食品饮料 | 休闲食品Ⅲ 交易数据 流通市值（百万元） 12,722.99 流通股本（百万股） 172.61 资料来源：聚源 升幅% 1M 3M 12M 相对收益 10.86 1.53 -2.41 绝对收益 10.99 7.14 -13.33 全渠道多品类开花，重视价值链分配变化 公司发布 2023 年年报，23 年实现营收 41.15 亿元，同比+42.22%；归母净利润 5.06 亿元，同比+67.76%；扣非归母净利润 4.76 亿元，同比+72.84%。其中 23Q4 实现营 收 11.11 亿元，同比+ 20.22%；归母净利润 1.10 亿元，同比+32.62%；扣非归母净 利润 1.00 亿元，同比+21.23%。 投资要点 24Q1 经营分析：业绩表现亮眼，开局势能延续。24Q1 实现营收 12.23 亿元，同 比+37.00%，全渠道战略下公司增长势能延续。24Q1 毛利率同比-2.47pct 至 32.10%，主要因公司高毛利渠道占比下降、电商及零食量贩等低毛利渠道占比提 升。24Q1 公司销售/管理/研发费用率分别为 13.00%/4.23%/1.30%，分别同比 -0.77/-0.15 ...

盐津铺子(002847) 加速发展，盈利提升 公司聚焦七大核心品类，多个渠道、多个品类实现快速发展，24Q1 公司实 现营收 12.23 亿元，同比增长 37.00%。随着收入增加以及渠道结构、产品 结构变化，公司营业成本同增 42.18%至 8.31 亿元，毛利率同比下滑 2.47pct 至 32.10%。展望 2024 全年，随着鹌鹑蛋产能爬坡、供应链提效以及原材料 成本下行，公司毛利率有望逐步回升。 ➢ 盈利预测、估值与评级 股价相对走势 -30% -17% -3% 10% 2023/4 2023/8 2023/12 2024/4 盐津铺子 沪深300 分析师：刘景瑜 执业证书编号：S0590524030005 邮箱：jyl@glsc.com.cn 分析师：邓洁 执业证书编号：S0590524040002 邮箱：dengjie@glsc.com.cn 公司报告│公司季报点评 除非另有规定，本报告中的所有材料版权均属国联证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附属机构（以下统称"国联证券"）。 未经国联证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、内容。 ...

Investment Rating - The investment rating for the company is "Buy" [11]. Core Views - The report highlights that the company achieved a revenue of 12.23 billion yuan in Q1 2024, representing a year-on-year increase of 37%. The net profit attributable to the parent company was 1.6 billion yuan, up 43% year-on-year [11]. - The company's competitive advantage is driven by its total cost leadership, which supports the growth of its seven core products across all channels. The report emphasizes the company's high sensitivity to market channels and its ability to leverage e-commerce and snack sales [11]. - The gross profit margin has improved by 0.1 percentage points, with a net profit margin of 10.35% in Q1 2024, reflecting a decrease of 0.8 percentage points year-on-year. The company is enhancing its supply chain efficiency and has made strategic investments in quail egg farming and potato flour processing to solidify its cost leadership [11]. Financial Summary - The company’s total revenue is projected to grow from 2,894 million yuan in 2022 to 7,427 million yuan by 2026, with a compound annual growth rate (CAGR) of 26.8% [12]. - The net profit attributable to the parent company is expected to increase from 301 million yuan in 2022 to 966 million yuan in 2026, reflecting a CAGR of 30.2% [12]. - The gross profit margin is forecasted to decline slightly from 34.7% in 2022 to 31.9% in 2026, while the return on equity (ROE) is expected to rise from 26.6% in 2022 to 39.9% in 2026 [12].

[Table_Title] 评级：买入（维持） 砥砺前行，行稳致远 [Table_Finance] 公司盈利预测及估值 指标 2021A 2022A 2023E 2024E 2025E 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） 301 506 676 860 1,080 增长率 yoy% 100% 68% 34% 27% 26% 每股收益（元） 1.54 2.58 3.45 4.39 5.51 每股现金流量 2.17 3.39 3.81 4.98 5.39 净资产收益率 26% 35% 32% 29% 27% P/E 47.9 28.6 21.4 16.8 13.4 P/B 12.7 10.0 6.9 5.0 3.7 备注：股价选取 2024 年 4 月 25 日收盘价 市场价格：73.71 元 [Table_Profit] 基本状况 总股本(百万股) 196 流通股本(百万股) 173 市价(元) 73.71 市值(百万元) 14,452 流通市值(百万元) 12,723 盐津铺子（002847 ...

[Table_RankIntroduction] 投资评级说明 以本报告发布之日起 6 个月内，证券（或行业指数）相对于同期相关证券市场代表性指数的涨跌幅作为基准，A 股以沪深 300 指数为基准；新三板市场以三板成指（针对协议转让标的）或三板做市指数（针对做市转让标的） 为基准；香港市场以恒生指数为基准；美国市场以纳斯达克指数或标普 500 指数为基准。定义如下： 行业评级体系 增持—未来 6 个月的投资收益率领先市场基准指数 5%以上; 中性—未来 6 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%; 减持—未来 6 个月的投资收益率落后市场基准指数 5%以上; 公司评级体系 买入—未来 6-12 个月的投资收益率领先市场基准指数 15%以上； 增持—未来 6-12 个月的投资收益率领先市场基准指数 5%至 15%； 中性—未来 6-12 个月的投资收益率与市场基准指数的变动幅度相差-5%至 5%； 减持—未来 6-12 个月的投资收益率落后市场基准指数 5%至 15%； 卖出—未来 6-12 个月的投资收益率落后市场基准指数 15%以上； 无评级—因无法获取必要的资料，或者公司面临无法预见结 ...

口口 盐津铺子20240424_智能速览 2024年04月24日 23:11 关键词 电话会议 广发实业 研究布置 一季报 业绩交流 董秘 收入 利润 经营性净利率 费用率 检验所 新冠 业务 产 品 市场 国际化 生产 销售 应收款 大健康 全文摘要 本次电话会议介绍了公司一季报业绩情况，收入和利润保持较高增速，并讨论了经营性净利率提升、费 用率下降以及核心单品表现良好的亮点。还讨论了渠道维度的发展情况，电商和零食量贩渠道增速显 著。此外，还介绍了抖音电商的策略和公司其他产品的销售情况和未来产能提升计划。另外，还讨论了 公司医学实验室的快速扩张和检测服务收入下滑导致的亏损问题，公司领导介绍了实验室的发展战略和 投资计划。此外，还讨论了公司国际化拓展和与新冠相关的应收款分布情况。最后，还介绍了公司在大 健康板块、东南亚地区的供应链布局以及坚果果干产品的布局和发展情况。 章节速览 ● 00:00 广发实业研究布置一季报业绩交流 本次电话会议内容仅供广发证券客户参考，不构成投资建议。会议中介绍了公司一季报业绩情况，收入 和利润保持较高增速。张杨总介绍了经营性净利率提升、费用率下降以及核心单品表现良好的亮点。还 讨 ...

| --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------|---------------|-------|----------------------------------------| | 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 | --- | --- | --- | --- | --- | |-- ...