证券代码：002847 证券简称：盐津铺子 公告编号：2024-064 盐津铺子食品股份有限公司 关于首次回购公司股份的公告 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。 盐津铺子食品股份有限公司（以下简称"公司"）于 2024 年 7 月 10 日召开 第四届董事会第十一次会议，于 2024 年 8 月 1 日召开 2024 年第三次临时股东大 会，审议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，公司当 前经营状况及发展态势良好，基于对公司未来发展前景的信心及对公司价值的高 度认可，践行"以投资者为本"的上市公司发展理念，切实落实"提质增效重回 报"行动方案，树立公司良好资本市场形象，在综合考量公司未来战略、经营情 况、财务状况、未来盈利能力及近期公司股票二级市场表现等因素的基础上，公 司拟以自有资金，以集中竞价方式回购部分公司已发行的人民币普通股（A 股） 股票，本次回购的股份将全部予以注销以减少注册资本。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于以集中 竞价交易方式回购公司股份方案的公告》（公告编号：2 ...

[Table_Contacts] [Table_Title] 盐津铺子（002847.SZ） 中报符合预期，成长态势延续 [Table_Summary] 核心观点： ⚫ 事件：公司发布 2024 年中报。24H1 实现收入 24.6 亿元，同比+29.8%； 归母净利润为 3.2 亿元，同比+30.0%。24Q2 实现收入 12.4 亿元，同 比+23.4%；归母净利润为 1.6 亿元，同比+19.1%。 ⚫ 收入端：全渠道+多品类共振，延续高成长趋势。分渠道看，直营/经 销/电商实现收入 1.1/17.7/5.8 亿元，同比-43.6%/+35.1%/+48.4%， 占比分别为 4.4%/72.0%/23.6%。分产品看，辣卤品类占 24H1 收入 36.5%，其中魔芋/肉禽/豆制品/辣卤其他收入分别为 3.1/2.1/1.7/2.1 亿元，同比+38.9%/+6.8%/+11.1%/+46.4%，其中魔芋和辣卤礼包增 长较快，整体辣卤品类同比+25.8%。此外，休闲烘焙/深海零食/蛋类 零食/薯片/果干坚果/布丁等 24H1 实现收入 3.4/3.2/2.4/2.2/2.1/1.8 亿 元，同比+12.6 ...

短期盈利承压，势能依旧向上 [Table_Title] 评级：买入（维持） [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） 301 506 666 851 1,070 增长率 yoy% 100% 68% 32% 28% 26% 每股收益（元） 2.34 2.58 3.40 4.34 5.46 每股现金流量 2.17 3.39 7.87 3.97 8.91 净资产收益率 26% 35% 32% 29% 27% P/E 35.1 20.9 15.9 12.4 9.9 P/B 9.3 7.3 5.1 3.7 2.7 备注：股价选取 2024 年 8 月 8 日收盘价 市场价格：38.6 元 [Table_Profit] 基本状况 总股本(百万股) 274 流通股本(百万股) 246 市价(元) 38.60 市值(百万元) 10,591 流通市值(百万元) 9,488 盐津铺子（002847.S ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Insights - The company reported a significant revenue growth of 29.84% year-on-year, achieving a total revenue of 2.459 billion yuan in the first half of 2024, with a net profit of 319 million yuan, reflecting a 30.00% increase year-on-year [6][9]. - The company continues to strengthen its omni-channel capabilities and large product offerings, focusing on seven core product categories, which have shown robust growth [6][9]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, with a net profit of 160 million yuan, up 19.11% year-on-year [6][9]. - The gross profit margin for H1 2024 decreased by 2.81 percentage points to 32.53%, while the gross profit amount increased by 19.50% to 800 million yuan [6][9]. - The company’s other income saw a substantial increase of 180.58% year-on-year, reaching 638.6 million yuan, benefiting from government subsidies [6][9]. Product and Channel Development - The company has established a multi-category snack food product system, focusing on seven major categories, including spicy snacks and deep-sea snacks, with significant growth in egg snacks and fruit and nut products, which grew by 150.54% and 95.98% respectively [7][9]. - The company is enhancing its omni-channel coverage, with a focus on e-commerce and snack wholesale stores, while maintaining its advantages in traditional supermarkets [9]. Earnings Forecast and Valuation - The projected revenues for 2024-2026 are 5.194 billion yuan, 6.510 billion yuan, and 8.111 billion yuan respectively, with corresponding net profits of 649 million yuan, 828 million yuan, and 1.044 billion yuan [8][11]. - The estimated EPS for the same period is expected to be 2.36 yuan, 3.02 yuan, and 3.80 yuan per share [8][11]. - The company is assigned a PE valuation range of 25-30 times for 2024, corresponding to a reasonable value range of 59.00-70.80 yuan [9][10].

日均成交额（百万） 193.38 2024 年 08 月 09 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn [Table_Title] 淡季收入增势延续，品类品牌培育卓有成效 ——盐津铺子（002847）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 8 日，盐津铺子发布 2024 年半年度报告。2024H1 公司的 营业收入为 24.59 亿元，同比+29.84%；归母净利润为 3.19 亿元，同比 +30.00%；扣非归母净利润为 2.73 亿元，同比+17.96%。2024Q2 公司 的营业收入为 12.36 亿元，同比+23.44%；归母净利润为 1.60 亿元，同 比+19.11%；扣非归母净利润为 1.35 亿元，同比+1.58%。 投资要点: 相对沪深 300 表现 2024/08/09 零食量贩和抖音渠道引领增长，整体收入符合预期。公司 2024H1 营收和归母净利润分别同比增长 29.8%和 30. ...

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]

证 券 研 报 公 司 研 2024 年 08 月 10 日 究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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]