《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》强调，坚持有效市场和有为政府相结合，构建统一、开放、竞争、有序的 市场体系，道出了广大经营主体的心声。 多方努力下，企业项目原需6个月的变更流程缩短至15天，魔芋爽生产线投产时间从预计的2026年4月提 前至今年11月，预计可增加额外产值超5亿元。 为更好发挥政府作用，漯河经开区持续深化"放管服效"改革，创新推出"一件事集成服务"综合窗口， 657项政务服务实现"一网集成"，"即办件"占比超92%，承诺时限压缩超92%。推行"帮办代办"全覆盖 和"容缺受理"机制，为企业提供"全链条""点对点"服务。深入开展"万人助万企"与"学查改·以企观政服 务企业大走访"，坚持"走下去、到企业、面对面、一对一"，精准收集企业诉求，建立"收集—交办—督 办—反馈"闭环机制，问题解决率达100%。 河南省漯河经济技术开发区盐津铺子食品有限公司办公室里，项目负责人许亚峰接到了区服务专班工作 人员的电话："问题清单已经发给您了，您再看看还有哪些难题？" "我们将持续强化助企服务，有效提升产业项目'含金量'、'含新量 ...

近段时间，党的二十届四中全会精神在中原大地引发热烈反响。《中共中央关于制定国民经济和社会发 展第十五个五年规划的建议》强调，坚持有效市场和有为政府相结合，构建统一、开放、竞争、有序的 市场体系，道出了广大经营主体的心声。 河南省漯河经济技术开发区盐津铺子食品有限公司办公室里，项目负责人许亚峰接到了区服务专班工作 人员的电话："问题清单已经发给您了，您再看看还有哪些难题？" 半年前，许亚峰还在为生产线"中途改道"而犯愁。2024年，盐津铺子在漯河经开区新建肉脯生产线，建 至中途时，公司经市场调研发现魔芋类食品"大魔王"系列销量增长迅猛，于是准备将肉脯生产线变更为 魔芋爽生产线。 "最难办的是跨部门流程。"许亚峰回忆，"消防审批、绿化布局、水电气管网改造、厂房规格调整，每 一项都涉及多个部门。" （文章来源：经济日报） "企业有难处，我们必须跑起来！"漯河经开区企业服务专员周博在走访中得知情况后，当晚便整理出问 题清单。 相关情况上报区服务专班后，区主要领导亲自带队现场办公，要求所有问题的解决路径必须"一竿子插 到底"。分管领导召集电力、水务、热力公司及住建、消防等部门，现场敲定方案。服务专员全程驻 场，发现问题 ...

Group 1: Economic Indicators and Consumer Trends - The CPI in October showed a slight improvement, with a year-on-year increase of 0.2% and a month-on-month increase of 0.2%, indicating a potential recovery trend that may continue into the first half of next year [6][10] - The retail sales of consumer goods in October reached 46,291 billion yuan, growing by 2.93% year-on-year, with significant improvements in essential consumption categories such as food and beverages [10] - The restaurant sector saw a monthly revenue of 5,199 billion yuan in October, reflecting a year-on-year growth of 3.8%, driven by the National Day and Mid-Autumn Festival holidays [10] Group 2: Frozen and Food Supply Industry - The frozen food and catering industry is witnessing a shift from price wars to product innovation and channel development, with companies focusing on quality and service rather than just price competition [11] - Major players like Anjiyuan and Qianwei Central Kitchen are transitioning their strategies to emphasize product quality and operational efficiency, leading to improved profitability [11][15] - The industry is entering a "hard strength reshuffle period," where companies are expected to enhance their product offerings and service capabilities to maintain competitiveness [11] Group 3: Snack Food Sector - The snack food sector is experiencing a weak recovery, with a clear differentiation in growth among brands and channels, driven by strategic adjustments and product innovations [33][34] - The emergence of the konjac category as a significant growth driver, with market potential expected to reach 300 billion yuan by 2025, indicates a strong consumer demand for healthy snacks [34][40] - Companies like Yummy Foods and Salted Fish are leveraging their core products and channel strategies to achieve substantial growth, with a focus on high-margin products and efficient cost management [34][42] Group 4: Specific Company Strategies - Anjiyuan is focusing on high-margin products and channel expansion, with significant growth in its core offerings like volcanic stone grilled sausages and high-end dumplings [12][13] - Qianwei Central Kitchen is seeing improvements in its direct sales and distribution channels, with a focus on enhancing profitability through strategic adjustments in customer structure and resource allocation [15][18] - Salted Fish is capitalizing on the konjac trend and optimizing its product mix to improve profitability, with a strong emphasis on high-margin products and efficient channel management [40][41]

