Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved a revenue of 5.304 billion yuan in 2024, with a year-on-year growth of 28.89%, and a net profit of 640 million yuan, reflecting a growth of 26.53% [5][10] - The company is expected to continue its growth trajectory, with projected revenues of 6.582 billion yuan and 7.924 billion yuan for 2025 and 2026, respectively, representing year-on-year growth rates of 24.10% and 20.38% [10][12] - The company is focusing on upgrading its product categories and enhancing brand strength, which is expected to drive future growth [6][9] Company Overview - The latest closing price of the company's stock is 83.13 yuan, with a total market capitalization of 22.7 billion yuan [4] - The company has a total share capital of 273 million shares, with 245 million shares in circulation [4] - The company has a debt-to-asset ratio of 50.9% and a price-to-earnings ratio of 35.22 [4] Financial Performance - In Q4 2024, the company reported revenues of 1.443 billion yuan and a net profit of 147 million yuan, both showing significant year-on-year growth [5] - The company’s gross margin for 2024 was 30.69%, slightly down from the previous year, while the net profit margin was 12.07% [7][8] - The company is expected to see improvements in profit margins due to cost control measures and a shift towards higher-margin products [9][10] Product and Channel Strategy - The company is leveraging a dual strategy of product category enhancement and channel expansion, with significant growth in direct sales and e-commerce channels [6][9] - The company plans to invest 30 million USD in establishing a production base in Thailand to cater to the Southeast Asian market [6][10] - The company’s sub-brand "Da Mo Wang" has shown strong performance, with new products achieving significant sales milestones [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][10] Core Views - The company achieved significant revenue growth in 2024, with total revenue of 5.304 billion yuan, representing a year-on-year increase of 28.89% [5] - The company is expected to continue its growth trajectory, with projected revenues of 6.582 billion yuan and 7.924 billion yuan for 2025 and 2026, respectively, indicating growth rates of 24.10% and 20.38% [10] - The company is focusing on upgrading its product categories and enhancing brand strength, which is expected to drive future growth [9] Company Overview - The latest closing price is 83.13 yuan, with a total market capitalization of 22.7 billion yuan [4] - The company has a total share capital of 273 million shares, with 245 million shares in circulation [4] - The company’s asset-liability ratio stands at 50.9% [4] Financial Performance - In Q4 2024, the company reported revenue of 1.443 billion yuan, a year-on-year increase of 29.96% [5] - The company’s gross margin for 2024 was 30.69%, slightly down from the previous year [7] - The net profit attributable to the parent company for 2024 was 639.95 million yuan, reflecting a growth of 26.53% [12] Product and Channel Strategy - The company is leveraging a dual strategy of product categories and channel development, with significant growth in direct sales and e-commerce channels [6] - The company plans to invest 30 million USD in establishing a production base in Thailand to expand its overseas market presence [6] Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 3.02 yuan and 3.78 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30 and 24 [10][12] - The company anticipates a steady increase in net profit margins, supported by improved cost management and product mix optimization [9]

Investment Rating - The report adjusts the investment rating to "Recommended" due to recent stock price increases and reasonable valuation levels [2][7]. Core Views - The company is positioned as a leader in the konjac product segment, benefiting from category advantages that drive high growth [4][7]. - The financial performance for 2024 and Q1 2025 meets expectations, with revenue growth of 28.89% and 25.69% respectively, indicating strong operational momentum [3][4]. Financial Performance Summary - In 2024, the company achieved revenue of CNY 5.30 billion, a year-on-year increase of 28.89%, and a net profit of CNY 640 million, up 26.53% [3][11]. - For Q1 2025, revenue reached CNY 1.54 billion, reflecting a 25.69% year-on-year growth, while net profit was CNY 178 million, an increase of 11.64% [3][11]. Product Category Performance - The company focuses on six core product categories, with significant revenue contributions from spicy snacks and konjac products, achieving revenue growth rates of 32.4% and 76.1% respectively [4][11]. - The launch of the sesame-flavored konjac product has become a standout item, with sales reaching CNY 838 million in 2024, marking a 76.1% increase [4][11]. Channel Performance - The company’s sales channels show strong growth, particularly in e-commerce and overseas markets, with overseas revenue increasing to CNY 62.73 million in 2024 [5][11]. - Direct sales through supermarkets and e-commerce channels have also seen significant growth, with e-commerce sales up 40% year-on-year [5][11]. Profitability and Margin Analysis - The gross margin for 2024 was 30.68%, slightly down from the previous year, attributed to a higher proportion of lower-margin products [6][11]. - Despite a decrease in net profit margin to 12.08%, the company anticipates long-term improvements in profitability as brand recognition and scale efficiencies grow [6][11]. Earnings Forecast - The company’s net profit is projected to grow to CNY 850 million in 2025, representing a 32.82% increase, with further growth expected in subsequent years [7][11].

