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：2024-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司盐津铺子 2023 年度网上业绩说明会的投资者 | | 人员姓名 | | | 时 间 | 2024 年 04 月 09 日（星期二）下午 15:00-17:00 | | 地 点 | "约调研"微信小程序 | | 上市公司接待人 | 董事长/总经理：张学武先生 | | | 董事/副总经理：兰波先生 | | | 董事/副总经理：杨林广先生 | | | 独立董事：刘灿辉先生 | | 员姓名 | 副总经理：张磊先生（电商负责人） | | | 财务总监：杨峰先生 | | | 董事会秘书：张杨女士 | | 投资者关系活动 | 1、问：卡尔顿抖音直播间采用车间生产线直播的形式，人气 似模式的直播，让消费者对盐津铺 ...

本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，Haitong Securities India Private Limited (HSIPL)，Haitong International Japan K.K. (HTIJKK)和海通国际证券有限公 司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。 IMPORTANT DISCLOSURES This research report is distributed by Haitong International, a global brand name for the equity research teams of Haitong International Research Limited ("HTIRL"), Haitong Securities India Private Limited ("HSIPL"), Haitong International Japan K.K. ("HTIJKK"), Haitong International Secu ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][22]. Core Views - The company achieved a revenue of 4.115 billion yuan in 2023, representing a year-on-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-on-year [3]. - The company continues to focus on seven core product categories, each exceeding 200 million yuan in revenue, with significant growth in new categories such as egg snacks and konjac jelly [4]. - The company is enhancing its supply chain by investing in upstream raw material production, aiming for a competitive edge through cost leadership [6]. Summary by Sections Financial Performance - In Q4 2023, the company reported revenue of 1.111 billion yuan, a year-on-year increase of 20.22%, and a net profit of 110 million yuan, up 32.64% year-on-year [3]. - For Q1 2024, the company expects a net profit of 150-170 million yuan, reflecting a year-on-year growth of 34.48-52.41% [3]. Product and Channel Strategy - The company has a clear "multi-category, all-channel" strategy, with a focus on major products and collaboration with retail brands to enhance market penetration [4]. - Revenue from direct sales, distribution, and e-commerce channels in 2023 was 334 million yuan, 2.952 billion yuan, and 828 million yuan, respectively, with e-commerce showing a growth of 98.04% year-on-year [4]. Profitability and Cost Management - The net profit margin for 2023 was 12.47%, an increase of 2.04 percentage points year-on-year, with a decrease in sales, management, and R&D expense ratios [5]. - The company implemented an equity incentive plan in June 2023 to align interests with core talent, which is expected to boost long-term confidence despite short-term impacts on profitability [5]. Future Projections - Revenue projections for 2024-2026 are 5.376 billion yuan, 6.596 billion yuan, and 7.878 billion yuan, with growth rates of 30.6%, 22.7%, and 19.4%, respectively [6]. - Expected net profits for the same period are 690 million yuan, 875 million yuan, and 1.055 billion yuan, with growth rates of 36.4%, 26.9%, and 20.5% [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 87 CNY based on a 25x PE valuation for 2024 [3][4][24]. Core Insights - The company reported strong financial performance in 2023, achieving revenue of 4.115 billion CNY, a year-on-year increase of 42.22%, and a net profit attributable to the parent company of 506 million CNY, up 67.76% year-on-year [2]. - The company expects continued growth in Q1 2024, forecasting a net profit of 150-170 million CNY, representing a year-on-year increase of 34.48%-52.41% [2]. - The dual-driven strategy of product and channel is sustaining high revenue growth, with significant contributions from various product categories and channels [2]. Financial Performance Summary - In 2023, the company achieved revenue of 4.115 billion CNY, with a year-on-year growth of 42.22% [6]. - The net profit attributable to the parent company was 506 million CNY, reflecting a year-on-year increase of 67.76% [6]. - The company’s gross margin was 33.54%, with a slight decline of 1.18 percentage points year-on-year [2]. - The net profit margin improved to 12.29%, an increase of 1.87 percentage points year-on-year [2]. Product and Channel Analysis - Revenue from various product categories in 2023 included: spicy snacks (1.482 billion CNY, +56.71%), baked snacks (627 million CNY, +12.75%), and deep-sea snacks (619 million CNY, +10.65%) [2]. - The company’s revenue from direct sales channels decreased by 10.03%, while revenue from distribution and e-commerce channels increased by 40.35% and 98.04%, respectively [2]. - The company is actively leveraging the growth potential in snack bulk sales and e-commerce platforms [2]. Future Outlook - The company aims to enhance its market share by focusing on its "category brand" strategy and exploring new growth categories [2]. - The report indicates that the current market concerns regarding channel growth may not fully reflect the company's potential for single product growth [2].

