Investment Rating - The report maintains an "Accumulate" rating for the company [7][11]. Core Views - The company emphasizes high cash dividends, proposing a cash dividend of 403 million yuan for 2023, which accounts for 70% of the total profit distribution [4]. - In 2023, the company achieved a revenue of 4.115 billion yuan, representing a year-on-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-on-year [8]. - The first quarter of 2024 is expected to see a net profit of 150 to 170 million yuan, indicating a year-on-year growth of 34.48% to 52.41% [8]. Financial Performance - The company’s gross margin for 2023 was 33.54%, with a net profit margin of 12.47% [10]. - The company’s revenue is projected to grow to 5.253 billion yuan in 2024, with a net profit of 663 million yuan, reflecting a growth rate of 31% [25]. - The earnings per share (EPS) are forecasted to be 3.38 yuan in 2024, with a price-to-earnings (P/E) ratio of 22.36 [25]. Market Data - As of March 27, 2024, the company's stock price is 75.67 yuan, with a market capitalization of approximately 14.84 billion yuan [2]. - The stock has a 52-week price range of 59.27 to 139.50 yuan [2]. Strategic Initiatives - The company is focusing on channel expansion and product development, with significant growth in e-commerce and other distribution channels [11][22]. - The company has increased its number of distributors to 3,315, with a net addition of 832 in 2023 [22]. Profitability and Cost Management - The company has implemented a cost-leading strategy, enhancing profitability through self-manufacturing and supply chain optimization [10]. - The selling expense ratio decreased to 12.53% in 2023, reflecting improved cost management [10]. Future Outlook - The company is expected to maintain strong growth in revenue and profit, with a projected net profit of 992 million yuan by 2026 [25]. - The report highlights the potential for continued optimization of profitability as supply chain capacities expand [11].

每股收益 2.58 3.48 4.56 5.80 PE 27 20 15 12 | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------| | 现金流量表（百万元） | 2023A | 2024E | 2025E | 2026E | | 净利润 | 513 | 682 | 894 | 1,137 | | 折旧和摊销 | 159 | 175 | 205 | 225 | | 营运资金变动 | -59 | 204 | 12 | -799 | | 经营活动现金流 | 664 | 1,094 | 1,149 | 598 | | 资本开支 | -345 | -420 | -399 | -374 | | 投资 | 0 | 0 | 0 | 0 | | 投资活动现金流 | -296 | -420 | -399 | -374 | | 股权募资 | 186 | 0 | 0 | 0 | | 债务募资 | -93 | 150 | 100 | 0 | | 筹资活动现金流 | -255 | -173 | -330 | -5 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock performance that will exceed the benchmark index by over 20% [6][22]. Core Insights - The company reported a significant increase in revenue and net profit for 2023, with total revenue reaching 4.115 billion yuan, a year-on-year growth of 42.22%, and net profit attributable to shareholders at 505.77 million yuan, up 67.76% [2][22]. - The Q1 2024 earnings forecast is also promising, with expected net profit growth of 34.48% to 52.41% year-on-year [2]. - The company is expanding its market presence through various channels, including direct sales, distribution, and e-commerce, with notable revenue contributions from the snack segment [3][8]. Financial Performance - The company achieved a gross margin of 33.54% and a net margin of 12.29% in 2023, reflecting improvements in profitability [4]. - The projected revenue for 2024 is 5.293 billion yuan, with a growth rate of 28.62%, and net profit is expected to reach 686.54 million yuan, a 35.74% increase [22][31]. - The company has a debt-to-asset ratio of 49.1%, indicating a moderate level of leverage [5]. Market Position and Strategy - The company is focusing on multi-category and multi-brand strategies, aiming to enhance brand recognition and market share [4][21]. - The core product categories are expected to continue expanding, with plans to introduce new product lines every 1-2 years [4][21]. - The company is leveraging its supply chain and cost management strategies to maintain competitive pricing and profitability [21].

