Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 24.59 billion yuan for the first half of 2024, representing a year-on-year increase of 29.84% [1] - The net profit attributable to the parent company reached 3.19 billion yuan, up 30.01% year-on-year [1] - The company has shown strong resilience in operations during the off-season, with concerns about revenue growth rate being addressed by the introduction of popular products [1][2] - The company is expected to maintain a competitive advantage through cost leadership and brand development of core products [1] Financial Performance Summary - Total revenue for 2022 was 2,894 million yuan, increasing to 4,115 million yuan in 2023, and projected to reach 5,166 million yuan in 2024 [2] - The net profit attributable to the parent company was 301 million yuan in 2022, increasing to 506 million yuan in 2023, and expected to be 656 million yuan in 2024 [2] - The gross profit margin for 2023 was 33.5%, with a slight increase projected for 2024 [2] - The return on equity (ROE) improved from 26.6% in 2022 to 35.0% in 2023, with further growth expected [2] - Earnings per share (EPS) are projected to rise from 1.10 yuan in 2022 to 1.84 yuan in 2023, and further to 2.39 yuan in 2024 [2]

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Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a target price of 37.75 CNY per share [1]. Core Views - The company has demonstrated strong revenue growth, achieving a 29.84% year-on-year increase in revenue to 2.459 billion CNY in H1 2024, and a 30.00% increase in net profit to 319 million CNY [1]. - The company is focusing on multi-channel and multi-category development, enhancing its internal capabilities to improve quality and efficiency [3]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 5.263 billion CNY, 6.425 billion CNY, and 7.746 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 27.9%, 22.1%, and 20.5% [4]. Revenue Analysis - The company has seen rapid growth in specific product categories, such as quail eggs and konjac snacks, with significant revenue increases in various segments: spicy snacks at 898 million CNY (+25.81%), baked snacks at 342 million CNY (+12.60%), and quail egg snacks at 239 million CNY (+150.54%) [1]. - The company has launched a strategic sub-brand for quail eggs, "Egg Emperor," targeting the mid-to-high price segment, and has successfully entered major retail channels like Sam's Club [1]. Profit Analysis - The gross margin for Q2 2024 was reported at 32.96%, showing a year-on-year decrease of 3.08 percentage points, primarily due to changes in channel structure [1]. - The net profit margin for Q2 2024 was 12.93%, with a slight year-on-year decline of 0.47 percentage points, while the non-recurring net profit margin was 10.92%, down 2.35 percentage points year-on-year [1]. Long-term Outlook - The company is adapting to changes in the snack industry supply chain, emphasizing efficiency and high-quality products to meet consumer demands [3]. - The report suggests that the company's strong supply chain and organizational capabilities align with current industry trends, positioning it well for future growth [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 62.5 CNY from the previous 64.98 CNY [4][5][14]. Core Insights - The company's Q2 2024 performance met expectations, with a revenue increase of 23% year-on-year and a non-net profit growth of 1.5%, primarily impacted by stock incentive costs. After adjusting for these costs, the non-net profit growth approached 40% [4][12]. - The core logic of the company remains intact, and with the market's renewed focus on domestic demand, the valuation of the company is expected to recover [3][12]. Summary by Sections Financial Performance - For 2024-2026, the earnings per share (EPS) are projected to be 2.50 CNY, 3.29 CNY, and 4.26 CNY, reflecting year-on-year growth rates of 35.4%, 31.8%, and 29.6% respectively [4][14]. - The company’s Q2 2024 gross margin decreased by 3.08 percentage points due to a shift in channel structure, which reduced the proportion of direct sales channels [12]. Sales and Channel Strategy - The company is actively adjusting its channel structure, with direct sales, e-commerce, and distribution channels showing year-on-year revenue changes of -44%, +48%, and +35% respectively in the first half of 2024 [12]. - Key product categories, particularly egg products, have shown significant growth, with egg category revenue increasing by over 150% [12]. Market Position and Valuation - The company is expected to maintain a leading growth position within its sector, benefiting from structural opportunities in the food and beverage market [12]. - The report suggests that the current valuation of growth stocks is at the lower end of the range, and the company’s strong product capabilities and channel adjustment abilities warrant a valuation premium [4][14].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][6][8] Core Views - In the second quarter of 2024, the company achieved a revenue growth of 23.44% year-on-year, with a net profit growth of 19.11%. For the first half of 2024, total revenue reached 2.459 billion yuan, up 29.84% year-on-year, and net profit was 319 million yuan, up 30.01% year-on-year [1][4][5] - The company is focusing on building category brands such as "Da Mo Wang" and "Dan Huang" to cover a broader consumer base, transitioning from a channel advantage to a category brand advantage [6][1] Financial Performance Summary - For the first half of 2024, the company reported total revenue of 2.459 billion yuan, a year-on-year increase of 29.84%, and a net profit of 319 million yuan, a year-on-year increase of 30.01% [1][4] - The second quarter revenue was 1.236 billion yuan, up 23.44% year-on-year, and net profit was 160 million yuan, up 19.11% year-on-year [1][5] - The company’s first half net profit margin was 13.0%, remaining stable year-on-year, while the non-deducted net profit margin was 11.1%, down 1.1 percentage points year-on-year [1][5] Revenue Breakdown - The largest category, spicy snacks, saw a revenue increase of 38.9% year-on-year, with significant contributions from konjac products [5][6] - Egg snacks revenue surged by 150.3% to 239 million yuan, indicating strong consumer recognition of quail egg products [5][6] - Revenue from direct sales, distribution channels, and e-commerce channels were 108 million, 1.770 billion, and 580 million yuan respectively, with year-on-year changes of -43.6%, +35.1%, and +48.4% [5][6] Future Growth Potential - The company aims to enhance its brand presence and product lines, focusing on high-growth channels such as bulk snacks and e-commerce, while also expanding into high-end membership supermarkets and overseas markets [6][1] - The forecast for total revenue from 2024 to 2026 is 5.22 billion, 6.51 billion, and 7.89 billion yuan, with year-on-year growth rates of 26.8%, 24.7%, and 21.2% respectively [6][1]

