| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 投资评级标准 | 类别 | 级别 | 说明 | | 报告中投资建议所涉及的评级（如有）分为股票评 | | 买入 | 股价表现优于市场代表性指数 20%以上 | | 级和行业评级（另有说明的除外）。评级标准为报 告发布日后 6 到 12 个月内的相对市场表现，也即报 | 股票 | 增持 | 股价表现优于市场代表性指数 10%-20%之间 | | 告发布日后的6到12个月内公司股价（或行业指数） | 投资评级 | 中性 | 股价表现介于市场代表性指数±10%之间 | | 相对同期相关证券市场代表性指数的涨跌幅作为基 准。A 股市场以沪深 300 指数（000300.SH）作为基 | | 卖出 | 股价表现弱于市场代表性指数 10%以 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][26]. Core Insights - The company reported a strong performance in Q1 2024, with revenue of 1.223 billion yuan, a year-on-year increase of 37.00%, and a net profit attributable to shareholders of 160 million yuan, up 43.10% year-on-year [8][17]. - The gross margin for Q1 2024 was 32.10%, a decrease of 2.47 percentage points year-on-year, attributed to changes in channel structure [5][9]. - The company is expected to maintain high revenue growth driven by product, channel, and system improvements, with projected revenues of 5.176 billion, 6.488 billion, and 8.116 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 25.8%, 25.4%, and 25.1% [6][26]. Summary by Sections Market Data - Closing price as of April 23, 2024: 77.62 yuan - Total shares outstanding: 196.06 million - Net assets: 1,637.03 million yuan - Total assets: 3,065.77 million yuan - Net asset per share: 8.35 yuan [3]. Financial Performance - Q1 2024 net profit margin was 13.05%, an increase of 0.56 percentage points year-on-year [5][9]. - The total expense ratio for Q1 2024 was 18.82%, down 2.39 percentage points year-on-year, with sales, management, R&D, and financial expense ratios showing respective declines [5][9]. - The company’s operating cash flow increased by 172.40% year-on-year, indicating high revenue quality [19]. Profit Forecast - The company expects significant growth in key products such as spicy konjac and quail eggs, with strong performance anticipated in channels like e-commerce and bulk sales [6][26]. - The projected net profit for 2024 is 661 million yuan, with a year-on-year growth of 30.7% [16][26].

Investment Rating - The report maintains a "Recommended" rating for the company [1][4]. Core Views - The company reported a strong performance in Q1 2024, with revenue of 1.223 billion yuan, a year-on-year increase of 37.0%, and a net profit attributable to shareholders of 160 million yuan, up 43.1% year-on-year [1]. - The growth in revenue is attributed to a combination of product focus on various snack categories and an expansion of distribution channels, including direct sales and e-commerce [1]. - The gross margin for Q1 2024 was 32.1%, a decrease of 2.47 percentage points year-on-year, primarily due to changes in channel structure [1]. - The company is expected to continue its multi-category and all-channel strategy, optimizing its supply chain and enhancing organizational efficiency, which supports a positive long-term growth outlook [1]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 5.3 billion, 6.67 billion, and 8.11 billion yuan, respectively, representing year-on-year growth rates of 28.8%, 25.8%, and 21.7% [1][12]. - Net profit forecasts for the same years are 694 million, 892 million, and 1.137 billion yuan, with growth rates of 37.1%, 28.6%, and 27.6% [1][12]. - Earnings per share are expected to be 3.54, 4.55, and 5.80 yuan for 2024, 2025, and 2026, respectively [1][12].

[Table_BaseInfo] 基本数据 最新收盘价（元） 77.62 12mth A 股价格区间（元） 61.45- 136.50 总股本（百万股） 196.06 无限售 A 股/总股本 88.04% 流通市值（亿元） 133.98 ◼ 投资建议 [Table_Rating] 买入（维持） [◼Table_Summary] 投资摘要 期间费用优化显著，净利稳中有升。24Q1公司毛利率为32.10%，同 比-2.47pct，净利率为13.06%，较上年同期+0.50pct，利润率变动预 计与渠道结构及产品品类结构占比变化有关，整体盈利能力有所提 升。期间费用拆分来看，销售费用率/管理费用率/研发费用率分别为 13.00%/4.23%/1.30%，较上年同期分别-0.77pct/-0.15pct/-1.43pct， 费用率优化幅度明显，主要由于规模效应逐步显现，以及重点、难点 研发费用已于前期投入所致。我们认为，随着公司供应链能力逐渐增 强，产能逐步扩张，"总成本领先"的竞争优势将进一步强化，并带动 盈利能力稳步提升。 公司点评 公司点评 | --- | --- | --- | --- | --- | |-- ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|-------|-------|-------|-------|----------------|---------|--------|--------|--------|--------| | 资产负债表（百万） 利润表（百万） | 2022A | 2023A | 2024E | 2025E | 2026E | | 2022A | 2023A | 2024E | 2025E | 2026E | | 货币资金 | 203 | 310 | 738 | 1,376 | 2,239 | 营业收入 | 2,894 | 4,115 | 5,236 | 6,556 | 8,064 | | 应收和预付款项 | 287 | 355 | 523 | 655 | 804 | 营业成本 | 1,889 | 2,735 | 3,475 | 4,342 | 5,323 | | 存货 | 453 | 5 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 04 月 24 日 盐津铺子(002847.SZ) 发展势能强劲，供应链优势持续积累 事件： 公司发布 2024 年一季报，24Q1 实现营收 12.23 亿元，同比+37.00%， 实现归母净利润 1.60 亿元，同比+43.10%，实现扣非归母净利润 1.38 亿元，同比+40.08%，利润为业绩预告中枢。 春节开门红表现亮眼，多品类多渠道发力驱动公司成长： 春节开门红表现亮眼，预计与量贩零食店、抖音等渠道放量相关，且 盐津以性价比定位切入市场，预计春节礼赠带动集中放量。全年维度 看，盐津积极拥抱渠道变化，有望充分受益于量贩零食店及抖音渠道 扩容，产品端在优化供应链效率，打造性价比属性后，能够充分适配 全渠道发展。2024 年公司聚焦七大品类，重点打造鹌鹑蛋、休闲魔芋 等大单品，有望通过品类叠加驱动公司规模持续提升。 利润率持续提升，延展上游精益生产释放利润空间： 24Q1 公司净利率达 13.06%，同比+0.51pct，预计主要来自于规模效 应释放及成本红利。毛利率 32.10%，同比-2.47pct，预计为量贩零食 店、抖音等渠道占 ...

