Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][15]. Core Insights - The company achieved a revenue of 4.115 billion in 2023, representing a year-on-year growth of 42.22%. The net profit attributable to shareholders reached 506 million, up 67.76% year-on-year [14]. - The company focuses on seven major product categories, leveraging "channel penetration" and "category brand" strategies to achieve rapid growth. The product mix includes spicy snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, konjac jelly pudding, among others, with respective revenue contributions of 36%, 15%, 15%, 9%, 8%, 6%, and 5% [14]. - The company plans to continue focusing on the fast-growing snack channels and aims to enhance its product, channel, and brand momentum [15]. Financial Summary - In 2023, the company's net profit margin was 12.3%, an increase of 1.9 percentage points year-on-year, indicating a significant improvement in profitability [1]. - The gross profit margin for 2023 was 33.54%, a decrease of 1.2 percentage points, attributed to changes in channel structure with a higher proportion of lower-margin snack retail and e-commerce channels [14]. - The company forecasts net profits of 670 million, 870 million, and 1.166 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 22X, 17X, and 13X [15][16].

Investment Rating - The report maintains a "Buy" rating for the company [2][20]. Core Insights - The company announced its 2023 annual report, achieving revenue of 4.115 billion yuan, net profit attributable to shareholders of 506 million yuan, and net profit excluding non-recurring items of 476 million yuan, representing year-on-year growth of 42.22%, 67.76%, and 72.83% respectively. The Q4 2023 results were in line with previous forecasts [3][10]. - For Q1 2024, the company expects a net profit attributable to shareholders of 150-170 million yuan, a year-on-year increase of 34.48%-52.41%, and net profit excluding non-recurring items of 130-150 million yuan, a year-on-year increase of 32.18%-52.51%, indicating better-than-expected performance [3][10]. Summary by Sections Financial Performance - In 2023, the company reported a gross margin of 33.54%, a decrease of 1.18 percentage points year-on-year. The gross margin for Q4 2023 was 31.06%, down 0.18 percentage points year-on-year, attributed to a slowdown in the growth of higher-margin e-commerce channels [12][33]. - The net profit margin for 2023 was 12.29%, an increase of 1.87 percentage points year-on-year. The net profit margin for Q4 2023 was 9.90%, up 0.93 percentage points year-on-year [33]. Revenue Growth Drivers - The significant revenue growth in 2023 was driven by the expansion of the wholesale and e-commerce channels, with e-commerce revenue increasing by 98.04% year-on-year. The company also saw strong performance in key product categories, including spicy snacks and deep-sea snacks, with year-on-year growth rates of 81.60% and 10.65% respectively [10][27]. - The company anticipates continued high growth in 2024, supported by product innovation and channel expansion, with projected revenues of 5.176 billion yuan, 6.488 billion yuan, and 8.116 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 25.8%, 25.4%, and 25.1% [20][22]. Profitability Outlook - The report indicates that despite pressure on gross margins, the company's profitability is expected to improve due to enhanced operational efficiency and cost management. The forecasted net profit for 2024 is 661 million yuan, with a year-on-year growth of 30.7% [20][22]. - The company is expected to benefit from supply chain efficiencies and the successful integration of its product offerings, which will further enhance its profitability [20][27].

[Table_Title] 盐津铺子（002847）2023年报点评 2024 年 03 月 28 日 1Q24 公司延续了 2023 年的高速增长，2024 年及以后业绩可期。我们预计 公司 2024-2026 年收入分别为 52.03/64.79/78.78 亿元，归母净利润分别为 6.74/8.48/10.02 亿元，对应 EPS 分别为 3.44/4.33/5.11 元，2024-2026 年 PE 分 别为 20.01/15.90/13.46 倍。给予"增持"评级。 盈利预测 | --- | --- | --- | --- | --- | |-----------------------------------|---------|-------------------------|---------|---------| | [Table_FinanceInfo 项目\年度 ] | | 2023A 2024E 2025E 2026E | | | | 营业收入（百万元） | 4115.18 | 5202.54 | 6478.87 | 7877.64 | | 增长率 (%) | 42.22% | 26 ...

| --- | --- | --- | --- | --- | --- | |----------------------------------------|--------|-------|-------|----------------------------------|-------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 2,894 | 4,115 | 5,237 | 6,344 | 7,533 | | (+/-%) | 26.8% | 42.2% | 27.3% | 21.1% | 18.7% | | 净利润(百万元) | 301 | 506 | 670 | 886 | 1052 | | (+/-%) | 100.0% | 67.8% | 32.5% | 32.3% | 18.8% | | 每股收益（元） | 2.34 | 2.58 | 3.42 | 4.52 | 5.37 | | EBIT Margin | 10.9% | 13.8% | 13.7% | 15.3% | 15.4% | | 净资产收益 ...

