Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Insights - The company is experiencing significant growth driven by its konjac product line, with expectations for continued growth in new products and channel expansion [2][13]. - The financial performance shows robust revenue growth and profit increases, with a projected revenue of 61.7 billion yuan in 2025, reflecting a 16.3% year-on-year growth [5][13]. - The company has optimized its product structure, leading to a notable increase in profitability, with a net profit margin of 15.6% in Q3 2025, up 3.2 percentage points year-on-year [13]. Financial Summary - Total revenue is projected to grow from 41.15 billion yuan in 2023 to 85.91 billion yuan in 2027, with a compound annual growth rate (CAGR) of 17.9% [5]. - Net profit attributable to the parent company is expected to rise from 5.06 billion yuan in 2023 to 12.64 billion yuan in 2027, with a CAGR of 24.3% [5]. - Earnings per share (EPS) is forecasted to increase from 1.85 yuan in 2023 to 4.63 yuan in 2027 [5]. Market Data - The current stock price is 70.35 yuan, with a target price set at 98.75 yuan [6][7]. - The company has a market capitalization of 19.19 billion yuan and a price-to-earnings (P/E) ratio of 37.94 [7][13]. - The stock has shown a 28% increase over the past 12 months [11]. Product and Channel Development - The konjac product line is expected to continue its strong growth, supported by brand recognition and consumer demand [13]. - The company is actively reducing low-margin products and focusing on high-potential channels, which is anticipated to enhance profitability [13].

今日多条要点，一起来看详情↓ ↓ ↓ 八马茶业登陆港交所 10月28日，中国茶叶连锁品牌八马茶业在香港交易所主板挂牌，暗盘开盘比发行价高60%，报 80 港元/股。截至上午10 时，上涨70%以上。八马茶业此次 全球发售900万股，募资总额4.5亿港元，扣除6011万港元上市费用后，净募资约3.9亿港元。募集资金将用于扩展销售网络、提升供应链效率及品牌推广。 图：八马茶业正式登陆香港交易所主板 美团骑手社保补贴全国上线，覆盖全部骑手 10月28日消息，外卖行业首个面向全部骑手开放的社保补贴方案来了！美团宣布，骑手养老保险补贴正式覆盖全国，向全部骑手开放。11月开始，骑手可 根据自身需求，选择在户籍地或工作所在地缴纳。考虑到很多骑手有照顾家庭、过渡就业等特殊需求，今年美团还为骑手拓展创新了大病关怀、子女教育 等进阶保障福利。这些保障不仅面向全行业所有骑手，更首次将骑手家属子女也纳入其中，覆盖超百万骑手及其家庭。 农夫山泉钟睒睒第四次成为中国首富，身价5300亿元 10月28日，从胡润百富公众号获悉，当天《2025衡昌烧坊·胡润百富榜》揭晓，农夫山泉创始人钟睒睒财富增长1900亿元，以5300亿元第四次成为中国首 ...

Core Viewpoint - Yanjinpuzi (002847) has reported significant sales achievements for its innovative product "Big Devil" sesame sauce, which reached over 100 million (including tax) in monthly sales within just 16 months of its launch, setting a record for the fastest monthly sales in the snack industry [1] Group 1 - The company has adopted a big product strategy since 2025, focusing on enhancing brand momentum and product recognition across all channels, which has become a key driver for revenue growth [1] - The revenue from konjac snacks has shown rapid year-on-year growth in Q3, with continuous positive growth on a quarterly basis [1]

证券日报网讯盐津铺子10月28日发布公告，在公司回答调研者提问时表示，公司前三季度实现收入 44.27亿元，同比增长14.67%；实现归母净利润6.05亿元，同比增长22.63%；其中，第三季度，实现收 入14.86亿元，同比增长6.05%；归母净利润2.32亿元，同比增长33.55%；第三季度收入、利润均实现同 比、环比的稳健增长。除魔芋保持强劲增长外，深海零食、休闲豆制品收入稳健增长；鹌鹑蛋通过研发 创新，溏心鹌鹑蛋上市即上榜"山姆新品热卖榜"。高毛利产品的收入占比提升，提升了公司的净利率、 毛利率。辣味事业部：以魔芋零食为核心，利用渠道复用优势，带动豆干系列产品发展，公司目前的虎 皮鱼豆腐、虎皮豆干已具备下一个爆款的潜能。健康事业部：包括鹌鹑蛋和深海系列，其中鹌鹑蛋产品 已成为行业第一，山姆会员商店已上架两款公司的鹌鹑蛋产品。甜味事业部：包含果干果冻、烘焙薯类 等，旗下均拥有具备增长潜力的大单品。各事业部均以研发为动能，聚焦产品创新，旨在持续打造明星 大单品，为公司收入提供多元增长动能。 （文章来源：证券日报） ...

