证券研究报告 非金融公司|公司点评|盐津铺子（002847） 产品渠道双轮驱动，期待盈利改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月09日 证券研究报告 |报告要点 盐津铺子发布 2024 半年报，2024H1 公司实现收入 24.59 亿元，同比增长 29.84%，实现归母 净利润 3.19 亿元，同比增长 30.00%。单 2024Q2 公司实现收入 12.36 亿元，同比增长 23.44%； 实现归母净利润 1.60 亿元，同比增长 19.11%。 |分析师及联系人 刘景瑜 邓洁 SAC：S0590524030005 SAC：S0590524040002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月09日 盐津铺子(002847) 产品渠道双轮驱动，期待盈利改善 | --- | --- | |----------------------------|--------------------------------| | | | | 行 业： 投资评级： | 食品饮料/休闲食品 买入（维持） | | 当前价 ...

盐津铺子（002847） 公司点评 积极拥抱渠道红利 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------|-------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is actively embracing channel dividends, with significant growth in bulk sales and Douyin channels driving revenue [1] - The company has achieved strong performance in H1 2024, with revenue reaching 2.459 billion yuan, a year-on-year increase of 29.84%, and net profit attributable to shareholders reaching 319 million yuan, up 30.00% [1] - The report highlights that the company has successfully expanded its market share through strategic pricing and channel development, particularly with its quail egg products and the "Egg Emperor" brand [1] Financial Performance Summary - For Q2 2024, the company reported revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, and net profit attributable to shareholders of 160 million yuan, up 19.11% [1] - The company's gross margin for Q2 2024 was 32.96%, with a slight increase in sales and management expenses due to enhanced brand promotion efforts [1] - The company maintains its previous profit forecasts, expecting total revenue to reach 7.85 billion yuan by 2026, with a compound annual growth rate of 22.6% [2][4] Revenue and Profit Forecasts - Revenue forecasts for the company are as follows: 5.203 billion yuan in 2024, 6.403 billion yuan in 2025, and 7.850 billion yuan in 2026, with year-on-year growth rates of 26.4%, 23.1%, and 22.6% respectively [2][4] - Net profit forecasts are projected at 675 million yuan in 2024, 849 million yuan in 2025, and 1.078 billion yuan in 2026, with corresponding growth rates of 33.4%, 25.8%, and 27.0% [2][4] Key Financial Metrics - The company's current P/E ratios are 15.35 for 2024, 12.20 for 2025, and 9.61 for 2026, indicating a favorable valuation trend [2][4] - The gross margin is expected to stabilize around 32.9% in the coming years, reflecting efficient cost management [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.459 billion yuan in H1 2024, representing a year-on-year growth of 29.84%, with a net profit of 319 million yuan, up 30.00% year-on-year [1]. - The company is successfully building its brand across various product categories and steadily expanding its multi-channel layout, with significant growth in new product sales [1]. - The gross margin improved in Q2 2024, primarily due to reduced core material costs and an increase in the revenue share of key sub-brands [2]. - The company is expected to enhance its competitive advantage with the upcoming production of a potato flour factory, which will lower costs [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 2.459 billion yuan, with a net profit of 319 million yuan, and a non-recurring net profit of 273 million yuan, showing growth rates of 29.84%, 30.00%, and 17.96% respectively [1]. - For Q2 2024, the company achieved revenues of 1.236 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.11% year-on-year [1]. - The revenue breakdown by product categories shows significant growth, with snacks and other categories experiencing increases ranging from 11.83% to 150.54% [1]. Cost and Profitability - The gross margin for H1 2024 was 32.53%, with a slight increase to 32.96% in Q2 2024, reflecting a year-on-year decrease of 3.08% but a quarter-on-quarter increase of 0.85 percentage points [2]. - The net profit margin for H1 2024 was 12.99%, slightly decreasing to 12.93% in Q2 2024, impacted by increased stock incentive amortization expenses [2]. Future Outlook - The company is expected to continue optimizing its supply chain and enhancing profitability through scale effects as it expands its product offerings and market presence [2]. - The earnings per share (EPS) forecast for 2024-2026 is set at 2.45, 3.12, and 3.74 yuan, with corresponding price-to-earnings (P/E) ratios of 16, 12, and 10 times [2].

证 券 研 究 报 告 盐津铺子（002847）2024 年半年报点评 强推（维持） 淡季仍显韧劲，战略稳步推进 目标价：50 元 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company achieved significant revenue growth in the first half of 2024, with a revenue of 2.459 billion yuan, representing a year-on-year increase of 29.84%. The net profit attributable to the parent company was 319 million yuan, up 30% year-on-year [1] - The company is transitioning from a channel-based model to a product-oriented model while enhancing its supply chain advantages, which is expected to further improve profitability [1] - The company is focusing on expanding its product categories and brands, with a notable increase in sales of egg snacks, which grew by 150.5% in the first half of 2024 [2] Revenue and Profitability - In Q2 2024, the company reported revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.11% year-on-year [1] - The gross margin for the first half of 2024 was 32.53%, a decrease of 2.81% year-on-year, primarily due to channel structure adjustments [4] - The net profit margin for the first half of 2024 was 13.03%, down 0.33 percentage points year-on-year [4] Channel Performance - Direct supermarket channel revenue decreased by 43.59% year-on-year to 108 million yuan, accounting for 4.41% of total revenue [2] - The distribution channel saw revenue of 1.770 billion yuan, up 35.07% year-on-year, making up approximately 72% of total revenue [2] - E-commerce channel revenue reached 580 million yuan, a year-on-year increase of 48.40%, representing 23.59% of total revenue [2] Financial Forecasts - The company slightly adjusted its previous profit forecasts, expecting revenues of 5.244 billion, 6.477 billion, and 7.931 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.24%, 23.52%, and 22.45% [5] - The expected net profits for the same years are 675.59 million, 846.75 million, and 1.050 billion yuan, with growth rates of 33.58%, 25.34%, and 24.01% [5]

