Core Viewpoint - The company reported a strong performance in Q3 2025, with revenue and net profit attributable to shareholders increasing by 6.0% and 33.5% respectively, driven by robust growth in the konjac product line and positive feedback on new products [1][2][3] Financial Performance - In Q3 2025, the company achieved total revenue of 14.9 billion and net profit attributable to shareholders of 2.3 billion, marking year-on-year increases of 6.0% and 33.5% respectively [2] - For the first three quarters of 2025, total revenue reached 44.3 billion, up 14.7% year-on-year, while net profit attributable to shareholders was 6.0 billion, reflecting a 22.6% increase [2] - The company's gross margin improved to 31.6%, a year-on-year increase of 1.0 percentage point, primarily due to a restructuring of product categories and a decrease in the proportion of low-margin products [3] Product and Channel Performance - The konjac product line continued to show strong growth, contributing significantly to revenue, with new flavors being actively promoted [2][3] - The new quail egg product received positive sales feedback, particularly in Sam's Club [2] - The quantitative distribution channel experienced high growth, with the number of terminal outlets reaching 200,000 to 300,000 [2] - E-commerce sales hit a low point in July but have been gradually recovering since then [2] Investment Outlook - The company plans to focus on the konjac category over the next three years while leveraging R&D to enhance other product lines and strengthen brand power through key products [3] - Expected earnings per share (EPS) for 2025-2027 are projected to be 2.99, 3.46, and 4.05 yuan, respectively, with a 20x price-to-earnings (PE) valuation for 2026 [2][3]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company achieved a revenue of 1.49 billion yuan in Q3 2025, representing a year-on-year increase of 6.1%, while the net profit attributable to the parent company was 230 million yuan, up 33.6% year-on-year, and the net profit after deducting non-recurring gains and losses was 220 million yuan, an increase of 45.0% year-on-year [1][4] - The company is focusing on enhancing its operational quality by adjusting its channel and product structure in response to the narrowing channel dividends and increasing competition among product categories [4] - The high-margin konjac product category is expected to continue its growth, contributing to an increase in the company's profitability, with the net profit margin rising by 4.0 percentage points year-on-year to 14.8% in Q3 2025 [4] Financial Summary - Total revenue is projected to grow from 4.115 billion yuan in 2023 to 7.444 billion yuan in 2027, with a compound annual growth rate (CAGR) of 12.6% [3][5] - The net profit attributable to the parent company is expected to increase from 506 million yuan in 2023 to 1.154 billion yuan in 2027, reflecting a CAGR of 18.7% [3][5] - The gross margin is forecasted to stabilize around 30% to 31.2% over the next five years, with a slight increase in return on equity (ROE) from 35.0% in 2023 to 36.5% in 2027 [3][5]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3][7]. Core Views - The company reported a Q3 revenue growth of +6.0% and a net profit growth of +33.5%, driven by strong performance in the konjac product line and positive feedback on new products [7]. - The company is focusing on the konjac category for the next three years while enhancing other product lines through R&D, aiming to leverage flagship products to boost brand strength [7]. - The report projects EPS for 2025, 2026, and 2027 to be 2.99, 3.46, and 4.05 CNY respectively, with a target valuation based on a 20x PE for 2026 [7]. Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 4.43 billion CNY, a year-on-year increase of 14.7%, and a net profit of 600 million CNY, up 22.6% [7]. - Q3 gross margin improved to 31.6%, a 1.0 percentage point increase year-on-year, attributed to a better product mix and reduced low-margin product sales [7]. - The company’s net profit margin for Q3 reached 15.6%, an increase of 3.2 percentage points year-on-year, marking a historical high for the quarter [7]. Revenue and Profit Forecast - The company forecasts total revenue for 2025 to be 6.035 billion CNY, with a year-on-year growth of 14% [2][13]. - The projected net profit for 2025 is 815 million CNY, reflecting a growth rate of 27% compared to the previous year [8][14]. - The report anticipates continued revenue growth in subsequent years, with 2026 and 2027 expected to see revenues of 7.017 billion CNY and 8.144 billion CNY respectively [2][13].