Investment Rating - The report upgrades the investment rating of the company to "Strong Buy" based on continuous high growth in performance and strengthened competitiveness [35][37]. Core Views - The company achieved a total revenue of 41.15 billion with a year-on-year growth of 42.22% and a net profit of 5.06 billion, reflecting a year-on-year increase of 67.76% for 2023 [35]. - The company’s strategy focuses on "channel leadership, product superiority, and system support," which has led to sustained high revenue growth in Q4 2023 and Q1 2024 [35]. - The company is expected to continue its strong performance in Q1 2024, with projected net profit growth of 34.48% to 52.41% [35]. Summary by Sections Company Overview - Total shares outstanding: 19,606.05 million - Market capitalization: 134.87 billion - Circulating market capitalization: 118.74 billion - Debt-to-asset ratio: 49.07% [1]. Financial Performance - 2023 total revenue: 41.15 billion, up 42.22% year-on-year - 2023 net profit: 5.06 billion, up 67.76% year-on-year - Q4 2023 revenue: 11.11 billion, up 20.22% year-on-year - Q1 2024 projected net profit: 1.5-1.7 billion, up 34.48%-52.41% year-on-year [35]. Strategic Initiatives - The company has implemented a multi-channel and multi-category transformation strategy, resulting in significant revenue growth across various product categories [35]. - The focus on specific product categories such as spicy snacks and jelly products has shown remarkable performance, with some categories experiencing growth rates exceeding 500% [35]. Future Outlook - EPS forecasts for 2024-2026 are 3.40, 4.29, and 5.27 respectively, with corresponding PE ratios of 20, 16, and 13 [35]. - The company is expected to maintain its competitive edge through enhanced supply chain efficiency and channel structure optimization, leading to improved profitability [35].

公 告 证券研究报告 ▌ 风险提示 请阅读最后一页重要免责声明 2 请阅读最后一页重要免责声明 3 肖燕南：湖南大学金融硕士，于 2023 年 6 月加入华鑫证券研究所，研究方向 是次高端等白酒和软饮料板块。 ▌ 证券投资评级说明 | --- | --- | --- | |-------|-------|-------------------------------------------------| | | | | | | | | | | | 投资建议 行业指数相对同期证券市场代表性指数涨幅 | | 1 | 推荐 | > 10% | | 2 | 中性 | -10% — 10% | | 3 | 回避 | < -10% | 诚信、专业、稳健、高效 华鑫证券有限责任公司（以下简称"华鑫证券"）具有中国证监会核准的证券 投资咨询业务资格。本报告由华鑫证券制作，仅供华鑫证券的客户使用。本公 司不会因接收人收到本报告而视其为客户。 请阅读最后一页重要免责声明 5 2024 年 03 月 27 日 研 券 研 ▌ 盈利预测 | --- | --- | --- | --- | --- | |--------------- ...

Financial Performance - The company reported a total investment income of ¥1,790,533.67, accounting for 0.31% of total profit, primarily from financial management income [18]. - The company recognized an asset impairment loss of ¥740,840.99, which represents -0.13% of total profit, mainly due to inventory write-downs [18]. - Other income amounted to ¥60,014,441.86, making up 10.46% of total profit, primarily from government subsidies, indicating a sustainable focus on the core business of leisure food [18]. - The company's operating revenue for 2023 reached ¥4,115,175,423.46, representing a 42.22% increase compared to ¥2,893,520,454.12 in 2022 [58]. - Net profit attributable to shareholders for 2023 was ¥505,773,918.21, a 67.76% increase from ¥301,492,878.19 in the previous year [58]. - The net profit after deducting non-recurring gains and losses was ¥476,234,230.93, up 72.84% from ¥275,551,050.86 in 2022 [58]. - The company's cash flow from operating activities for 2023 was ¥664,033,786.96, reflecting a 56.04% increase compared to ¥425,547,974.26 in 2022 [58]. - Basic earnings per share for 2023 were ¥2.64, a 66.04% increase from ¥2.40 in 2022 [58]. - The company reported a net cash increase of ¥112,740,032.41, reflecting a 45.57% increase compared to the previous year [87]. Research and Development - The company has completed its annual R&D goals for several projects, including the development of a high-transparency konjac jelly production process, which aims to enhance product quality and market competitiveness [6]. - The number of R&D personnel decreased by 32.08% from 240 in 2022 to 163 in 2023, with a corresponding drop in the proportion of R&D staff from 6.80% to 3.90% [6]. - The company's R&D investment increased by 7.37% to ¥79,751,445.60, but the proportion of R&D investment to operating revenue decreased from 2.57% to 