Investment Rating - The report adjusts the investment rating for the company to "Recommended" due to recent stock price increases and reasonable valuation levels [2][7]. Core Views - The company has demonstrated strong growth in the konjac product segment, with a focus on six core categories leading to significant revenue increases. The company is positioned as a leader in the konjac market, benefiting from brand recognition and product innovation [4][7]. - The company's revenue for 2024 is projected to reach 5.30 billion, reflecting a year-on-year growth of 28.89%, while the net profit is expected to be 640 million, up 26.53% [3][11]. - The report highlights the company's successful entry into new sales channels, including membership stores and e-commerce, which are expected to drive further growth [5][7]. Financial Performance Summary - In 2024, the company achieved a revenue of 5.30 billion, with a net profit of 640 million, and a gross margin of 30.68% [3][6][11]. - The first quarter of 2025 saw a revenue of 1.54 billion, with a net profit of 178 million, indicating a year-on-year growth of 25.69% and 11.64% respectively [3][11]. - The company’s six core product categories showed varied growth rates, with the new sesame-flavored product achieving a remarkable 76.1% increase in sales [4][11]. Channel Performance Summary - The company’s direct sales through supermarkets and e-commerce channels have shown significant growth, with e-commerce sales increasing by 40% year-on-year [5][11]. - The overseas sales strategy has begun to yield results, with international revenue rising to 62.73 million, primarily driven by konjac products entering Southeast Asian markets [5][11]. Profitability Outlook - The report notes a slight decline in profit margins in the short term, with gross margins at 30.68% for 2024 and 28.47% for Q1 2025, attributed to lower-margin products gaining a larger share of sales [6][11]. - Long-term profitability is expected to improve as brand recognition and scale efficiencies increase, potentially leading to a reduction in sales and management expense ratios [6][7]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 850 million, 1.07 billion, and 1.24 billion respectively, with growth rates of 32.82%, 25.46%, and 15.91% [11][13].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to achieve revenue and net profit of 5.304 billion and 640 million yuan respectively in 2024, representing year-on-year growth of 28.89% and 26.53% [1] - The company is focusing on a dual-driven growth model of "products + channels" and aims for a long-term strategy of "multi-brand, multi-category, all-channel, full industry chain, and future globalization" [4] Revenue Performance - In 2024, the company expects significant sales growth driven by various product categories, including leisure konjac, meat and poultry products, and egg snacks, with respective revenues of 840 million, 380 million, and 580 million yuan, showing year-on-year growth rates of 76%, 11%, and 82% [2] - The company reported a strong performance in Q1 2025 with revenue of 1.537 billion yuan and net profit of 178 million yuan, reflecting year-on-year growth of 25.69% and 11.64% [1] Channel and Market Expansion - The company has seen growth in various regions, with revenue from different channels such as direct sales and e-commerce increasing significantly, with e-commerce revenue growing by 40% [3] - The number of distributors increased by 272 to a total of 3,587, indicating successful business expansion and channel penetration [3] Profitability and Financial Metrics - The company's gross margin and net margin have slightly decreased, with gross margin at 30.69% and net margin at 12.08% for 2024 [4] - The company plans to distribute a total cash dividend and share repurchase amounting to 496 million yuan, which is 77.57% of the net profit for 2024 [4] Financial