Group 1: Financial Performance - The company achieved a revenue of 44.27 billion yuan in the first three quarters, representing a year-on-year growth of 14.67% [3] - The net profit attributable to shareholders reached 6.05 billion yuan, with a year-on-year increase of 22.63% [3] - In Q3 alone, revenue was 14.86 billion yuan, showing a year-on-year growth of 6.05%, while net profit was 2.32 billion yuan, up by 33.55% [3] Group 2: Product Development and Innovation - The company focuses on the "big single product" strategy, with the "Big Demon King" product achieving over 100 million yuan in sales within a month of its launch [2] - The health department's quail egg products have become the industry leader, with two products listed in Sam's Club [3] - The spicy division is leveraging the success of konjac snacks to drive the development of tofu products, indicating potential for new hit products [3] Group 3: Channel Performance - The quantitative circulation channel showed sustained high growth, focusing on brand building through display and promotions [5] - The e-commerce channel experienced a significant decline, with a 40% year-on-year drop in Q3 revenue, but is expected to become a key branding channel for big products in the future [6] - The company is actively penetrating membership supermarkets and instant retail markets, producing customized products for major retailers [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown strong revenue growth, with a 14.67% year-on-year increase in revenue for the first three quarters of 2025, reaching 4.427 billion yuan. The net profit attributable to shareholders increased by 22.63% year-on-year to 605 million yuan [6] - The company is focusing on six core product categories and is seeing rapid development through multi-channel and multi-category strategies. The growth momentum is expected to continue, particularly in the konjac product category [6] - The report anticipates that the company's revenue will reach 5.911 billion yuan in 2025, with a year-on-year growth rate of 11%, and net profit attributable to shareholders will be 825 million yuan, reflecting a 29% year-on-year increase [6] Financial Performance Summary - For 2023, the company reported revenue of 4.115 billion yuan, with a year-on-year growth rate of 42%. The projected revenue for 2024 is 5.304 billion yuan, with a growth rate of 29% [2] - The net profit for 2023 was 506 million yuan, with a year-on-year growth rate of 68%. The forecast for 2024 is 640 million yuan, with a growth rate of 27% [2] - The earnings per share (EPS) for 2023 was 2.58 yuan, projected to decrease to 2.35 yuan in 2024, before increasing to 3.02 yuan in 2025 [2] Profitability Metrics - The company's gross margin and net margin for Q3 2025 were 31.63% and 15.57%, respectively, showing improvements compared to the previous year [6] - The report indicates that the company has effectively managed its costs, with a decrease in sales, management, and R&D expense ratios in Q3 2025 compared to Q3 2024 [6] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 37.9 in 2023 to 23.3 in 2025, indicating an improving valuation as earnings grow [2] - The price-to-book (P/B) ratio is expected to decline from 13.3 in 2023 to 9.0 in 2025, reflecting a more attractive valuation over time [2]

Core Insights - The company is set to establish a production base in Thailand, which will be a key component of its overseas expansion strategy, with construction expected to start next year and take about one year to complete [1] - The investment for the Thailand production base is approximately 220 million yuan, with a focus on producing products like konjac and potato chips [1] - The company aims to increase its overseas sales, projecting revenues to exceed 200 million yuan this year, compared to 62.736 million yuan in overseas revenue last year [1] Group 1 - The company's core product, sesame konjac, has seen strong sales overseas, becoming a phenomenon in the market [2] - In 2024, the company plans to launch a new product under its strategic sub-brand "Da Mo Wang," in collaboration with the century-old brand "Liu Bi Ju," featuring a sesame flavor [2] - The sales of sesame konjac reached over 100 million yuan in a single month in March this year [2] Group 2 - The company plans to further expand its konjac product line, with expectations that revenue from these products will likely exceed one-third of total revenue next year [3] - The company has established a konjac base in Yunnan and is collaborating on konjac sourcing in Southeast Asia to ensure stable raw material supply despite price fluctuations [3] - Although there have been price fluctuations in konjac raw materials, the overall impact on the company is limited due to its supply chain management [3]