Investment Rating - The report maintains an "Outperform the Market" rating for the company [12]. Core Views - The company achieved a revenue of 4.115 billion yuan in 2023, representing a year-over-year increase of 42.22%, and a net profit of 506 million yuan, up 67.76% year-over-year [3][24]. - The company focuses on seven core product categories and continues to enhance its channel penetration and product strength, transitioning from a "product + channel" growth strategy to a "channel-driven, product-leading" approach [4][14]. - The company is expected to see continued revenue growth, with projections of 5.256 billion yuan in 2024, 6.652 billion yuan in 2025, and 8.356 billion yuan in 2026 [5][15]. Financial Summary - In 2023, the company reported a gross profit margin of 33.5%, with a slight decrease from the previous year [5][24]. - The net profit margin improved to 12.3% in 2023, reflecting a strong performance despite a slight decline in gross margin [28]. - The company’s earnings per share (EPS) for 2023 was 2.58 yuan, with forecasts of 3.38 yuan in 2024 and 4.50 yuan in 2025 [5][28]. Product and Channel Performance - The company’s product categories, including leisure konjac products and meat products, saw significant growth, with increases of 84.95% and 39.99% respectively [25]. - The revenue breakdown by channel in 2023 showed that the distribution channel accounted for 71.74% of total revenue, while e-commerce contributed 20.13% [25]. Valuation and Market Comparison - The report suggests a price-to-earnings (P/E) valuation range of 25-30 times for 2024, indicating a reasonable value range of 84.50 to 101.40 yuan per share [15]. - The company’s market performance is compared to peers, with a focus on maintaining competitive positioning within the industry [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [11][23]. Core Views - The company reported a strong performance in 2023, achieving a revenue of 4.12 billion yuan, a year-on-year increase of 42.2%, and a net profit attributable to shareholders of 510 million yuan, up 67.8% year-on-year [11][12]. - The company is expected to maintain high growth, with a forecasted net profit for Q1 2024 between 150 million and 170 million yuan, representing a year-on-year growth of 34.5% to 52.4% [11][12]. - The company has shown robust growth across multiple product categories, with significant increases in sales for spicy snacks, jelly products, and egg snacks [12]. Financial Performance Summary - In Q4 2023, the company achieved a revenue of 1.11 billion yuan, a year-on-year increase of 20.2%, and a net profit of 110 million yuan, up 32.6% year-on-year [11][12]. - The gross margin for Q4 2023 was 31.1%, a slight decrease of 0.2 percentage points year-on-year, while the net margin improved to 9.9%, an increase of 0.9 percentage points year-on-year [3][11]. - The company’s revenue and profit forecasts for 2024-2026 indicate continued growth, with net profits projected to reach 690 million yuan in 2024, 880 million yuan in 2025, and 1.17 billion yuan in 2026, reflecting year-on-year growth rates of 35.9%, 28.3%, and 32.1% respectively [11][15]. Product Category Performance - The company’s seven core product categories showed strong revenue growth in 2023, with spicy snacks generating 1.48 billion yuan (up 56.7%), jelly products at 220 million yuan (up 125.7%), and egg snacks at 320 million yuan (up 594.5%) [12]. - The company is enhancing its channel coverage, focusing on key accounts, supermarkets, and convenience stores, while also leveraging social media platforms for marketing [12].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [5][16]. Core Insights - The company has demonstrated a robust improvement in profitability, with a net profit margin of 12.29% for 2023, up by 1.87 percentage points year-on-year. The gross profit margin stood at 33.54%, reflecting effective cost management and operational efficiency [2][5]. - The company achieved a total revenue of 41.15 billion yuan in 2023, representing a year-on-year growth of 42.22%. The net profit for the same period was 5.06 billion yuan, an increase of 67.76% compared to the previous year [16][5]. - The company is expected to maintain strong performance in Q1 2024, with projected net profits between 1.5 to 1.7 billion yuan, indicating a year-on-year growth of 34.48% to 52.41% [16][17]. Financial Performance Summary - In 2023, the company reported a total revenue of 41.15 billion yuan, with a net profit of 5.06 billion yuan and a non-GAAP net profit of 4.76 billion yuan, showing significant growth across all metrics [16]. - The company’s revenue is projected to grow to 52.6 billion yuan in 2024, with a year-on-year increase of 28%. The net profit is expected to reach 6.8 billion yuan, reflecting a growth of 34% [5][4]. - The company’s earnings per share (EPS) are forecasted to be 3.46 yuan in 2024, with a corresponding price-to-earnings (P/E) ratio of 22x [5][4]. Revenue Breakdown - The company’s revenue from direct supermarket channels, distribution channels, and e-commerce channels for 2023 was 3.34 billion yuan, 29.52 billion yuan, and 8.28 billion yuan respectively, with e-commerce showing a remarkable growth of 98.04% year-on-year [4][5]. - The company has established strategic partnerships to enhance its market presence, particularly in the snack wholesale and e-commerce sectors, which are expected to drive future growth [4][5].

