[Table_Reportdate] 2024年08月12日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月8日，公司发布2024年半年报业绩，公司2024年H1营业总收入为24.59亿元（同 比+29.84%），归母净利润为3.19亿元（同比+30.00%），扣非净利润2.73亿元（同比 +17.96%）。其中，2024年Q2公司营业收入为12.36亿元（同比+23.44%），归母净利润 为1.60亿元（同比+19.11%），扣非净利润为1.35亿元（同比+1.58%）。 | --- | --- | |--------------------------------------|------------------| | | | | 数 Ta 据 b 日 le_ 期 cominfo] 收盘价 | 2024/08/12 37.72 | | 总股本 ( 万股 ) | | | | 27,439 | | 流通 A 股 / ...

[Table_Reportdate] 2024年08月12日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：8月8日，公司发布2024年半年报业绩，公司2024年H1营业总收入为24.59亿元（同 比+29.84%），归母净利润为3.19亿元（同比+30.00%），扣非净利润2.73亿元（同比 +17.96%）。其中，2024年Q2公司营业收入为12.36亿元（同比+23.44%），归母净利润 为1.60亿元（同比+19.11%），扣非净利润为1.35亿元（同比+1.58%）。 | --- | --- | |--------------------------------------|------------------| | | | | 数 Ta 据 b 日 le_ 期 cominfo] 收盘价 | 2024/08/12 37.72 | | 总股本 ( 万股 ) | | | | 27,439 | | 流通 A 股 / ...

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company achieved a revenue of 2.46 billion yuan in H1 2024, representing a year-on-year growth of 29.8%, with a net profit of 320 million yuan, up 30.0% year-on-year [1] - For Q2 2024, the revenue was 1.24 billion yuan, showing a year-on-year increase of 23.4%, and the net profit was 160 million yuan, growing by 19.1% year-on-year [1] - The company forecasts revenues of 5.41 billion, 6.83 billion, and 8.27 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 31.5%, 26.2%, and 21.1% [1] Revenue Breakdown - In H1 2024, the revenue from various product categories included: - Leisure konjac: 310 million yuan, up 38.9% - Meat and poultry products: 210 million yuan, up 6.8% - Leisure bean products: 170 million yuan, up 11.1% - Other spicy snacks: 210 million yuan, up 46.4% - Leisure baking: 340 million yuan, up 12.6% - Deep-sea snacks: 320 million yuan, up 11.8% - Egg snacks: 240 million yuan, up 150.5% - Potato snacks: 220 million yuan, up 39.3% - Dried fruits and nuts: 210 million yuan, up 96.0% - Konjac jelly: 180 million yuan, up 44.0% [2] - The e-commerce channel generated 580 million yuan in revenue, reflecting a growth of 48.4% [2] Profitability and Financial Metrics - The gross margin for Q2 2024 was 33.0%, a decrease of 3.1 percentage points year-on-year, primarily due to product discounts and channel structure [3] - The company reported a net profit of 160 million yuan for Q2 2024, maintaining a robust growth rate of 19.1% [3] - The projected net profits for 2024, 2025, and 2026 are 690 million, 880 million, and 1.17 billion yuan respectively, with growth rates of 36.2%, 27.7%, and 32.7% [1][4] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 15.0, 11.8, and 8.9 for 2024, 2025, and 2026 respectively [1][4] - The company’s total market capitalization is approximately 10.36 billion yuan [5]

F源证券 食品饮料/休闲食品 公 司 研 究 盐津铺子（002847.SZ） 2024 年 08 月 12 日 收入延续高速增长，品牌势能稳步提升 ——公司信息更新报告 投资评级：买入（维持） 张宇光（分析师） 陈钟山（分析师） zhangyuguang@kysec.cn 证书编号：S0790520030003 chenzhongshan@kysec.cn 证书编号：S0790524040001 收入延续高速增长，品牌势能稳步提升，维持"买入"评级 公司 2024H1 实现收入 24.6 亿元，同比增长 29.8%，归母净利润 3.2 亿元，同比 增长 30.0%；其中 2024Q2 实现收入 12.4 亿元，同比增长 23.4%，归母净利润 1.6 亿元，同比增长 19.1%。我们维持盈利预测，预计公司 2024-2026 年分别实现收 入 54.1、68.3、82.7 亿元，同比增长 31.5%、26.2%、21.1%；实现归母净利润 6.9、 8.8、11.7 亿元，同比增长 36.2%、27.7%、32.7%，当前股价对应 PE 分别为 15.0、 11.8、8.9 倍，维持"买入"评级。 核心单品势 ...