证券研究报告·公司点评报告·休闲食品 买入（维持） ◼ 事件：公司发布 2024 年一季报：公司 2024Q1 营业总收入 12.23 亿元， 同比增长 37.00%；归母净利润 1.6 亿元，同比增长 43.11%；扣非净利 润 1.38 亿元，同比增长 40.09%。 ◼ 风险提示：原材料价格大幅波动、定量流通渠道开拓不及预期、行业竞 争加剧、食品安全事件。 2024 年一季报点评：24Q1 迎来开门红，势头 未减 2024 年 04 月 24 日 [Table_Tag] [Table_Summary] 投资要点 ◼ 盈利能力稳健，规模效应逐步凸显。公司 24Q1 季度归母净利率 13.05%， 同比+0.56pct；扣非净利率 11.26%，同比+0.24pct。其中 24Q1 实现毛利 率 32.10%，同比-2.47pct；销售费用率 13.00%，同比-0.77pct，毛销差同 比-1.7pct，考虑主因渠道结构影响。费用端 24Q1 季度管理/财务/研发费 用率分别为 4.23%/0.30%/1.30%，同比-0.15/-0.04/-1.43pct。研发费用降 幅较大主因，七大品类重点、难点研发 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.09 CNY per share, indicating an expected performance that exceeds the market by more than 10% over the next 12 months [15][29]. Core Insights - The company reported a strong Q1 2024 performance with revenues of 1.22 billion CNY, a year-on-year increase of 37.0%, and a net profit attributable to shareholders of 160 million CNY, up 43.1% year-on-year [1]. - The revenue growth is supported by sustained channel expansion and brand development, particularly in the snack wholesale and e-commerce sectors, which are expected to drive future growth [14]. - The company is implementing a "total cost leadership" strategy, focusing on upstream supply chain improvements in key product categories, which is anticipated to enhance profit margins further [14]. Financial Summary - Revenue projections for 2024-2026 are as follows: 5.19 billion CNY in 2024, 6.57 billion CNY in 2025, and 8.27 billion CNY in 2026, with growth rates of 26.2%, 26.4%, and 26.0% respectively [2]. - The net profit attributable to shareholders is forecasted to be 659 million CNY in 2024, 858 million CNY in 2025, and 1.22 billion CNY in 2026, with growth rates of 30.4%, 30.1%, and 41.6% respectively [2]. - The company's EBITDA is projected to reach 929 million CNY in 2024, 1.17 billion CNY in 2025, and 1.58 billion CNY in 2026 [2]. - The report highlights a net profit margin of 13.0% for Q1 2024, reflecting a year-on-year increase of 0.6 percentage points [14].

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 04 月 24 日 盐津铺子 (002847) ——开门红表现亮眼 看好 24 年高增延续 公 司 研 究 / 公 司 点 评 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 23 日 | | 收盘价（元） | 77.62 | | 一年内最高 / 最低（元） | 137.09/59.27 | | 市净率 | 9.3 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 13398 | | 上证指数/深证成指 | 3021.98/9183.14 | | --- | --- | |----------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 03 月 31 日 | | | | | 每股净资产（元） | 8.35 | | 资产负债率 % | 46.12 | ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 89 yuan [1]. Core Insights - The company reported a strong performance in Q1 2024, achieving total revenue of 1.223 billion yuan, a year-on-year increase of 37.00%. The net profit attributable to shareholders was 160 million yuan, up 43.11% year-on-year, exceeding the expected performance levels [1][2]. - The sales collection for Q1 was 1.357 billion yuan, reflecting a growth of 40.10% year-on-year, while the operating cash flow net amount reached 214 million yuan, a significant increase of 172.40% year-on-year [1]. Financial Performance Summary - **Revenue and Profit Growth**: - Total revenue for 2023 was 4.115 billion yuan, with a projected growth rate of 42.2%. For 2024, the expected revenue is 5.207 billion yuan, representing a growth rate of 26.5% [6]. - The net profit attributable to shareholders for 2023 was 506 million yuan, with a projected increase to 667 million yuan in 2024, indicating a growth rate of 31.8% [6]. - **Earnings Per Share (EPS)**: - The EPS for 2023 was 2.58 yuan, with forecasts of 3.40 yuan for 2024, 4.29 yuan for 2025, and 5.27 yuan for 2026, reflecting a positive growth trajectory [6]. - **Valuation Metrics**: - The price-to-earnings (P/E) ratio is projected to be 23 for 2024, decreasing to 15 by 2026, indicating an improving valuation as earnings grow [6]. Market Dynamics - The company benefits from strong sales performance across various channels, including snack wholesale and e-commerce, with expectations of continued growth driven by strategic partnerships and product launches [2]. - The report highlights the company's focus on core products like konjac and quail eggs, which are expected to drive future growth, alongside the expansion of its distribution channels [2].