Investment Rating - The report maintains a "Buy" rating for the company [5][8][11] Core Insights - The company has shown strong revenue growth, with a projected increase in revenue from 28.94 billion CNY in 2022 to 77.70 billion CNY by 2026, representing a compound annual growth rate (CAGR) of approximately 27.67% [1][4] - The net profit attributable to shareholders is expected to grow from 3.01 billion CNY in 2022 to 9.67 billion CNY in 2026, indicating a robust growth trajectory [1][4] - The company has successfully implemented a multi-channel strategy, with significant contributions from key product categories such as konjac and quail eggs, which together account for about half of the revenue growth [3][4] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 38.61 billion CNY, a year-on-year increase of 28.49%, and a net profit of 4.93 billion CNY, up 24.55% [2][3] - The third quarter alone saw a revenue of 14.02 billion CNY, marking a 26.20% year-on-year growth and a 13.42% quarter-on-quarter increase [2][3] - The gross profit margin for Q3 was reported at 30.62%, reflecting a slight decline due to changes in sales channel structure [4] Revenue and Profit Forecast - The company is projected to achieve revenues of 52.54 billion CNY in 2024, 64.64 billion CNY in 2025, and 77.70 billion CNY in 2026, with respective growth rates of 27.67%, 23.04%, and 20.19% [1][4] - The net profit forecast for the same years is 6.51 billion CNY, 8.00 billion CNY, and 9.67 billion CNY, with growth rates of 28.76%, 22.80%, and 20.90% respectively [1][4] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to decrease from 47.45 in 2022 to 14.80 by 2026, indicating an improving valuation as earnings grow [1][4] - The price-to-book (P/B) ratio is expected to decline from 12.61 in 2022 to 5.44 in 2026, reflecting a more attractive valuation over time [1][4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][7][10] Core Views - The company reported strong revenue growth in Q3 2024, with a year-on-year increase of 26.20%, positioning it among the industry leaders [3][5] - The company's revenue for the first three quarters of 2024 reached 3.861 billion yuan, up 28.49% year-on-year, while the net profit attributable to shareholders was 493 million yuan, an increase of 24.55% [3][4] - Despite short-term profit fluctuations due to changes in channel structure and tax rates, the long-term outlook remains positive with significant growth potential in both revenue and profit [4][7] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 1.402 billion yuan, a 26.20% increase year-on-year, and a net profit of 174 million yuan, up 15.62% [3][4] - The gross profit margin for Q3 2024 was 30.6%, down 2.3 percentage points year-on-year, primarily due to changes in channel structure [4][5] - The company’s operating profit margin for Q3 was 14.8%, reflecting a slight increase of 0.2 percentage points year-on-year [4] Revenue and Profit Forecast - The company is expected to achieve revenues of 5.257 billion yuan, 6.537 billion yuan, and 8.002 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 651 million yuan, 785 million yuan, and 961 million yuan [7][8] - The earnings per share (EPS) are projected to be 2.38 yuan, 2.88 yuan, and 3.52 yuan for the same years, with a price-to-earnings (P/E) ratio of 21, 18, and 14 respectively [8][10] Market Position and Strategy - The company has successfully cultivated two major brands, "Egg Emperor" and "Big Devil," which have significantly contributed to revenue growth [5][7] - The company is expanding its product lines by establishing subsidiaries focused on snack foods and meat products, expected to contribute to revenue in Q4 2024 [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [1] - In Q3 2024, the company achieved a revenue of 1.402 billion yuan, with a year-on-year increase of 26.20%, and a net profit of 174 million yuan, reflecting a 15.62% growth year-on-year [1] - The company continues to see strong revenue growth driven by new product launches and channel expansion, particularly in the snack segment [1] - The gross profit margin for Q3 2024 was 30.62%, a decrease of 2.32 percentage points year-on-year, indicating short-term pressure on profitability [1] Revenue and Profit Forecast - Revenue projections for 2024-2026 are 5.323 billion yuan, 6.610 billion yuan, and 8.073 billion yuan respectively, with net profits expected to be 636 million yuan, 808 million yuan, and 991 million yuan [1][4] - The company is focusing on brand building and product differentiation to maintain competitive advantages and drive future growth [1] Financial Metrics - The company's P/E ratio is projected to decrease from 28.3 in 2023 to 14.4 in 2026, indicating an expected improvement in valuation over time [1] - The net