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].

Investment Rating - The report maintains a "Buy" investment rating for the company, with a target price corresponding to a PE ratio of 19, 14, and 10 for the years 2024, 2025, and 2026 respectively [35] Core Insights - The company has demonstrated high-quality growth in performance, with a total operating revenue of 4.115 billion yuan in 2023, reflecting a year-on-year increase of 42% [35] - The net profit attributable to shareholders reached 506 million yuan in 2023, up 67.8% year-on-year, driven by improved supply chain efficiency and cost control [35] - The company is focusing on seven core categories and expanding through multi-channel and multi-category development, which is expected to enhance brand presence and market share [35] Financial Forecast - The forecast for main revenue (in million yuan) is as follows: 5,353 in 2024E, 6,797 in 2025E, and 8,355 in 2026E, with growth rates of 30.1%, 27.0%, and 22.9% respectively [14] - The net profit attributable to shareholders is projected to be 721 million yuan in 2024E, 984 million yuan in 2025E, and 1,299 million yuan in 2026E, with growth rates of 42.6%, 36.4%, and 32.0% respectively [14] - The diluted earnings per share (EPS) are expected to be 3.68 yuan in 2024E, 5.02 yuan in 2025E, and 6.62 yuan in 2026E [14] Market Performance - The company has a total market capitalization of 135 billion yuan, with a current stock price of 68.79 yuan [35] - The stock has a 52-week price range of 61.45 to 137.61 yuan, indicating significant volatility and potential for growth [35]

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 | ...