证券研究报告 益津铺子 (002847 CH) 淡季收入韧性,利润短期承压 年泰研究 2024年8月08日|中国内地 24Q2 稳健发展,组合拳提升股东回报 24H1 实现收入/归母净利/扣非净利 24.6/3.2/2.7 亿元,同比+29.8%/+30.0% /+18.0%;对应 24Q2 收入/归母净利/扣非净利 12.4/1.6/1.3 亿,同比 +23.4%/+19.1%/+1.6%，业绩符合前次预告（预计 24H1 归母净利同比增 长 26.2%-34.3%)。Q2公司收入延续成长,其中电商/量贩表现亮眼,会员 制商超贡献新增量,KA/BC 受大环境影响相对承压,品类品牌战略成果持 续凸显,蛋皇及大魔王持续放量。利润端,Q2公司扣非净利率同比-2.4pct, 我们判断系受到渠道结构变化及季度间费用确认节奏的影响(展会推广费 用、激励费用等增加)。预计 24-26 年 EPS 2.45/3.14/3.93 元,参考可比 24 年 PE 均值 18x（Wind 一致预期）, 24-26 年净利 CAGR（29%）高于可比 均值(23%)，给予24年20x PE，目标价 49.00 元,"买入"。 渠道势 ...

盐津铺子（002847.SZ）2024 年半年报点评 符合业绩预告，重视投资者回报 2024 年 08 月 09 日 ➢ 事件：公司发布 2024 年半年报，上半年公司实现营业收入 24.6 亿元，同 比增长 30%；归母净利润 3.2 亿元，同比增长 30%；扣非归母净利润 2.7 亿元， 同比增长 18%。经测算，24Q2 实现营业收入 12.4 亿元，同比增长 23%；归母 净利润 1.6 亿元，同比增长 19%；扣非归母净利润 1.4 亿元，同比 2%，业绩符 合此前发布的业绩预告。 ➢ 多品类多渠道快速增长，建立中国特色中式休闲食品全品类产品体系。分产 品看，蛋类零食和果干坚果引领增长。24H1，公司辣卤零食/休闲烘焙/深海零食 / 蛋类零食 / 薯类零食 / 果干坚果 / 蒟蒻果冻布丁分别同比增长 26%/13%/12%/151%/39%/96%/44%，24 年"蛋皇"鹌鹑蛋进驻山姆会员商 店，"大魔王"麻酱味素毛肚受消费者及经销商认可，品质大单品叠加全渠道能力 提升，助推鹌鹑蛋、休闲魔芋等品类高速发展。分渠道看，新零售和电商渠道高 速增长，24H1 公司直营商超/经销（含散装、定量装、流通等新 ...

来源：公司年报、国金证券研究所 盐津铺子 (002847.SZ) 买入（维持评级） 业绩简评 8月8日公司发布半年报，24H1实现营收24.59亿元，同比+29.84%； 实现归母净利润 3.19 亿元，同比+30%，扣非归母净利润 2.73 亿 元，同比+17.96%。24Q2 实现营收 12.36 亿元，同比+23.44%，实 现归母净利润 1.6 亿元，同比+19.11%，扣非归母净利润 1.35 亿 元，同比+1.58%。业绩符合预期。 经营分析 零食量贩及电商高速牵引，Q2 淡季实现韧性增长。1）分渠道看， 24H1 经销/电商/直营 KA 渠道销售额分别为 17.70/5.80/1.08 亿 元，同比+35.07%/+48.41%/-43.58%。经销渠道高增主要系零食专 营表现超预期，24H1 鸣鸣很忙门店突破万店，且合作品类逐步增 加。CVS 预计受益于定量装产品推出仍实现较快增长;直营商超因 人流下滑及公司主动优化业务致收入下滑。电商渠道仍以爆品策 略为核心，借助抖音快速放量。2）分产品看，魔芋和鹌鹑蛋借助 副品牌优势，大单品地位稳固，24H1 辣卤魔芋/蛋类零食收入分别 为 3.10/2. ...

(® 3654 3 好零食 盐津造 股票简称: 盐津铺子 股票代码: 002847 ２０２４半年度报告 大魔王 电影音 QUAIL EGG UROmi 盐津铺子食品股份有限公司 YANKER SHOP FOOD CO.,LTD. 盐津铺子食品股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整，不存在虚假记载、误导 性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人张学武、主管会计工作负责人杨峰及会计机构负责人（会计主管人员）杨峰声明：保证本半年度报告中财 务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 有关风险因素内容已在本报告中第三节"管理层讨论与分析/十、公司面临的风险和应对措施"部分予以描述。敬请广 大投资者注意投资风险。 公司经本次董事会审议通过的利润分配预案为：以 274,389,759 股为基数，向全体股东每 10 股派发现金红利 6 元（含 税），不送红股，不以公积金转增股本。（其中：回购账户中 1,050 股不参与利润分配） 2 盐津铺子食品股份有限公司 ...