asset return rate is forecasted to be 31% in 2024, gradually declining to 26% by 2026 [1][4] Market Position and Strategy - The company is leveraging a multi-channel strategy, particularly focusing on high-potential membership channels and aggressive e-commerce marketing to enhance sales [1] - The introduction of new product lines, such as "Big Demon King" and "Egg Emperor," is expected to contribute significantly to revenue growth [1]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 14.02 billion yuan in Q3 2024, representing a year-on-year increase of 26.2%. The net profit attributable to the parent company was 1.74 billion yuan, up 15.62% year-on-year [1]. - The growth in revenue was driven by the snack channel, with a notable 64.35% increase in revenue from konjac products. However, concerns remain regarding the company's growth potential due to insufficient product drivers [1]. - The company is focusing on enhancing supply chain efficiency and developing a big product strategy, which is expected to yield positive results in the future [1]. Financial Performance Summary - The company's total revenue for 2022 was 2,894 million yuan, with a projected increase to 4,115 million yuan in 2023 and further to 5,296 million yuan in 2024, reflecting a year-on-year growth rate of 42.2% [2]. - The net profit attributable to the parent company is expected to rise from 301 million yuan in 2022 to 506 million yuan in 2023, and to 641 million yuan in 2024, indicating a growth rate of 67.8% [2]. - The gross profit margin is projected to decrease from 34.7% in 2022 to 33.5% in 2023, and further to 31.4% in 2024 [2]. - The company's EPS (Earnings Per Share) is expected to increase from 1.11 yuan in 2022 to 1.85 yuan in 2023, and to 2.35 yuan in 2024 [2]. Future Outlook - The company is expected to maintain a strong focus on multi-category product structures that align well with e-commerce and various sales channels, which are anticipated to continue high growth [1]. - The supply chain efficiency is expected to improve, which will help maintain a favorable profit margin level [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust revenue growth, with a year-on-year increase of 26.20% in Q3 2024, achieving a revenue of 1.402 billion yuan. The net profit attributable to shareholders increased by 15.62% to 174 million yuan [1] - The company has launched new products, "Big Demon King" and "Egg Emperor," which are expected to drive further growth. The quail egg segment saw a remarkable revenue increase of 104.43% year-on-year [1] - The company is focusing on a multi-category strategy and enhancing its brand presence through a big product strategy [1] Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 3.861 billion yuan, representing a year-on-year growth of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [1] - The gross margin and net margin for Q3 2024 were 30.62% and 12.49%, respectively, showing a decline of 2.32 percentage points and 1.05 percentage points year-on-year due to changes in channel revenue mix and increased tax expenses [1] - The company’s sales expense ratio, management expense ratio, financial expense ratio, and R&D expense ratio for Q3 2024 were 12.13%, 3.11%, 0.17%, and 1.37%, respectively, with year-on-year changes of +0.29 percentage points, -1.34 percentage points, -0.17 percentage points, and -0.23 percentage points [1] Revenue and Profit Forecast - The company is projected to achieve revenues of 5.224 billion yuan, 6.478 billion yuan, and 7.851 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 26.95%, 24.00%, and 21.19% [2] - The net profit attributable to shareholders is expected to be 635 million yuan, 804 million yuan, and 1.020 billion yuan for the same years, with growth rates of 25.53%, 26.59%, and 26.94% [2] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 22.7X, 17.9X, and 14.1X, respectively, indicating a favorable valuation compared to peers [2] Market Position and Strategy - The company is actively expanding its distribution channels, focusing on high-potential membership stores, snacks, and e-commerce, while also maintaining a presence in traditional retail [1] - The establishment of new subsidiaries, focusing on fried goods and poultry products, is expected to contribute to revenue and profit growth starting in Q4 2024 [2]

证券研究报告：食品饮料 | 公司点评报告 2024 年 11 月 1 日 公司基本情况 最新收盘价（元） 50.08 总股本/流通股本（亿股）2.73 / 2.44 总市值/流通市值（亿元）137 / 122 52 周内最高/最低价 83.50 / 35.78 资产负债率(%) 49.1% 市盈率 18.99 第一大股东湖南盐津铺子控股有限 公司 研究所 股票投资评级 买入|维持 个股表现 -35% -31% -27% -23% -19% -15% -11% -7% -3% 1% 5% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 盐津铺子 食品饮料 资料来源：聚源，中邮证券研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 盐津铺子(002847) 收入延续高增，经营性利润率环比提升 ⚫ 事件 公司2024年前三季度实现营业总收入/营业收入/归母净利润/扣 非 净 利 润 ...