Forecast - The company has adjusted its revenue forecast for 2024-2026, expecting revenues of 6.772 billion, 8.345 billion, and 10.201 billion yuan, with corresponding growth rates of 28%, 23%, and 22% [4] - The projected net profit for the same period is 851 million, 1.068 billion, and 1.324 billion yuan, with growth rates of 33%, 25%, and 24% [4] Valuation Metrics - The company is expected to have a P/E ratio of 29X, 23X, and 18X for 2024, 2025, and 2026 respectively [4] - The current price of the stock is 89.23 yuan, with a market capitalization of approximately 24.34 billion yuan [7][8]

Core Viewpoint - Salted Fish maintains stable growth in a highly competitive snack market, achieving approximately 5.304 billion yuan in revenue and 640 million yuan in net profit in 2024, reflecting year-on-year growth of 28.9% and 26.5% respectively [1] Group 1: Financial Performance - In 2024, Salted Fish's revenue reached approximately 5.304 billion yuan, with a year-on-year increase of 28.9%, while net profit was 640 million yuan, up 26.5% [1] - In Q1 of the current year, despite a revenue growth of 25.7%, the net profit attributable to shareholders only increased by 11.6%, indicating a slowdown [4] - The gross profit margin for Salted Fish decreased to 30.69% in 2024, down 2.85 percentage points year-on-year [6][22] Group 2: Market Trends and Product Development - The konjac snack market has surpassed 12 billion yuan in 2024, with an annual growth rate exceeding 20%, becoming a phenomenon in the snack food sector [8] - Salted Fish's revenue from konjac products reached 838 million yuan in 2024, a significant increase of 76% year-on-year, accounting for 15.81% of total revenue [11] - The company plans to focus on overseas markets, particularly Thailand, with a goal of achieving over 80% of sales from konjac products by 2025 [17] Group 3: Channel Strategy and Structural Changes - Salted Fish has shifted its channel strategy from high-margin, high-cost supermarkets to low-cost, low-margin snack wholesale stores, which has resulted in significant market share growth [19][21] - The first major customer contributed 1.26 billion yuan in sales, accounting for 23.7% of total annual sales in 2024 [21] - The company aims to reduce reliance on single channels by developing category brands and leveraging high-potential products to enhance brand influence [24] Group 4: Future Outlook and Challenges - Salted Fish has set ambitious targets for 2025, aiming for revenue of no less than 5.64 billion yuan and a net profit of at least 813 million yuan, which would require a year-on-year net profit growth of over 30% [28][29] - The company faces challenges in achieving these targets, especially given the slower growth in net profit observed in recent quarters [30]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated robust revenue growth, with a reported revenue of 5.3 billion yuan in 2024, reflecting a year-on-year increase of 28.9%. The net profit attributable to the parent company reached 640 million yuan, up 26.5% [4][6] - In Q1 2025, the company achieved a revenue of 1.54 billion yuan, marking a 25.7% increase year-on-year, with a net profit of 180 million yuan, up 11.6% [4][6] - The company is adjusting its channel structure, which has impacted gross margins, but it is expected to benefit from the growth of new products, particularly in the konjac category, and is beginning to explore overseas markets [4][6] Financial Performance Summary - The company reported a revenue of 5.3 billion yuan in 2024, with a year-on-year growth of 28.9% and a net profit of 640 million yuan, reflecting a growth of 26.5% [4][7] - For 2025, the company is projected to achieve revenues of 6.72 billion yuan, with a growth rate of 26.7%, and a net profit of 843 million yuan, representing a growth of 31.7% [7] - The gross margin for 2024 was 30.7%, with a slight