证券研究报告 | 2025年08月21日 收入端：1H25 增长点聚焦至魔芋，魔芋收入实现翻倍以上增长。1H25 收入同比 +19.6%。分产品看，魔芋制品收入同比+155.1%，贡献几乎全部收入增量（4.8 亿），主要受到大单品"大魔王"放量的拉动。1H25 魔芋制品收入已达 7.9 亿，占比提升至 26.9%。其他品类收入有升有降，蛋类/豆制品//深海零食/ 果干果冻收入同比+29.6%/+12.7%/+11.9%/+9.0%，烘焙薯类/肉制品/其他辣 卤产品收入同比-18.4%/-16.7%/-20.9%。分渠道看，直营商超/经销及其他/ 电商渠道收入同比-42.0%/+30.1%/-1.0%，收入占比分别为 2.1%/78.3%/19.5%。电商渠道下滑主要系电商战略有所调整、费用有所收缩， 其中 Q2 下滑幅度超 20%。 利润端：加强费用管控，扣非归母净利率同比提升。1H25 毛利率同比-2.9pt， 主要与渠道结构变化、部分原材料价格上涨有关。1H25 销售费用率/管理费 用率分别同比-2.7/-1.0pt，主因股份支付费用同比减少、渠道结构变化、 加强费用管控；还原股份支付费用后，销售费用率/ ...

经济观察网 2025年8月20日，盐津铺子(002847)发布2025年半年度报告，2025年上半年实现营业收入 29.41亿元，同比增长19.58%；实现净利润3.73亿元，同比增长16.70%；基本每股收益1.39元；加权平均 净资产收益率ROE为19.29%。 ...

（文章来源：每日经济新闻） 东吴证券8月21日发布研报称，给予盐津铺子（002847.SZ，最新价：73.45元）买入评级。评级理由主 要包括：1）聚焦大单品，优化渠道结构；2）利润率显著提升，彰显高质量发展；3）大单品成长性延 续，顺势采取聚焦战略提质增效。风险提示：食品安全风险，原材料价格波动，行业竞争加剧。 ...

证券研究报告·公司点评报告·休闲食品 盐津铺子（002847） 2025 年中报点评：魔芋成长性延续，聚焦大 单品提质增效 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 | 6,319 | 7,481 | 8,658 | | 同比（%） | 42.22 | 28.89 | 19.15 | 18.38 | 15.73 | | 归母净利润（百万元） | 505.77 | 639.95 | 813.39 | 996.29 | 1,203.07 | | 同比（%） | 67.76 | 26.53 | 27.10 | 22.49 | 20.75 | | EPS-最新摊薄（元/股） | 1.85 | 2.35 | 2.98 | 3.65 | 4.41 | | P/E（现价&最新摊薄） | 39.89 | 31.53 | 24.80 | 20.25 | 16.77 | [Table_Tag] [T ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 2.94 billion yuan in H1 2025, representing a year-on-year increase of 19.6%, with a net profit of 370 million yuan, up 16.7% year-on-year [1][2] - The konjac product line has seen explosive growth, with revenue increasing by 155.1% year-on-year to 790 million yuan in H1 2025, indicating strong brand development and market potential [2][3] - The company is successfully expanding its product categories and channels, with significant contributions from egg snacks and deep-sea snacks, and has made strides in overseas markets [2][3] Financial Performance - In H1 2025, the company's gross margin decreased by 2.9 percentage points to 29.7%, while the net profit margin slightly decreased by 0.5 percentage points to 12.6% [2] - The company reported a net profit margin of 13.8% in Q2 2025, an increase of 0.8 percentage points year-on-year, reflecting effective cost control and channel structure adjustments [2][3] - Revenue projections for 2025-2027 are expected to grow by 21.6%, 19.3%, and 18.4%, reaching 6.45 billion, 7.69 billion, and 9.11 billion yuan respectively [3][9] Market Position and Strategy - The company is leveraging its competitive advantages in product development, research, and channel management to enhance its market position in the konjac category [3] - The establishment of upstream processing facilities aims to stabilize raw material costs and improve operational efficiency [3] - The company has successfully created a standout product, "Big Demon" sesame sauce, which has become a phenomenon in the market, showcasing its brand cultivation capabilities [2][3]