2024 年 03 月 27 日 公司点评 买入/维持 盐津铺子(002847) 目标价: 87.5 昨收盘:68.79 | --- | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has demonstrated outstanding comprehensive operational capabilities, focusing on core categories and integrating the upstream and downstream supply chain, which is expected to maintain rapid growth through continuous category expansion [10][16] - The company is deeply binding with the discount retail and Douyin channels, with ongoing channel reform benefits and a collaborative development strategy between online and offline sales [10][16] Financial Performance Summary - For Q4 2023, the company reported revenue of 1.11 billion (up 20.2%) and a net profit attributable to the parent company of 110 million (up 32.6%) [1] - For the full year 2023, the company achieved revenue of 4.115 billion (up 42.2%) and a net profit attributable to the parent company of 506 million (up 67.8%) [1] - The forecast for Q1 2024 indicates a net profit attributable to the parent company between 150 million and 170 million (up 34.5% to 52.4%) [1] Revenue and Profit Forecast - The company is expected to achieve total revenue of 5.203 billion, 6.403 billion, and 7.850 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 26.4%, 23.1%, and 22.6% [11][16] - The net profit attributable to the parent company is projected to be 675 million, 849 million, and 1.078 billion for the same years, with growth rates of 33.4%, 25.9%, and 27.0% respectively [11][16] Key Financial Metrics - The gross profit margin for 2023 was 33.5%, with projections of 32.9% for 2024 and 32.7% for 2025 [11] - The return on equity (ROE) is expected to remain stable at 35.0% for 2024 and decrease slightly to 34.0% in 2025 [11] - The price-to-earnings (P/E) ratio is projected to be 22.11 for 2024, 17.57 for 2025, and 13.84 for 2026 [11][16]

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company demonstrated impressive performance in 2023, with significant growth in core products such as quail eggs and spicy konjac, slightly exceeding expectations. The multi-category expansion and continuous channel development are expected to release further performance potential, leading to an upward revision of profit forecasts [5][8]. - The company’s 2023 total revenue reached 4.115 billion yuan, a year-on-year increase of 42.22%, while the net profit attributable to the parent company was 506 million yuan, up 67.76% year-on-year. The first quarter of 2024 is projected to achieve a net profit of 150-170 million yuan, representing a year-on-year growth of 34.48%-52.41% [1][5]. Summary by Sections Financial Performance - In 2023, the company achieved a gross margin of 33.54% (down 1.18 percentage points year-on-year) and a net profit margin of 12.47% (up 2.04 percentage points year-on-year). The fourth quarter of 2023 saw a gross margin of 31.06% and a net profit margin of 9.89% [4][5]. - The company’s operating expenses were effectively controlled, with sales, management, R&D, and financial expense ratios at 12.53% (down 3.27 percentage points), 4.44% (down 0.08 percentage points), 1.94% (down 0.63 percentage points), and 0.40% (up 0.09 percentage points) respectively [4][5]. Revenue Breakdown - The revenue from direct supermarkets, distribution channels, and e-commerce channels in 2023 was 334 million yuan, 2.952 billion yuan, and 828 million yuan, with year-on-year changes of -10.03%, +40.35%, and +98.04% respectively. The proportions were 8.13%, 71.74%, and 20.13% [4][5]. - The company’s core products, including spicy konjac and quail eggs, showed remarkable growth, with revenue from spicy snacks, baked snacks, deep-sea snacks, potato snacks, egg snacks, dried fruits and nuts, and konjac pudding reaching 1.482 billion yuan, 627 million yuan, 619 million yuan, 360 million yuan, 319 million yuan, 267 million yuan, and 217 million yuan respectively, with year-on-year growth rates of 56.71%, 12.75%, 10.65%, 29.98%, 594.52%, 37.19%, and 125.67% [9][11]. Future Projections - The company’s net profit forecasts for 2024, 2025, and 2026 are 706 million yuan, 920 million yuan, and 1.125 billion yuan, with year-on-year growth rates of 39.53%, 30.29%, and 22.30% respectively. The corresponding EPS is projected to be 3.60 yuan, 4.69 yuan, and 5.74 yuan, with P/E ratios of 21.02, 16.13, and 13.19 respectively [5][11].