Investment Rating - Buy (Maintained) [1] Core Views - Revenue continues to grow at a high rate, with momentum remaining strong [1] - Channel structure adjustments have lowered gross margins [1] - The company achieved revenue of 3.861 billion yuan in 2024Q1-Q3, a year-on-year increase of 28%, and net profit attributable to the parent company of 493 million yuan, a year-on-year increase of 25% [1] - In 2024Q3, the company's revenue was 1.402 billion yuan, a year-on-year increase of 26%, and net profit attributable to the parent company was 174 million yuan, a year-on-year increase of 16% [1] - Gross margin in 2024Q3 decreased by 2 percentage points to 30.62%, mainly due to changes in channel structure [1] - The company aims to achieve a mid-term net profit margin target of 15% by focusing on brand building and enhancing B-end brand recognition [1] Business Performance and Strategy - Membership-based supermarkets maintain high momentum, with the "Egg King" quail eggs entering Sam's Club, achieving monthly sales of tens of millions [1] - The company maintains a leading position in the snack retail channel and has deep strategic cooperation with snack stores, showing high growth momentum [1] - The quantitative distribution channel focuses on building core products, with average double-digit growth this year, and is a key breakthrough direction for the next 3-5 years [1] - E-commerce channel achieved monthly sales exceeding 100 million yuan since Q2, with online pricing higher than offline for the "Big Devil" konjac product category [1] - The company has entered the nut and poultry product categories, promoting external growth through channel sinking and organizational restructuring [1] Financial Forecasts - Adjusted EPS for 2024-2026 are 2.33/3.04/3.78 yuan, with current stock price corresponding to PE ratios of 22/17/13 times [1] - Revenue growth rates for 2024-2026 are forecasted at 26.0%, 25.1%, and 22.3%, respectively [2] - Net profit attributable to the parent company growth rates for 2024-2026 are forecasted at 25.9%, 30.0%, and 24.6%, respectively [2] - ROE is expected to be 35.6%, 37.4%, and 37.5% for 2024-2026 [2] Financial Metrics - Gross margin for 2024-2026 is forecasted at 32.9%, 33.2%, and 33.5%, respectively [3] - Net profit margin for 2024-2026 is forecasted at 12.5%, 13.0%, and 13.2%, respectively [3] - Asset-liability ratio is expected to decrease from 46.0% in 2024 to 38.5% in 2026 [3] - Total asset turnover is forecasted to increase from 1.6 in 2024 to 1.8 in 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.68 RMB, compared to the last closing price of 52.40 RMB [1][2]. Core Insights - The company reported a revenue of 3.861 billion RMB for Q1-Q3 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million RMB, up 24.55% year-on-year, while the net profit excluding non-recurring items was 424 million RMB, reflecting a 12.09% increase [2][3]. - In Q3 2024, the company achieved a revenue of 1.402 billion RMB, a year-on-year growth of 26.20%. The net profit attributable to shareholders for this quarter was 174 million RMB, up 15.62% year-on-year, and the net profit excluding non-recurring items was 151 million RMB, showing a 4.80% increase [2][3]. - The company has seen robust growth in its major products, particularly the konjac and quail eggs, with significant performance in the Douyin e-commerce channel, which has surpassed 100 million RMB in monthly sales [2][3]. - The gross margin for Q3 2024 was 31.84%, a decrease of 2.6 percentage points year-on-year, primarily due to changes in channel structure [2][3]. - The report projects revenue growth rates of 26.54%, 24.16%, and 20.17% for 2024, 2025, and 2026 respectively, with net profit growth rates of 24.18%, 27.70%, and 24.88% for the same years [2][3]. Summary by Sections Financial Performance - For 2024, the company is expected to generate a revenue of 5.207 billion RMB, with a growth rate