1.94% [86]. - The company is actively engaged in R&D projects, including the development of ice cream pudding and low-fat whole wheat bread, aimed at enhancing product competitiveness and consumer satisfaction [153]. - The company has a strong R&D team focused on market needs, leading to innovations in product formulations and production processes [110]. Market Strategy and Expansion - The company has diversified its product offerings, including new categories such as baked goods and jelly puddings since 2018 [49]. - The company aims to improve consumer satisfaction and market competitiveness through innovative product development and quality enhancement [6]. - The company plans to expand its market presence through continuous product innovation and enhanced brand building to adapt to competitive pressures [68]. - The company has established a marketing headquarters to manage direct supermarket channels, distributor channels, and online e-commerce channels [72]. - The company is expanding its market presence by developing new retail channels, including community group buying and live streaming sales [79]. - The company aims to enhance its brand influence and channel strength through collaborations with popular snack brands and social media marketing [79]. - The company intends to expand its presence in lower-tier cities and enhance its community group buying and instant snack offerings [176]. Supply Chain and Production - The company has a complete and independent supply, production, and sales system, ensuring operational independence and compliance with regulations [3]. - The company has adopted a digitalized supply chain management system to enhance production efficiency and product quality [48]. - The company maintains a procurement model based on production plans, ensuring quality and cost-effectiveness in sourcing raw materials [96]. - The company has established a comprehensive product system focusing on seven major categories, including spicy snacks, potato snacks, deep-sea snacks, and baked goods, with a brand matrix that includes "Salted Fish" and "31° Fresh" among others [107]. - The company has implemented advanced production techniques and automation to enhance product quality and safety while improving production efficiency [109]. Marketing and Sales - The company reported a significant increase in user engagement through digital marketing strategies, leveraging social media and e-commerce platforms to reach consumers directly [65]. - The e-commerce channel revenue reached 82,839.83 million in 2023, representing 20.13% of total revenue, up from 14.45% in 2022 [84]. - The company has implemented a direct sales model with large chain supermarkets, enhancing market responsiveness and consumer engagement [117]. - The company has established a comprehensive multi-channel marketing network, enhancing its competitive advantage in the snack food industry [90]. - The company emphasizes a multi-channel marketing strategy, integrating direct sales, distributors, and e-commerce to mitigate channel dependency risks [104]. Financial Management - The company has a cash dividend payout ratio that has consistently exceeded 100% in recent years, with a total cash dividend of 947 million yuan since its listing [191]. - The company prioritizes high cash dividends, reflecting a strong commitment to investor returns [200]. - The company has established a rigorous product traceability system, utilizing ERP, WMS, and LIMS systems to monitor the entire process from raw material procurement to finished product sales [113]. Corporate Governance and Social Responsibility - The company emphasizes the importance of corporate governance and aims to enhance the protection of minority investors' rights and interests through improved internal control systems [198]. - The management will continue to enhance the company's governance level and operational efficiency to improve core competitiveness and sustainable development capabilities [198]. - The company is committed to social responsibility and will continue to engage in public welfare activities [178]. - The company has committed to social responsibility initiatives, particularly in education and rural development, to contribute to community welfare [186].