证券代码：002847 证券简称：盐津铺子 公告编号：2025-061 盐津铺子食品股份有限公司 2025年中期权益分派实施公告 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、根据《深圳证券交易所上市公司自律监管指引第 9 号-回购股份》的相关 规定，盐津铺子食品股份有限公司（以下简称"公司"）回购专用证券账户持有 的公司股份 1,050 股不享有参与本次利润分配的权利。 2、因公司回购股份不享有参与本次利润分配的权利，因此，本次权益分派 实施后除权除息价格计算时，每股现金红利应以 0.3999984 元/股计算，每 10 股 现金红利为 3.999984 元。 公司总股本折算每股现金红利比例计算如下： 按总股本折算每股现金红利=实际现金分红总金额/总股本（含回购股份）， 即：109,083,451.60 元÷272,709,679 股=0.3999984 元/股； 除权除息参考价=除权除息日的前一交易日收盘价-按总股本折算每股现金 红利； 综上，2025 年中期权益分派实施后的除权除息价格按照上述原则及计算方 式执行，即本次权益分派实施后的 ...

（文章来源：证券日报） 证券日报网讯 11月26日晚间，盐津铺子发布公告称，公司本次回购注销限制性股票的激励对象共5名， 回购注销的限制性股票数量合计为70，000股，注销股份占注销前总股本272，779，679股的0.03%。本 次回购价格分别为27.12元/股、25.07元/股（回购价格差异系不同期次股权激励计划对应的授予价格不 同，加之其授予日不同对应的银行利息存在一定差异所致）。本次回购的总金额为1，858，220.00元， 资金来源为自有资金。截至本公告日，上述限制性股票已在中国证券登记结算有限责任公司深圳分公司 完成回购注销手续。本次回购注销完成后，公司总股本由272，779，679股变更为272，709，679股。 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2025-060 盐津铺子食品股份有限公司 关于部分限制性股票回购注销完成的公告 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。 重要内容提示： 1、盐津铺子食品股份有限公司（以下简称"公司"）本次回购注销限制性 股票的激励对象共 5 名，回购注销的限制性股票数量合计为 70,000 股，注销股 份占注销前总股本 272,779,679 股的 0.03%。 2、本次回购价格分别为 27.12 元/股、25.07 元/股（回购价格差异系不同期 次股权激励计划对应的授予价格不同，加之其授予日不同对应的银行利息存在一 定差异所致）。 3、本次回购的总金额为 1,858,220.00 元，资金来源为自有资金。 4、截至本公告日，上述限制性股票已在中国证券登记结算有限责任公司深 圳分公司完成回购注销手续。 5、本次回购注销完成后，公司总股本由 272,779,679 股变更为 272,709,679 股。 盐津铺子食品股份有限公司（以下简称"公司"）于 2025 年 8 月 20 日召开 第四届董事会第十九次会议和第 ...

Core Viewpoint - The report from Guotou Securities emphasizes the importance of consumption in economic growth, predicting a stabilization in the consumption fundamentals in 2026, which presents a significant opportunity for investment in the food and beverage industry [1] Group 1: Alcohol Industry - The liquor sector is at a cyclical bottom, with low expectations, low holdings, and low valuations, suggesting potential for left-side layout opportunities [2] - The rapid clearing of financial reports in the past two quarters indicates a resolution of supply-demand conflicts, with a gradual recovery in household consumption expected [2] - The white liquor business model remains strong, and with a potential economic recovery, valuations are likely to rebound quickly [2] Group 2: Beer Industry - The beer sector is expected to maintain a structural market in 2026, with investment opportunities in companies with strong single-product growth logic and those benefiting from competitor adjustments [3] - Overall profitability in the beer sector is on an upward trend, driven by the expansion of products priced between 8-10 yuan and improved efficiency from lean management [3] Group 3: Dairy Industry - The dairy sector is positioned for a turnaround in the raw milk cycle in 2026, with a focus on the profitability elasticity of the dairy supply chain [4] - Demand for dairy products has shown differentiation, with low-temperature fresh milk and cheese experiencing healthy growth, while room temperature liquid milk has been a drag [4] - The average milk price in major production areas is expected to recover above the average cost of production in 2026, making it an opportune time to invest in the dairy supply chain [4] Group 4: Soft Drink Industry - The soft drink sector has seen significant performance differentiation, with companies in strong growth categories leading the industry [5] - In 2026, there is a focus on functional beverages and the competitive landscape of packaged water, with an emphasis on companies introducing new products [5] - The demand for low-sugar functional beverages is anticipated to grow, particularly among white-collar workers seeking fatigue-relief options [5] Group 5: Snack Industry - The snack sector is benefiting from strong new channel drivers, with expectations of improved gross and net profit margins due to scale effects [6] - The konjac product category is maintaining high market interest, with significant growth potential in China [6] - Investment recommendations include focusing on companies with strong performance during the adjustment period and those with leading products in the snack sector [6]