of 26.54%. The net profit is projected to be 628 million RMB, reflecting a growth rate of 24.18% [3]. - The diluted earnings per share (EPS) for 2024 is estimated at 2.30 RMB, with corresponding price-to-earnings (PE) ratios of 22.76 for 2024, 17.82 for 2025, and 14.27 for 2026 [3]. Market Position - The company is focusing on seven core product categories and implementing a strategy to create blockbuster products, which has led to rapid growth in its key offerings [2][3]. - The report indicates that the company is well-positioned to outperform the snack food industry, with a multi-channel approach driving sales growth [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][17] Core Views - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [3] - The company is focusing on a multi-category strategy, emphasizing seven core categories and aiming to enhance product quality and supply chain efficiency. The company plans to develop new growth categories while leveraging all-channel strategies for revenue and profit growth [4] - The company maintains good control over operating expenses, with a gross margin of 31.84% and a net margin of 12.83%. The company is expected to achieve a trend of increasing profit margins through various measures [5] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 1.402 billion yuan, a year-on-year increase of 26.20%, and a net profit of 174 million yuan, up 15.62% year-on-year [3] - The company’s revenue projections for 2024-2026 are 5.242 billion yuan, 6.531 billion yuan, and 7.862 billion yuan, with growth rates of 27.37%, 24.60%, and 20.37% respectively [6][8] - The net profit projections for the same period are 646 million yuan, 817 million yuan, and 1 billion yuan, with growth rates of 27.77%, 26.36%, and 22.52% respectively [6][8] Strategic Initiatives - The company is enhancing its channel operations by focusing on different channel characteristics, including strengthening partnerships with major snack retailers and expanding e-commerce capabilities [4] - The company aims to establish new market bases in provinces such as Sichuan, Shandong, Henan, Jiangsu, and Zhejiang over the next three years [4] Profitability and Cost Management - The company’s expense ratios for sales, management, and R&D are 12.85%, 4.00%, and 1.49% respectively, indicating effective cost management [5] - The company’s gross margin is projected to stabilize around 32.7% to 33.1% over the next few years, reflecting a focus on maintaining profitability [12]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][6]. Core Insights - The company reported a revenue of 3.861 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million yuan, up 24.55% year-on-year [5][6]. - The company is expected to achieve a revenue of 5.230 billion yuan in 2024, with a projected net profit of 679 million yuan, reflecting a growth rate of 34% [6][9]. - The company is focusing on multi-category growth through bulk and online channels, enhancing brand strength, optimizing product structure, and integrating the supply chain to improve profitability [6]. Financial Summary - For the third quarter of 2024, the company achieved a revenue of 14.02 billion yuan, a 26.2% increase year-on-year, with a net profit of 1.74 billion yuan, up 15.62% [5][6]. - The gross profit margin for the third quarter of 2024 was 30.6%, a decrease of 2.3 percentage points year-on-year, primarily due to channel structure adjustments [7]. - The company’s operating profit for the third quarter was 208 million yuan, reflecting a 28% increase year-on-year [7]. Revenue and Profit Forecast - The company’s total revenue is projected to grow from 4.115 billion yuan in 2023 to 5.230 billion yuan in 2024, with a compound annual growth rate of 27.1% [9]. - The earnings per share (EPS) are expected to increase from 1.85 yuan in 2023 to 2.49 yuan in 2024, with a net profit margin of 12.5% for the third quarter of 2024 [6][9].