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 ...

[Table_Contacts] [Table_Title] 盐津铺子（002847.SZ） 中报符合预期，成长态势延续 [Table_Summary] 核心观点： ⚫ 事件：公司发布 2024 年中报。24H1 实现收入 24.6 亿元，同比+29.8%； 归母净利润为 3.2 亿元，同比+30.0%。24Q2 实现收入 12.4 亿元，同 比+23.4%；归母净利润为 1.6 亿元，同比+19.1%。 ⚫ 收入端：全渠道+多品类共振，延续高成长趋势。分渠道看，直营/经 销/电商实现收入 1.1/17.7/5.8 亿元，同比-43.6%/+35.1%/+48.4%， 占比分别为 4.4%/72.0%/23.6%。分产品看，辣卤品类占 24H1 收入 36.5%，其中魔芋/肉禽/豆制品/辣卤其他收入分别为 3.1/2.1/1.7/2.1 亿元，同比+38.9%/+6.8%/+11.1%/+46.4%，其中魔芋和辣卤礼包增 长较快，整体辣卤品类同比+25.8%。此外，休闲烘焙/深海零食/蛋类 零食/薯片/果干坚果/布丁等 24H1 实现收入 3.4/3.2/2.4/2.2/2.1/1.8 亿 元，同比+12.6 ...

短期盈利承压，势能依旧向上 [Table_Title] 评级：买入（维持） [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 2,894 4,115 5,323 6,610 8,073 增长率 yoy% 27% 42% 29% 24% 22% 净利润（百万元） 301 506 666 851 1,070 增长率 yoy% 100% 68% 32% 28% 26% 每股收益（元） 2.34 2.58 3.40 4.34 5.46 每股现金流量 2.17 3.39 7.87 3.97 8.91 净资产收益率 26% 35% 32% 29% 27% P/E 35.1 20.9 15.9 12.4 9.9 P/B 9.3 7.3 5.1 3.7 2.7 备注：股价选取 2024 年 8 月 8 日收盘价 市场价格：38.6 元 [Table_Profit] 基本状况 总股本(百万股) 274 流通股本(百万股) 246 市价(元) 38.60 市值(百万元) 10,591 流通市值(百万元) 9,488 盐津铺子（002847.S ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Insights - The company reported a significant revenue growth of 29.84% year-on-year, achieving a total revenue of 2.459 billion yuan in the first half of 2024, with a net profit of 319 million yuan, reflecting a 30.00% increase year-on-year [6][9]. - The company continues to strengthen its omni-channel capabilities and large product offerings, focusing on seven core product categories, which have shown robust growth [6][9]. Financial Performance Summary - In Q2 2024, the company achieved a revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, with a net profit of 160 million yuan, up 19.11% year-on-year [6][9]. - The gross profit margin for H1 2024 decreased by 2.81 percentage points to 32.53%, while the gross profit amount increased by 19.50% to 800 million yuan [6][9]. - The company’s other income saw a substantial increase of 180.58% year-on-year, reaching 638.6 million yuan, benefiting from government subsidies [6][9]. Product and Channel Development - The company has established a multi-category snack food product system, focusing on seven major categories, including spicy snacks and deep-sea snacks, with significant growth in egg snacks and fruit and nut products, which grew by 150.54% and 95.98% respectively [7][9]. - The company is enhancing its omni-channel coverage, with a focus on e-commerce and snack wholesale stores, while maintaining its advantages in traditional supermarkets [9]. Earnings Forecast and Valuation - The projected revenues for 2024-2026 are 5.194 billion yuan, 6.510 billion yuan, and 8.111 billion yuan respectively, with corresponding net profits of 649 million yuan, 828 million yuan, and 1.044 billion yuan [8][11]. - The estimated EPS for the same period is expected to be 2.36 yuan, 3.02 yuan, and 3.80 yuan per share [8][11]. - The company is assigned a PE valuation range of 25-30 times for 2024, corresponding to a reasonable value range of 59.00-70.80 yuan [9][10].

日均成交额（百万） 193.38 2024 年 08 月 09 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 qinyf@ghzq.com.cn [Table_Title] 淡季收入增势延续，品类品牌培育卓有成效 ——盐津铺子（002847）2024 年半年报点评 最近一年走势 事件: 2024 年 8 月 8 日，盐津铺子发布 2024 年半年度报告。2024H1 公司的 营业收入为 24.59 亿元，同比+29.84%；归母净利润为 3.19 亿元，同比 +30.00%；扣非归母净利润为 2.73 亿元，同比+17.96%。2024Q2 公司 的营业收入为 12.36 亿元，同比+23.44%；归母净利润为 1.60 亿元，同 比+19.11%；扣非归母净利润为 1.35 亿元，同比+1.58%。 投资要点: 相对沪深 300 表现 2024/08/09 零食量贩和抖音渠道引领增长，整体收入符合预期。公司 2024H1 营收和归母净利润分别同比增长 29.8%和 30. ...