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].

Group 1: Brand and Product Strategy - In 2024, the company will launch a category brand strategy focusing on "Big Devil" and "Egg Emperor," which have quickly achieved single product sales exceeding 100 million in 16 months [2][3] - The company aims to enhance its brand strategy through a "channel-oriented, product-leading, and system-supported" approach, with six major categories expected to produce strong single products [2][3] Group 2: Organizational Adjustments - The company restructured its organization last year, creating three product divisions based on flavor profiles: spicy, sweet, and healthy, facilitating a focus on major products [3] - New product development will utilize an internal competition model, allowing market and channel input for selection [3] Group 3: Growth in Key Categories - The company entered the konjac category in 2021, with sales growing from 117 million in 2021 to 838 million in 2024, achieving a compound annual growth rate of 92.88% [4] - The konjac category is expected to continue its rapid growth due to its health attributes and alignment with consumer demand [4] Group 4: Supply Chain and Market Expansion - The company has established a complete supply chain for konjac, with plans for production line construction in both domestic and Thailand markets by 2025 [4] - The konjac category is being promoted through a global channel strategy, with a focus on e-commerce and local market adaptation for overseas products [4] Group 5: Profitability and Margin Improvement - The company emphasizes a focus on return on investment for brand category expenses, with margin improvements driven by product and channel structure optimization [5][6] - High-margin products like konjac and Egg Emperor are expected to continue driving overall margin growth [6] Group 6: Overseas Market Potential - The company sees significant potential in overseas markets, particularly in Southeast Asia, with plans to expand konjac product sales and establish a factory in Thailand [6] - The strategic goal is to replicate the success of the company in overseas markets within 3 to 5 years [6]

长江商报消息 ●长江商报记者 黄聪 通过不断转型升级，盐津铺子（002847.SZ）营业收入持续健康发展。 4月22日晚间，盐津铺子发布年报，公司实现营业收入53.04亿元，同比增长28.89%，首次突破50亿元级大关；净 利润6.4亿元，同比增长26.53%，创历史新高。 盐津铺子主要产品包括辣卤零食、烘焙薯类、深海零食、蛋类零食、果干坚果、蒟蒻果冻布丁等六大品类。 长江商报记者发现，2024年，盐津铺子上述六大品类产品收入全线飘红。 值得一提的是，盐津铺子销售出海战略初显成效，2024年年报显示，公司海外营业收入达6273.61万元，与上年同 期31.49万元相比增长198倍。 六大品类产品收入全线飘红 2017年2月，盐津铺子上市。公司一直聚焦主业，专注休闲食品行业，长期坚持自主制造。 长江商报记者发现，自2013年有可查数据开始，盐津铺子营业收入一直保持增长。 2018年起，盐津铺子成功打造中保类休闲烘焙点心的第二增长曲线，增加了面包、蛋糕、薯片、沙琪玛、果冻布 丁等新品。当年公司营业收入首次超过10亿元大关，达11.08亿元。 2021年，盐津铺子实现营业收入22.82亿元，首次突破20亿元。 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights a dual breakthrough in product categories and distribution channels, with significant growth in revenue and profitability [6][10] - The company achieved a revenue of 1.537 billion yuan in Q1 2025, representing a year-on-year increase of 25.7%, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its konjac and egg product lines, with strong performance in both offline and online channels [10] Summary by Relevant Sections Revenue - The company reported a total revenue of 5.304 billion yuan for 2024, an increase of 28.9% year-on-year [8] - In Q1 2025, the revenue exceeded market expectations, driven by strong sales in the konjac product line [8] Profitability - The gross margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] Financial Forecast - The company is projected to achieve total revenues of 6.802 billion yuan, 8.376 billion yuan, and 10.072 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% [10] - The forecasted net profit for 2025 is 844 million yuan, representing a 32.0% increase year-on-year [12] Market Position - The company is actively expanding its distribution channels, including entering the mass retail sector and enhancing its online presence [10] - The overseas business has shown remarkable growth, with a revenue increase of 19822% in 2024 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved dual breakthroughs in product categories and distribution channels, with significant revenue growth and profitability improvements [6][10] - The company reported a revenue of 1.537 billion yuan in Q1 2025, representing a 25.7% year-on-year increase, and a net profit of 178 million yuan, up 11.6% [8] - The company is expected to continue benefiting from the growth of its key product categories, particularly konjac, and the expansion of efficient distribution channels [10] Revenue Summary - In 2024, the company achieved a total revenue of 5.304 billion yuan, a 28.9% increase year-on-year [8] - The revenue for Q4 2024 was 1.443 billion yuan, reflecting a 30.0% increase [8] - The company expects to maintain strong growth in both offline and online channels, with significant contributions from new partnerships and product launches [8] Profitability Summary - The gross profit margin for Q1 2025 decreased by 3.6 percentage points to 28.5%, primarily due to changes in sales channel structure [8] - The net profit margin for Q1 2025 was 11.5%, down 1.6 percentage points [8] - For the full year 2024, the gross profit margin was 30.69%, a decrease of 2.85 percentage points [8] Financial Forecast - The company forecasts total revenues of 6.802 billion yuan in 2025, 8.376 billion yuan in 2026, and 10.072 billion yuan in 2027, with year-on-year growth rates of 28.2%, 23.1%, and 20.2% respectively [12] - The projected net profit for 2025 is 844 million yuan, increasing to 1.061 billion yuan in 2026 and 1.315 billion yuan in 2027, with growth rates of 32.0%, 25.6%, and 24.0% respectively [12] - The company maintains a strong return on equity (ROE) forecast, with expected values of 35.4% in 2025 and 33.5% in 2026 [12]

Core Insights - Salted Fish Shop (盐津铺子) reported a revenue of 5.304 billion yuan for 2024, representing a year-on-year growth of 28.89%, and a net profit of 640 million yuan, up 26.53% year-on-year [1][7] - Despite the double-digit growth in revenue and net profit, the decline in gross margin and underperformance in certain product categories raised market concerns [1][4] Financial Performance - The overall gross margin decreased from 33.54% in 2023 to 30.69% in 2024, a decline of 2.85 percentage points [4] - The drop in gross margin was primarily due to rising raw material costs and insufficient production efficiency improvements, particularly in spicy marinated snacks and baked potato products, which saw gross margin declines of 4.06 and 2.04 percentage points respectively [4] Product Performance - The company focused on six core product categories: spicy marinated snacks, baked potato products, deep-sea snacks, egg snacks, dried fruits and nuts, and konjac jelly pudding [4] - Egg snacks and konjac snacks performed exceptionally well, generating revenues of 580 million yuan and 838 million yuan, with year-on-year growth rates of 81.87% and 76.09% respectively [4] Brand and Channel Development - Significant achievements were made in brand operations and channel expansion, with the "Big Demon King" brand's sesame-flavored konjac product achieving over 1 billion yuan in sales [5] - The "Egg Emperor" quail eggs successfully entered Sam's Club, selling over 200,000 units for six consecutive months, becoming a star product in the egg snack category [5] - The company established a robust multi-channel layout, including direct sales to large chain supermarkets, distributors, and e-commerce, resulting in a 39.95% year-on-year revenue growth in the e-commerce channel [5] International Market Expansion - The company accelerated its overseas market expansion in 2024, successfully entering the Southeast Asian market with konjac products, achieving overseas sales of 62.7361 million yuan [6] - Challenges remain in the overseas market, including local competition, cultural differences, and supply chain localization issues [6] - Plans are in place to invest in a production base in Thailand to further promote overseas business expansion, although short-term financial contributions from this market are expected to be limited [6]