证 券 研 究 报 告 本报告导读： 公 司 更 新 报 告 景气延续，趋势向好 公司 2023 年多品类、全渠道策略成功，叠加单品规模效应释放，业绩弹性凸显；2024Q1 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 2,894 | 4,115 | 5,354 | 6,619 | 8,020 | | (+/-)% | 27% | 42% | 30% | 24% | 21% | | 经营利润（ EBIT ） | 358 | 614 | 766 | 988 | 1,268 | | (+/-)% | 88% | 72% | 25% | 29% | 28% | | 净利润（归母） | 301 | 506 | 686 | 887 | 1,145 | | (+/-)% | 1 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 97.78 yuan over the next six months, reflecting a dynamic price-to-earnings ratio of 28X for 2024 [17][19]. Core Insights - The company achieved a revenue of 4.1152 billion yuan in 2023, representing a year-on-year growth of 42.22%, and a net profit of 505.8 million yuan, up 67.76% year-on-year [2][4]. - The strategic focus has shifted to "channel supremacy, product leadership, and system protection," aiming for comprehensive channel coverage and product diversification [3][5]. - The company is expected to maintain strong growth momentum, with projected revenue growth rates of 28.1%, 22.6%, and 21.2% for 2024 to 2026, and net profit growth rates of 35.5%, 26.5%, and 24.4% respectively [17][19]. Financial Performance - In 2023, the company reported a net profit margin of 12.47%, an increase of 2.04 percentage points year-on-year, with a gross margin of 33.54% [4][6]. - The company’s revenue from e-commerce channels surged by 98.04% year-on-year, indicating a strong performance in online sales [3][5]. - The company’s total revenue is projected to reach 5.271 billion yuan in 2024, with a net profit forecast of 685.1 million yuan [6][8]. Market Position and Strategy - The company has expanded its distribution channels significantly, increasing the number of distributors by 832 to a total of 3,315, which has enhanced its market reach [3][4]. - The focus on developing key products such as quail eggs and konjac snacks has positioned the company for differentiated competition in the market [3][5]. - The report highlights the importance of supply chain optimization and lean production in enhancing profit margins and maintaining pricing power [5][6].

盐津铺子食品股份有限公司 盐津铺子食品股份有限公司 独立董事2023年度述职报告 各位股东及股东代表： 作为盐津铺子食品股份有限公司（以下简称"公司"）的独立董事，本人按 照《公司法》《证券法》《深圳证券交易所上市公司自律监管指引第1号—主板 上市公司规范运作》《上市公司独立董事管理办法》等法律法规和《公司章程》 《独立董事制度》的要求，在2023年度勤勉地履行了职责，独立、谨慎、认真地 行使了公司赋予的权利，及时了解公司的经营状况，积极出席公司召开的相关会 议及独立董事专门会议，认真审议各项议案，充分发挥了独立董事及各专业委员 会委员的作用，切实维护了公司和全体股东尤其是社会公众股东的合法权益。现 将本人2023年履职情况报告如下： 一、独立董事的基本情况 （一）基本情况 刘灿辉，1974年5月生，中国国籍，无境外永久居留权，会计学（财务管理） 硕士、经济学博士、金融学博士后，会计师。1997年2月至2000年8月任飞利浦消 费电子有限公司成本核算组长，2004年3月至2012年7月,历任财信证券有限责任 公司财务分析和纳税筹划专员、行业研究主管、总裁办副主任(主持工作)，2012 年8月至2014年10月 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-016 盐津铺子食品股份有限公司 关于2024年度日常关联交易预计的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 公司于2024年3月26日召开第四届董事会第七次会议、第四届监事会第六次 会议审议通过了《关于公司2024年度日常关联交易预计的议案》，2024年公司因 日常经营需要向关联方购买、销售货物或提供、接受劳务等计划关联交易总额预 计为58,900.00万元（去年实际发生金额为31,641.95万元）。除回避的董事外，其 他董事、监事一致同意。独立董事已经召开独立董事专门会议并发表了明确的同 意意见。 该议案尚需提交公司2023年度股东大会审议。 一、日常关联交易基本情况 | | | | | | 实际发 | 实际发 | 披 露 | | --- | --- | --- | --- | --- | --- | --- | --- | | 关联交 | | 关联交 | 实际发生 | 预计交易 | 生额占 | 生额与 | 日 期 | | 易类别 | 关联人 | 易内容 | 金额 | 金额 | ...