湖南启元律师事务所 关于盐津铺子食品股份有限公司 2024年第四次临时股东大会的 法律意见书 二零二四年八月 （三）深圳证券信息有限公司在本次股东大会网络投票结束后提供给公司的 网络投票统计结果； （四）公司本次股东大会股权登记日的股东名册、出席现场会议的股东的到 会登记记录及凭证资料； （五）公司本次股东大会会议文件。 致：盐津铺子食品股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司股东大 会规则》等我国现行法律、法规、规范性文件以及《盐津铺子食品股份有限公司 章程》（以下简称"《公司章程》"）的规定，湖南启元律师事务所（以下简称"本 所"）接受盐津铺子食品股份有限公司（以下简称"公司"）的委托，指派本所律师 出席了公司 2024 年第四次临时股东大会（以下简称"本次股东大会"），对本次股 东大会的召集和召开程序、召集人及出席会议人员的资格、表决程序和表决结果 的合法有效性进行现场律师见证，并出具本法律意见书。 为出具本法律意见书，本所律师依法查验了公司提供的下列资料： （一）刊登在中国证券监督管理委员会（以下简称"中国证监会"）指定媒体 巨潮资讯网站（http://www.cn ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024-066 盐津铺子食品股份有限公司 关于召开2024年半年度业绩说明会的公告 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8月9日在巨潮资 讯网（http://www.cninfo.com.cn/）上披露了《盐津铺子2024年半年度报告》。为便 于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司计划于 2024年8月26日（星期一）下午16:00至17:00时在"盐津铺子投资者关系"小程序 举行2024年半年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的意 见和建议。 会议召开时间：2024年8月26日（星期一）下午16:00至17:00 会议召开地点："盐津铺子投资者关系"小程序 会议召开方式：网络互动方式 二、公司出席人员 公司董事长、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，副总经理：张磊先生，财务总监： 杨峰先生，董事会秘书：张杨女士。 三、投资者参与方式 ...

证券代码：002847 证券简称：盐津铺子 公告编号：2024- 065 盐津铺子食品股份有限公司 关于投资设立控股子公司并完成工商注册登记的公告 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。 一、对外投资概述 为满足公司业务发展和实际经营需要，盐津铺子食品股份有限公司（以下简 称"公司"）与湖南省鹏无畏企业管理有限公司（以下简称"鹏无畏企业管理公 司"）共同出资新设立子公司湖南津诚食品有限公司（以下简称"津诚食品公司"）。 津诚食品注册资本6,900.00万元，其中：公司出资额4,830.00万元，占注册资本的 70%；鹏无畏企业管理公司出资额2,070.00万元，占注册资本的30%。本次投资完 成后津诚食品成为公司的控股子公司。 公司本次投资设立控股子公司事项不构成关联交易，亦不构成《上市公司重 大资产重组管理办法》规定的重大资产重组。根据《深圳证券交易所股票上市规 则》等法律法规和《公司章程》等规章制度的相关规定，本次投资事项无需提交 公司董事会、股东大会审议。 津诚食品公司将重点发展肉禽制品品类休闲零食的研发、生产、销售工作。 此次投资通过丰富公司品 ...

证券研究报告·公司深度研究·休闲食品 盐津铺子（002847） 供应链提效，极致性价比+品类品牌双轮驱动 穿越周期 2024 年 08 月 18 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2894 | 4115 | 5183 | 6417 | 7746 | | 同比（ % ） | 26.83 | 42.22 | 25.96 | 23.80 | 20.72 | | 归母净利润（百万元） | 301.48 | 505.77 | 668.89 | 875.85 | 1,068.30 | | 同比（ % ） | 100.00 | 67.76 | 32.25 | 30.94 | 21.97 | | EPS- 最新摊薄（元 / 股） | 1.10 | 1.8 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Insights - The company achieved a revenue of 2.46 billion yuan in the first half of 2024, representing a year-on-year growth of 29.8%, with a net profit of 320 million yuan, up 30% year-on-year [1] - In Q2 2024, the company reported a revenue of 1.24 billion yuan, a 23.4% increase year-on-year, and a net profit of 160 million yuan, growing by 19.1% year-on-year [1] - New product performance is strong, with significant growth in e-commerce channels, particularly in the spicy snacks, leisure baking, and deep-sea snacks categories [1] - The company plans to repurchase shares worth 50 to 70 million yuan and distribute a cash dividend of 6 yuan per 10 shares [1] Financial Performance Summary - Revenue projections for 2024-2026 are 5.24 billion yuan, 6.46 billion yuan, and 7.86 billion yuan, with growth rates of 27.35%, 23.27%, and 21.67% respectively [3] - Net profit forecasts for the same period are 671.8 million yuan, 852.15 million yuan, and 1.06 billion yuan, with growth rates of 32.83%, 26.85%, and 24.65% respectively [3] - The company’s EPS is projected to be 2.45 yuan, 3.11 yuan, and 3.87 yuan for 2024, 2025, and 2026 respectively [3] - The company’s PE ratio is expected to decrease from 16 times in 2024 to 10 times in 2026 [3]