食品饮料 公 司 研 究 / 公 司 点 评 | --- | --- | |----------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2023 年 12 月 31 日 | | 每股净资产（元） | 7.38 | | 资产负债率 % | 49.07 | | 总股本 / 流通 A 股（百万） | 196/173 | | 流通 B 股/H 股（百万） | -/- | 相关研究 ——23 年完美收官，24Q1 延续高增 渠道结构优化，规模效应凸显，盈利能力提升。23 年公司实现毛利率 34.72%，同比下降 1.18pct，主要原因系渠道结构变化影响，较低毛利率的零食量贩渠道和电商渠道占比提升 影响。23 年公司实现销售/管理/研发/财务费用率 12.5%/4.4%/1.9%/0.4%，分别同比 -3.3pct/-0.1pct/-0.6pct/0.1pct。公司通过渠道结构调整优化销售费用投放。管理及研发 费用率下行主要系公司规模效应凸显。综上，23 年公司实现净利率 12.47%，同比提升 2 ...

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：2024-001 □特定对象调研 □分析师会议 □媒体采访 投资者关系活动 □业绩说明会 □新闻发布会 □路演活动 类别 □现场参观 其他（电话会议 ） 工银瑞信基金、广发基金、浦银安盛基金、嘉实基金、交银施罗德 基金、汇添富基金、长盛基金、南方基金、华宝基金、农银汇理基 参与单位名称及 参与人员姓名 金、富国基金、易方达基金、华夏基金、海富通基金等众多机构， 总计445位投资者。 时 间 3月26日 地 点 线上电话会议 董事、副总经理：杨林广先生 副总经理：张磊先生（电商负责人） 公司接待人员姓名 董事会秘书：张杨女士 财务总监：杨峰先生 Q：请简要介绍公司战略？ A：盐津铺子2017年上市，公司营业收入从2017年的7.54亿 ...

再创佳绩，势能向上 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,894 4,115 5,323 6,610 8,073 增长率 yoy% 27% 42% 29% 24% 22% 净利润（百万元） 301 506 676 860 1,080 增长率 yoy% 100% 68% 34% 27% 26% 每股收益（元） 1.54 2.58 3.45 4.39 5.51 每股现金流量 2.17 3.39 3.81 4.98 5.39 净资产收益率 26% 35% 32% 29% 27% P/E 44.7 26.7 20.0 15.7 12.5 P/B 11.9 9.3 6.5 4.6 3.4 备注：股价选取 2024 年 3 月 26 日收盘价 盐津铺子（002847.SZ）/食 品饮料 证券研究报告/公司点评 2024 年 3 月 27 日 [Table_Industry] 公司持有该股票比例 相关报告 请务必阅读正文之后的重要声明部分 ◼ 盈利预测：根据公告，我们预计公司 24-26 年营收分别为 53.23/66. ...

来源：公司年报、国金证券研究所 买入（维持评级） 3 月 26 日，公司发布 2023 年年度报告及 2024 年一季度业绩预告。 23 年实现营收 41.15 亿元，同比+42.22%；实现归母净利润 5.06 亿元，同比+67.76%；扣非归母净利润 4.76 亿元，同比+72.84%。 24Q1 预计实现归母净利润 1.5-1.7 亿元，同比增长 34.48%- 52.41%；实现扣非归母净利润 1.3-1.5 亿元，同比+32.18%- 52.51%，业绩略超预期。 总成本领先战略、渠道结构调整驱动利润率提升。23 年/23Q4 净 利率 12.3%/9.9%，同比+1.9pct/+0.9pct。1）公司近年来陆续布 局了芒果干、魔芋、鹌鹑蛋、马铃薯淀粉等大单品原材料的生产基 地，以保证供应稳定、质量可控及价格优势。24Q1 鸡蛋、油脂等 部分原材料价格回落，整体生产成本持续下降。2）商超占比下降 致销售费率降低，毛销差优化。23年销售费率12.5%，同比-3.3pct, 毛销差+2.1pct。3）23Q4 净利率环比下滑系股权激励费用、销售 推广费用集中在 Q4 计提，23Q4/24Q1 分别计提股 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company achieved a revenue of 4.115 billion yuan in 2023, representing a year-on-year growth of 42.22%, and a net profit of 506 million yuan, up 67.76% [1]. - The company continues to expand its product categories and channels, with significant growth in core products and a strong performance in e-commerce [1]. - The gross margin for 2023 was 33.54%, with a net profit margin of 12.29%, indicating improved profitability [1]. Summary by Sections Financial Performance - In Q4 2023, the company reported a revenue of 1.111 billion yuan, a 20.22% increase year-on-year, and a net profit of 110 million yuan, up 32.64% [1]. - For Q1 2024, the expected net profit is projected to be between 150 million and 170 million yuan, reflecting a growth of 34.48% to 52.41% [1]. Product and Channel Development - The company has seven major product categories, with significant revenue contributions from spicy snacks (1.482 billion yuan, +56.7%) and konjac products (476 million yuan, +85.0%) [1]. - Revenue from direct sales channels decreased by 10.03%, while e-commerce channels saw a growth of 98.04% [1]. Cost Management and Profitability - The company has focused on controlling raw material costs, which is expected to lower costs in 2024 due to strategic agreements [1]. - The report indicates that the company is optimizing its supply chain and production lines, which is anticipated to enhance profitability further [1]. Earnings Forecast and Valuation - The forecast for net profit for 2024-2026 remains unchanged, with an expected net profit of 1.025 billion yuan in 2026 [2]. - The projected EPS for 2024, 2025, and 2026 is 3.43, 4.36, and 5.23 yuan respectively, with corresponding P/E ratios of 20, 16, and 13 [2].

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