Core Insights - The leisure snack industry is facing significant challenges, with many companies reporting declining performance in their Q3 2025 results, highlighting the impact of macroeconomic uncertainties on consumer spending [1][4][7] Performance Overview - Wanchen Group reported the best performance among listed companies, achieving a revenue of 36.562 billion yuan, a year-on-year increase of 77.37%, and a net profit of 855 million yuan, up 917.04% [1] - Ganyuan Foods experienced a revenue decline of 4.5% to 1.53 billion yuan and a net profit drop of 43.7% to 156 million yuan [1] - Yanjinpuzi achieved a revenue of 4.427 billion yuan, a year-on-year increase of 14.67%, with a net profit of 605 million yuan, up 22.63% [2] - Jinzhai Foods reported a revenue of 1.808 billion yuan, a slight increase of 2.05%, but a net profit decline of 19.51% [2] - Three Squirrels saw a revenue increase of 8.22% to 7.759 billion yuan, but a significant net profit drop of 52.9% to 161 million yuan [3] Market Dynamics - The overall decline in net profits across the leisure snack sector reflects the industry's struggle amid economic downturns, as these products are not considered necessities [4][6] - Analysts suggest that the industry must innovate and adapt to survive, as the "Matthew Effect" will increasingly favor stronger brands while weaker ones may struggle [4][5] - The rise of bulk snack formats has not replaced traditional snack brands but has created opportunities for lesser-known brands, which may eventually be overshadowed by established names [4][5] Consumer Behavior and Pricing - The overall market size for snacks is increasing, but individual companies may experience declining revenues due to price reductions and stable consumer demand [5][6] - Companies are pressured to improve efficiency in their supply chains and marketing strategies to maintain profitability amid shrinking margins [6][7] - The industry is facing a critical juncture where survival is at stake, as highlighted by the challenges faced by major players like Liangpinpuzi [7]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The konjac category is leading high growth, with profitability accelerating [5] - The company reported a total operating income of 4.427 billion yuan for Q1-Q3 2025, a year-on-year increase of 15%, and a net profit attributable to shareholders of 605 million yuan, up 23% year-on-year [4][5] - The gross margin for Q3 2025 increased by 1 percentage point to 31.63%, driven by channel and product structure optimization [5] - The company is focusing on high-potential products, particularly in the konjac segment, which is expected to continue releasing profits as raw material costs stabilize [6] Summary by Sections Financial Performance - For Q3 2025, total operating income was 1.486 billion yuan, a 6% increase year-on-year, with a net profit of 232 million yuan, up 34% year-on-year [4][5] - The company adjusted its EPS forecasts for 2025-2027 to 2.98, 3.47, and 4.02 yuan respectively, with corresponding PE ratios of 24, 20, and 18 [7] Product and Channel Strategy - The company is leveraging its supply chain advantages to enhance product competitiveness, with a focus on high-potential categories like konjac [7] - The quantitative distribution channel is experiencing rapid growth, and the company is optimizing its channel positioning to enhance sales [6] Market Outlook - The company is expected to benefit from the expansion of its Southeast Asian supply chain and the optimization of its e-commerce channels, which should further improve operational quality [7]

投资建议：看好品类品牌势能延续，渠道建设推进，利润进一步释放。公司Q3 收入/归母净利润分别增 长+6.0%/+33.5%。Q3 魔芋延续强劲增长，溏心蛋新品反馈不错，渠道端定量流通、量贩、会员商超渠 道表现较好，电商调整回升中。未来三年公司聚焦魔芋品类，同时通过研发突破其余品类，利用大单品 提升品牌势能，辣味事业部加大投入打造品牌。预计公司25-27 年归母净利润分别为8.15 亿/9.44 亿/11.05 亿，预计25-27 年EPS分别为2.99、3.46、4.05 元，对应26 年20xPE 估值，维持"强烈推荐"评 级。 预计公司25-27 年EPS 分别为2.99、3.46、4.05 元，对应26 年20xPE 估值，维持"强烈推荐"评级。 风险提示：行业竞争加剧、动销不及预期、产能释放不及预期、成本上涨 Q3 收入/归母净利润分别增长+6.0%/+33.5%。公司发布2025 年三季报业绩，公司25 年Q1-Q3 实现总收 入44.3 亿，同比+14.7%；归母净利润6.0亿，同比+22.6%；扣非归母净利润5.5 亿，同比+30.5%。25Q3 公司实现收入/归母净利润/扣非净利润14.9 亿 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 盐津铺子(002847.SZ) [Table_Author] 程丽丽 食品饮料分析师 执业编号：S1500523110003 邮 箱：chenglili@cindasc.com [Table_Title] 收入提质，盈利兑现 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_ReportDate] 2025 年 10 月 28 日 [Table_Summary] 事件：公司 25Q3 实现营收 14.9 亿元，同比+6.1%，归母净利润为 2.3 亿元， 同比+33.6%，扣非归母净利为 2.2 亿元，同比+45.0%。 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_OtherReport] 投资评级 买入 上次评级 买入 ➢ 电商主动调整，短期收入增速放缓。魔芋品类持续高景气度下，我们预 计 25Q3 魔芋品类持续爬坡（25H1 为 7 ...

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].

盐津铺子食品股份有限公司 盐津铺子食品股份有限公司 投资者关系活动记录表 证券代码：002847 证券简称：盐津铺子 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 ☑ 其他（电话会议） | | 参与单位名称及 | 广发证券、长江证券、方正证券、工银瑞信基金、富国基金、 | | 人员姓名 | 交银施罗德基金等投资机构，总计 位投资者 296 | | 时 间 2025 | 年 10 月 28 日（星期二）上午 10:00-11:00 | | 地 点 | 线上电话会议 | | 上市公司接待人 | 董事会秘书：张杨 | | 员姓名 | 证券事务代表：吴瑜 | | | Q：魔芋的发展趋势如何？2025 年能否超预期达成？ | | | A：魔芋作为超级食材，健康属性、工业化程度高以及无 | | | 色无味等特点，使之成为味觉的载体。零食制造商通过对魔 | | | 芋零食赋予餐饮化的调味，辣味叠加健康食材的双重 buff，预 | | | 计魔芋零食仍具备较大的 ...