[Table_Summary] [Table_Title] 产品渠道积极变革，品牌势能持续向上 [Table_ReportDate] 盐津铺子(002847)公司简评报告 | 2024.08.15 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 赵瑞 分析师 SAC 执证编号：S0110522120001 zhaorui@sczq.com.cn ⚫ 事件：公司发布 2024 年半年报，24H1 公司营业收入 24.59 亿元，同比 增长 29.84%；归母净利润 3.19 亿元，同比增长 30.00%；扣非归母净利 润 2.73 亿元，同比增长 17.96%。对应 24Q2 公司营业收入 12.36 亿元， 同比增长 23.44%；归母净利润 1.60 亿元，同比增长 19.11%；扣非归母 净利润 1.35 亿元，同比增长 1.58%。 ⚫ 两大战略子品牌引领增长，全渠道布局持续推进。1）分产品：24H1 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 营 业 收 入 分 别 为 8.98/3.42/3.24/2.39/2.21/2.10/1.8 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of 2024, representing a year-on-year growth of 29.84%. The net profit attributable to shareholders was 319 million yuan, up 30.00% year-on-year [2] - The company is transitioning from a channel-oriented to a product-oriented model, which is expected to enhance long-term profitability [2] - The company has seen significant growth in its strategic sub-brands and continues to expand its multi-channel layout [2] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 2.459 billion yuan, with a net profit of 319 million yuan and a non-recurring net profit of 273 million yuan, showing year-on-year increases of 29.84%, 30.00%, and 17.96% respectively [2] - For Q2 2024, the revenue was 1.236 billion yuan, with a net profit of 160 million yuan, reflecting year-on-year growth of 23.44% and 19.11% respectively [2] Product and Channel Strategy - Revenue from various product categories in H1 2024 showed significant growth, with spicy snacks, baked goods, and deep-sea snacks generating revenues of 898 million, 342 million, and 324 million yuan, respectively [2] - The company is actively adjusting its channel structure, with direct supermarket revenue declining by 43.59% while e-commerce and distribution channels grew by 48.40% and 35.07% respectively [2] Profitability Metrics - The gross margin for H1 2024 was 32.53%, a decrease of 2.81 percentage points year-on-year, attributed to changes in channel structure [2] - The net profit margin remained stable at 12.99%, with a slight increase of 0.02 percentage points year-on-year [2] Future Outlook - The company is expected to achieve net profits of 640 million, 820 million, and 1.03 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 27%, and 26% [4] - The current stock price corresponds to a price-to-earnings ratio of 16, 13, and 10 for the years 2024, 2025, and 2026 [4]

公 司 研 究 | --- | |-------| | | | | | | | | | | 盐津铺子(002847) 目标价: 60 昨收盘:37.75 电商、零食量贩渠道红利延续，大单品打造初显成效 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/8/14 23/10/2524/1/524/3/1724/5/2824/8/8 盐津铺子 沪深300 ◼ 股票数据 总股本/流通(亿股) 2.74/2.74 总市值/流通(亿元) 103.58/103.58 12 个月内最高/最低价 (元) 84.55/35.53 相关研究报告 <<全渠道驱动核心品类扩张，一季度 延续高势能增长>>--2024-04-25 <<2023 年顺利收官，打造爆品全渠道 发力，2024Q1 利润超预期>>--2024- 03-29 <<盐津铺子：2023 年顺利收官，增长 势能有望延续>>--2024-01-16 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 事件：盐津铺子发布 2024 年半年报，2024H1 实现营收 24.5 ...

2024 年 08 月 12 日 评级 买入 | --- | --- | --- | |---------------------------|----------|--------------| | 交易数据 \n当前价格（元） | 评级变动 | 维持 \n37.75 | | 52 周价格区间（元） | | 35.78-83.50 | | 总市值（百万） | | 10358.22 | | 流通市值（百万） | | 9278.94 | | 总股本（万股） | | 27439.00 | | 流通股（万股） | | 24580.00 | | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|----------|---------| | | | | | | 7% -3% | 盐津铺子 | 休闲食品 | | | -13% -23% -33% | | | | | | | | | | -43% 2023-08 2023-11 | 2024-02 | 2024-05 | 2024-08 | | % | 1M | 3M | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated strong revenue resilience with a multi-brand strategy gradually improving [2][3] - In H1 2024, the company achieved revenue of 2.459 billion yuan, a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 319 million yuan, up 30.01% year-on-year [2] - The company is expected to generate revenues of 5.135 billion yuan, 6.199 billion yuan, and 7.233 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 24.8%, 20.7%, and 16.7% [3] Financial Performance - In Q2 2024, the company reported revenue of 1.239 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.12% year-on-year [2] - The gross profit margin for Q2 2024 was 33.0%, a decrease of 3.1 percentage points year-on-year, while the net profit margin was 13.0%, down 1.1 percentage points year-on-year [2] - The company’s sales channels showed robust growth, with revenue from distribution, direct sales, and e-commerce reaching 1.77 billion yuan, 110 million yuan, and 580 million yuan respectively in H1 2024 [2] Brand Strategy - The company is actively enhancing its brand strategy, with its strategic sub-brand "Da Mo Wang" receiving multiple awards and the launch of a new sub-brand "Dan Huang" in collaboration with a packaging design master [3] - The multi-brand operation layout is gradually being perfected, contributing to the company's overall stability [3] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024, 2025, and 2026 is 655 million yuan, 866 million yuan, and 1.098 billion yuan respectively, with corresponding year-on-year growth rates of 29.5%, 32.3%, and 26.7% [3][4] - The company’s PE ratios for the next three years are projected to be 16, 12, and 9 times [3]