Investment Rating - The investment rating for the company is "Buy" [2][7] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of the year, representing a year-on-year increase of 29.84%, and a net profit attributable to shareholders of 319 million yuan, also up by 30% [3] - The company plans to distribute a cash dividend of 6 yuan per 10 shares, indicating a commitment to shareholder returns [3] - The company continues to optimize its product and channel structure, enhancing its competitive advantages through multiple channels and product categories [4] - The company achieved significant revenue growth across various product categories, with notable increases in spicy snacks, baked goods, and egg snacks [4] - The company’s revenue growth strategy is supported by a strong supply chain and a focus on consumer demand [4] Financial Performance - The company’s gross margin decreased by 2.81 percentage points to 32.53% due to changes in channel structure, despite a decline in raw material costs [6] - The net profit margin improved slightly by 0.03 percentage points to 13.0% due to effective cost control [6] - The company’s net profit for Q2 was 160 million yuan, reflecting a year-on-year increase of 19.11% [6] - The company has adjusted its revenue forecasts for 2024-2026, with expected revenues of 5.226 billion yuan in 2024, 6.380 billion yuan in 2025, and 7.655 billion yuan in 2026 [7][8] - The earnings per share (EPS) forecast for 2024 is adjusted to 2.40 yuan [7] Market Position and Strategy - The company is focusing on channel expansion, particularly in e-commerce and collaboration with popular snack brands, enhancing its brand influence [4] - The company’s strategy of "channel supremacy, product leadership, and system support" is expected to continue driving its growth [6]

Group 1: Financial Performance - In Q2 2024, the company's revenue increased by 23.44% compared to Q1 2024, demonstrating strong growth despite high base effects from the previous year [2] - The gross profit margin in Q2 2024 improved by 0.85% compared to Q1 2024, attributed to the rapid growth of high-margin products like "Egg King" quail eggs and "Big Devil" vegetarian tripe [2] Group 2: Profit Analysis - The non-recurring net profit for Q2 2024 was impacted by significant stock payment expenses, amounting to approximately 25.05 million, compared to 7.75 million in the same period last year [3] - Sales and management expenses increased due to investments in brand promotion and participation in national food exhibitions, which are within the company's budget control [3] Group 3: Product Development and Market Position - The company aims to establish seven product categories as top contenders in the market, with "Egg King" and "Big Devil" showing strong sales momentum [3] - The monthly sales of "Big Devil" sesame-flavored konjac vegetarian tripe accounted for about 40% of the revenue from leisure konjac, while "Egg King" quail eggs contributed approximately 60% [4] Group 4: E-commerce Strategy - The e-commerce channel has seen over 30% revenue growth in the first half of the year, with a focus on platforms like Douyin for brand promotion [4] - The company is expanding its e-commerce strategy by leveraging both short video influencers and live streaming channels to enhance sales [4]

荣幸的邀请到了年金库子的董事会秘书张总跟大家做一个中报的分享昨天晚上的公司也发布了2024年的半年报其中呢24年上半年实现收入24.59亿同比增加28.8在之前的预告的区间之内然后利润端的话是实现了这个3.19亿的这个利润同比增加30是靠近 预告的上线的整体的收入利润情况还是非常稳定的今天我们也是非常荣幸的邀请到了张总跟大家做一个财报的分享非常感谢方中正也感谢今天线上的投资人盐晶铺子我们在昨天发了中报整体来看我们公司内部对于Q2的业绩是非常的满意 具体来说我们根据财报来看我们在整个二季度有两个经营商的亮点还有一个相关的一些利好具体来说第一个亮点是公司Q2的收入同比有了一个23.23%的增长这是公司在淡季叠加Q1旺季的情况之下取得的高基数下淡季下的一个强劲的增长的结果 第二个精神上的亮点是公司单Q2的毛利率和毛消差环比均有所提升相较于Q1我们认为主要是得益于成本结构的优化同时向公司的大魔王蛋黄等高毛利产品它的收入占比的提升也带来了毛利优化的一个结果另外一个就是昨天晚上我们也公布了中期分红 加上之前的一个回购注销的一个公告公司2024年的分红率是有望提升的我们综观整个半年报来看盐津已经逐步由一个渠道型的临时公司我 ...

证券研究报告：食品饮料 | 公司点评报告 2024 年 8 月 11 日 公司基本情况 最新收盘价（元） 37.75 总股本/流通股本（亿股）2.74 / 2.46 总市值/流通市值（亿元）104 / 93 52 周内最高/最低价 83.50 / 35.78 资产负债率(%) 49.1% 市盈率 14.31 第一大股东湖南盐津铺子控股有限 公司 研究所 股票投资评级 买入|维持 个股表现 -36% -32% -28% -24% -20% -16% -12% -8% -4% 0% 4% 2023-08 2023-10 2024-01 2024-03 2024-05 2024-08 盐津铺子 食品饮料 资料来源：聚源，中邮证券研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 盐津铺子(002847) 淡季收入表现亮眼，稳步提升品牌效力 ⚫ 事件 公司发布 2024 年半年报，中报业绩位于预告区间中枢之上。2024 年上半年实 ...

食品饮料 证 券 研 究 报 告 2024 年 08 月 10 日 盐津铺子 (002847) ——淡季营收放缓 盈利能力稳定 | --- | --- | |-------------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 09 日 | | 收盘价（元） | 37.75 | | 一年内最高 / 最低（元） | 84.55/35.53 | | 市净率 息率（分红/股价） | 6.5 3.97 | | | 9,279 | | 流通 A 股市值（百万元） 上证指数/深证成指 | 2,862.19/8,393.70 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 5.79 | | 资产负债率 % | 43.17 | | 总股本/流 ...

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 ...