上 市 公 司 食品饮料 2025 年 08 月 21 日 盐津铺子 (002847) ——魔芋引领收入增长 控费提效驱动扣非利润率改善 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 20 日 | | --- | --- | | 收盘价（元） | 73.96 | | 一年内最高/最低（元） | 99.98/36.62 | | 市净率 | 10.5 | | 股息率%（分红/股价） | 2.16 | | 流通 A 股市值（百万元） | 18,174 | | 上证指数/深证成指 | 3,766.21/11,926.74 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 7.98 | | 资产负债率% | 45.95 | | 总股本/流通 A 股（百万） | 273/246 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-20 09-20 10-20 11-20 12-20 01-20 02-20 03-20 04-20 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 88.50 [1][4][7] Core Views - The company reported a strong performance in H1 2025, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching RMB 2.94 billion, RMB 370 million, and RMB 330 million, respectively, representing year-on-year growth of 19.6%, 16.7%, and 22.5% [1][2] - The second quarter of 2025 saw revenue of RMB 1.4 billion, net profit attributable to the parent of RMB 190 million, and net profit excluding non-recurring items of RMB 180 million, with year-on-year growth of 13.5%, 21.7%, and 31.8% [1][2] - The company is expected to benefit from category and channel dividends, with continued growth in quantitative circulation, snack wholesale, and membership supermarkets [1][3] Summary by Sections Financial Performance - In H1 2025, the company's gross profit margin was 29.7%, down 2.9 percentage points year-on-year, while the net profit margin attributable to the parent was 12.7%, a decrease of 0.3 percentage points [3] - The company’s sales and management expense ratios decreased to 10.6% and 3.5%, respectively, due to channel structure optimization and reduced incentive expenses [3] Revenue and Profit Forecast - The company’s revenue is projected to grow from RMB 5.30 billion in 2024 to RMB 8.51 billion in 2027, with year-on-year growth rates of 28.89%, 18.02%, 18.15%, and 15.04% [10] - Net profit attributable to the parent is expected to increase from RMB 639.95 million in 2024 to RMB 1.14 billion in 2027, with growth rates of 26.53%, 25.62%, 20.12%, and 17.70% [10] Valuation - The company is assigned a PE ratio of 30x for 2025, with a target price of RMB 88.50, reflecting a downward adjustment from the previous target price of RMB 99.84 [4][10]

Group 1 - Salted Fish Shop (002847.SZ) released its semi-annual report for 2025, showing that as of August 20, 2025, 63 institutional investors held a total of 145 million shares, accounting for 53.00% of the total share capital [1] - The top ten institutional investors include Hunan Salted Fish Shop Holdings Co., Ltd., Hong Kong Central Clearing Limited, and several mutual funds, with the top ten collectively holding 46.72% of the shares, an increase of 0.65 percentage points from the previous quarter [1] Group 2 - In the public fund sector, three funds increased their holdings, while 13 funds reduced their holdings, with a decrease rate of 0.70% [2] - A total of 39 new public funds were disclosed this period, including several funds focused on consumer themes and value creation [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.40% compared to the previous period [2]

索通发展：披露半年报。公司2025年上半年实现营业收入8,306,421,528.09元，同比增长28.28%；归属 于上市公司股东的净利润523,092,440.06元，同比增长1,568.52%；基本每股收益1.05元。拟向全体股东 每10股派发现金股利2.1元（含税）。 ▼聚焦二：恒瑞医药：拟斥资10亿至20亿元回购股份 公司拟使用自有资金以集中竞价交易方式回购公司A股股份，本次回购的股份拟用于A股员工持股计 划；回购资金总额不低于人民币10亿元，不超过人民币20亿元；回购价格不超过人民币90.85元/股；回 购股份期限为自公司董事会审议通过回购方案之日起不超过12个月。 牧原股份（002714）和索通发展（603612）半年报净利增长逾10倍；恒瑞医药：拟斥资10亿至20亿元回 购股份；天味食品：筹划发行H股股票并在香港联交所上市；居然智家：选举王宁担任董事长…… 今日看点 ▼聚焦一：牧原股份和索通发展半年报净利增长逾10倍 牧原股份：披露半年报。公司2025年上半年实现营业收入764.63亿元，同比增长34.46%；实现归属于上 市公司股东的净利润105.3亿元，同比增长1169.77%；基本每股收 ...

业绩简评 8 月 20 日公司发布半年报，25H1 实现营收 29.41 亿元，同比 +19.58%；实现归母净利润 3.73 亿元，同比+16.70%，扣非归母净 利润 3.34 亿元，同比+22.50%。25Q2 实现营收 14.03 亿元，同比 +13.54%，实现归母净利润 1.95 亿元，同比+21.75%，扣非归母净 利润 1.78 亿元，同比+31.78%，业绩符合预期。 经营分析 魔芋实现翻倍以上增长，品类品牌转型效果持续释放。1）分产品 看，魔芋、鹌鹑蛋、蒟蒻果冻、深海零食等健康化品类保持增长， 其他品类略有下滑主要系公司为提升盈利能力聚焦资源投放，减 少代工产品及长尾 sku。25H1 辣卤魔芋/其他辣卤/蛋类零食/果干 果冻/其他分别实现收入 7.91/5.30/3.09/4.28/0.61 亿元，同比 +155.10%/-9.93%/+29.57%/+9.01%/+42.62%。2）分渠道看，25H1 经销/电商/直营 KA 渠道销售额分别为 23.03/5.74/0.63 亿元，同 比+30.09%/-0.97%/-42.00%。经销渠道高增系大魔王品牌势能辐 射全渠道，其中零食量贩 ...