decrease from the previous year, while the net profit margin was 12.1% [7] Product and Regional Performance - In Q4 2024, the company generated a revenue of 1.44 billion yuan, a 30.0% increase, driven by strong performance in various product categories, particularly spicy konjac and egg snacks [5][6] - The company’s revenue by region in 2024 showed significant growth across all areas, with the overseas market experiencing a staggering increase of 19822.0% [5][6] Future Projections - The company is expected to achieve net profits of 8.4 billion yuan in 2025, 10.5 billion yuan in 2026, and 13.2 billion yuan in 2027, with respective growth rates of 31.7%, 24.0%, and 25.9% [4][7] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 28.9 for 2025, 23.3 for 2026, and 18.5 for 2027 [4][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a robust revenue growth of 28.9% year-on-year for 2024, reaching 5.3 billion yuan, with a net profit increase of 26.5% to 640 million yuan. For Q1 2025, revenue was 1.54 billion yuan, up 25.7%, and net profit was 180 million yuan, up 11.6% [4][5] - The company is experiencing strong growth in its new product categories, particularly in konjac products, and is expanding its channels, including initial overseas market entries, which opens up future growth potential [4][6] - The company’s gross margin was affected by channel structure adjustments, with Q4 2024 gross margin at 27.6%, down 3.4 percentage points year-on-year. However, the company is expected to maintain a healthy profit growth trajectory in the coming years [6][7] Financial Summary - For 2024, the company achieved a revenue of 5.3 billion yuan, with a year-on-year growth of 28.9%. The net profit for the same year was 640 million yuan, reflecting a growth of 26.5% [7] - The projected revenues for 2025, 2026, and 2027 are 6.72 billion yuan, 8.31 billion yuan, and 10.29 billion yuan, respectively, with expected growth rates of 26.7%, 23.7%, and 23.8% [7][9] - The company’s earnings per share (EPS) are projected to increase from 3.09 yuan in 2025 to 4.82 yuan in 2027, indicating a strong growth outlook [7][9]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 86.88 yuan [6]. Core Views - The company achieved a revenue of 5.3 billion yuan in 2024, representing a year-on-year increase of 28.9%, and a net profit attributable to shareholders of 640 million yuan, up 26.5% year-on-year [1]. - The growth was driven by the success of key products such as konjac, quail eggs, and dried fruits, with significant contributions from the distribution and e-commerce channels [2]. - The report highlights the company's multi-category supply chain advantages and comprehensive marketing network as key factors supporting consumer reach and performance growth [4]. Financial Performance Summary - In 2024, the company reported a gross margin of 30.7%, a decrease of 2.9 percentage points year-on-year, and a net profit margin of 12.1%, down 0.2 percentage points year-on-year [3]. - For Q1 2025, the company achieved a revenue of 1.54 billion yuan, a year-on-year increase of 25.7%, with a net profit of 180 million yuan, up 11.6% year-on-year [1]. - The forecast for 2025-2027 indicates expected revenues of 6.46 billion yuan, 7.72 billion yuan, and 9.49 billion yuan, with corresponding net profits of 860 million yuan, 1.04 billion yuan, and 1.27 billion yuan, reflecting growth rates of 34.8%, 20.7%, and 21.8% respectively [4][5].

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：2025-001 | | □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、广发基金、 | | 人员姓名 | 嘉实基金、富国基金、汇添富、兴全基金等投资机构，总计 | | | 320 位投资者 | | 时 间 | 年 月 日（星期三）上午 2025 4 23 10:00-11:00 | | 地 点 | 线上电话会议 | | 上市公司接待人 | 董事、副总经理：杨林广 | | 员姓名 | 董 事 会 秘 书：张 杨 | | | 财 务 总 监：杨 峰 | | | Q：请问今年包括未来三年如何从品牌和品类两个角度展 | | | 望增长抓手和竞争优势？公司在新阶段下做了哪些组织管理 调整？ | | | A：2024 年，公司启动品类品牌战略，主推"大魔王" | | | 和"蛋皇"。两个品类品牌在公司的 ...