证券研究报告 非金融公司|公司点评|盐津铺子（002847） 产品渠道双轮驱动，期待盈利改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月09日 证券研究报告 |报告要点 盐津铺子发布 2024 半年报，2024H1 公司实现收入 24.59 亿元，同比增长 29.84%，实现归母 净利润 3.19 亿元，同比增长 30.00%。单 2024Q2 公司实现收入 12.36 亿元，同比增长 23.44%； 实现归母净利润 1.60 亿元，同比增长 19.11%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月09日 盐津铺子(002847) 产品渠道双轮驱动，期待盈利改善 | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 食品饮料/休闲食品 买入（维持） | | 当前价 ...

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Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively embracing channel dividends, with significant growth in bulk sales and Douyin channels driving revenue [1] - The company has achieved strong performance in H1 2024, with revenue reaching 2.459 billion yuan, a year-on-year increase of 29.84%, and net profit attributable to shareholders reaching 319 million yuan, up 30.00% [1] - The report highlights that the company has successfully expanded its market share through strategic pricing and channel development, particularly with its quail egg products and the "Egg Emperor" brand [1] Financial Performance Summary - For Q2 2024, the company reported revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, and net profit attributable to shareholders of 160 million yuan, up 19.11% [1] - The company's gross margin for Q2 2024 was 32.96%, with a slight increase in sales and management expenses due to enhanced brand promotion efforts [1] - The company maintains its previous profit forecasts, expecting total revenue to reach 7.85 billion yuan by 2026, with a compound annual growth rate of 22.6% [2][4] Revenue and Profit Forecasts - Revenue forecasts for the company are as follows: 5.203 billion yuan in 2024, 6.403 billion yuan in 2025, and 7.850 billion yuan in 2026, with year-on-year growth rates of 26.4%, 23.1%, and 22.6% respectively [2][4] - Net profit forecasts are projected at 675 million yuan in 2024, 849 million yuan in 2025, and 1.078 billion yuan in 2026, with corresponding growth rates of 33.4%, 25.8%, and 27.0% [2][4] Key Financial Metrics - The company's current P/E ratios are 15.35 for 2024, 12.20 for 2025, and 9.61 for 2026, indicating a favorable valuation trend [2][4] - The gross margin is expected to stabilize around 32.9% in the coming years, reflecting efficient cost management [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.459 billion yuan in H1 2024, representing a year-on-year growth of 29.84%, with a net profit of 319 million yuan, up 30.00% year-on-year [1]. - The company is successfully building its brand across various product categories and steadily expanding its multi-channel layout, with significant growth in new product sales [1]. - The gross margin improved in Q2 2024, primarily due to reduced core material costs and an increase in the revenue share of key sub-brands [2]. - The company is expected to enhance its competitive advantage with the upcoming production of a potato flour factory, which will lower costs [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 2.459 billion yuan, with a net profit of 319 million yuan, and a non-recurring net profit of 273 million yuan, showing growth rates of 29.84%, 30.00%, and 17.96% respectively [1]. - For Q2 2024, the company achieved revenues of 1.236 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.11% year-on-year [1]. - The revenue breakdown by product categories shows significant growth, with snacks and other categories experiencing increases ranging from 11.83% to 150.54% [1]. Cost and Profitability - The gross margin for H1 2024 was 32.53%, with a slight increase to 32.96% in Q2 2024, reflecting a year-on-year decrease of 3.08% but a quarter-on-quarter increase of 0.85 percentage points [2]. - The net profit margin for H1 2024 was 12.99%, slightly decreasing to 12.93% in Q2 2024, impacted by increased stock incentive amortization expenses [2]. Future Outlook - The company is expected to continue optimizing its supply chain and enhancing profitability through scale effects as it expands its product offerings and market presence [2]. - The earnings per share (EPS) forecast for 2024-2026 is set at 2.45, 3.12, and 3.74 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 10 times [2].

证 券 研 究 报 告 盐津铺子（002847）2024 年半年报点评 强推（维持） 淡季仍显韧劲，战略稳步推进 目标价：50 元 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...