Core Insights - The company is set to begin construction of its production base in Thailand next year, with a construction period of approximately one year [1] - This production base will enable local production and sales, serving as a key support for the company's overseas expansion strategy [1] - The company's overseas sales are expected to exceed 200 million yuan this year, a significant increase from last year's overseas revenue of 62.736 million yuan [1]

证券研究报告 | 季报点评 gszqdatemark 2025 10 28 年 月 日 盐津铺子（002847.SZ） 收入符合预期，利润亮眼增长 事件：公司发布 2025 年三季报，前三季度实现营收 44.3 亿元，同比 +14.7%，归母净利润 6.0 亿元，同比+22.6%，扣非净利润 5.5 亿元，同 比+30.5%。25Q3 单季度营收 14.9 亿元，同比+6.0%，归母净利润 2.3 亿元，同比+33.5%，扣非净利润 2.2 亿元，同比+45.0%。 电商调整 Q3 收入降速，利润延续高增。25Q3 公司营收同比+6.0%至 14.9 亿元，环比 Q2 有所降速，我们预计与渠道变革之下，电商费率提升，公 司主动调整电商运营策略，形成一定拖累相关，过去盐津在每一轮渠道变 革机遇中均快速把握机会，当前叠加大魔王等大单品打造成熟，进一步牵 引定量流通等渠道布局。品类维度，盐津大魔王开创麻酱魔芋赛道，牵引 整体增长，同时公司储备虎皮鳕鱼豆腐、虎皮豆干等产品体系，后续复制 大魔王的打造路径，有望复刻更多大单品。25Q3 归母净利润同比+33.5% 至 2.3 亿元，延续亮眼高增，预计主要来自于大单品打磨 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 95 yuan [2][9]. Core Insights - The company reported a revenue of 4.427 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.67%. The net profit attributable to shareholders reached 605 million yuan, up 22.63% year-on-year [2]. - In Q3 alone, the company achieved a revenue of 1.486 billion yuan, a 6.05% increase year-on-year, with a net profit of 232 million yuan, reflecting a significant year-on-year growth of 33.55% [2]. - The company plans to distribute a cash dividend of 4 yuan per 10 shares, totaling approximately 109 million yuan, which accounts for 18.05% of the net profit attributable to shareholders for the first three quarters [2]. Financial Performance Summary - The company is projected to achieve total revenue of 5.304 billion yuan in 2024, with a year-on-year growth rate of 28.9%. By 2027, revenue is expected to reach 8.143 billion yuan, with a growth rate of 16.0% [5]. - The net profit attributable to shareholders is forecasted to be 640 million yuan in 2024, growing to 1.202 billion yuan by 2027, with respective growth rates of 26.5% and 21.8% [5]. - The earnings per share (EPS) is expected to increase from 2.35 yuan in 2024 to 4.41 yuan in 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio from 30 to 16 [5]. Market and Competitive Position - The company is experiencing a shift in its sales channels, with e-commerce adjustments impacting revenue growth. However, offline channels are expected to maintain a growth rate of over 20% [9]. - The product mix optimization and cost control in e-commerce have led to an unexpected improvement in profitability, with a gross margin of 31.63% in Q3, up 1.01 percentage points year-on-year [9]. - The company maintains a competitive advantage through cost leadership and strong organizational capabilities, with a focus on expanding its product categories, particularly in the konjac segment [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 89.52, up from the previous target of RMB 88.50 [6][4]. Core Insights - The company has shown a revenue growth of 14.7% year-on-year for the first three quarters of 2025, with a net profit increase of 22.6% and a non-recurring net profit growth of 30.5% [1]. - In Q3 2025, the company reported a revenue of RMB 14.9 billion, a 6.0% increase year-on-year, while net profit rose by 33.5% [1][2]. - The company is focusing on optimizing its product categories and channel structures, which has led to improved profit margins [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 30.3%, down 1.5 percentage points year-on-year, while Q3 gross margin improved to 31.6%, up 1.0 percentage point [3]. - The net profit margin for Q1-3 2025 was 13.7%, increasing to 15.6% in Q3, reflecting a year-on-year increase of 0.9 and 3.2 percentage points respectively [3]. Strategic Initiatives - The company is actively adjusting its e-commerce channels, focusing on high-value membership supermarkets and quantitative distribution channels, which has led to a significant optimization of its product and channel structure [1][2]. - The introduction of new products, such as flavored konjac products and the Sam's Club brand, is expected to drive revenue growth and enhance profit margins [2]. Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 have been revised upwards to RMB 3.09, RMB 3.73, and RMB 4.34, respectively, reflecting an increase of 5%, 5%, and 4% from previous estimates [4]. - The company is projected to maintain a strong growth trajectory, with expected revenue growth rates of 12.86%, 15.98%, and 14.02% for the years 2025 to 2027 [10].