盐津铺子(002847)：魔芋持续高增 扣非利润增速较快

Core Viewpoint - The company demonstrates strong growth momentum driven by its supply chain and channel capabilities, particularly in the konjac product category, which is expected to continue to enhance overall revenue growth and product structure optimization [1] Investment Highlights - The investment recommendation is to maintain a "Buy" rating, with EPS forecasts for 2025-2027 set at 3.00, 3.73, and 4.63 CNY respectively. The target price is maintained at 98.75 CNY, based on a 33X PE for 2025, reflecting strong performance growth and stability from the konjac product line [2] - In Q2 2025, the company achieved a revenue of 2.941 billion CNY, a year-on-year increase of 19.58%, with a net profit of 373 million CNY, up 16.70%. The non-recurring net profit was 334 million CNY, a growth of 22.50% [2] Growth Quality - The gross profit margin in Q2 2025 decreased by 2.0 percentage points to 31.0%. The expense ratios for sales, management, R&D, and finance changed by -3.7, -1.1, -0.6, and +0.3 percentage points respectively. The net profit margin increased by 0.9 percentage points to 13.9%, while the non-recurring net profit margin rose by 1.8 percentage points to 12.7% [3] - The gross sales difference for Q2 2025 was 21.1%, reflecting a year-on-year increase of 1.7 percentage points and a quarter-on-quarter increase of 3.9 percentage points, indicating a clear trend of margin expansion [3] Product Category Performance - In H1 2025, revenue by product category was as follows: spicy snacks 1.32 billion CNY (+47%), baked potato products 460 million CNY (-18%), dried fruits and jellies 430 million CNY (+9%), deep-sea products 360 million CNY (+12%), egg products 310 million CNY (+30%), and other snacks 60 million CNY (+43%). The konjac product line generated 790 million CNY, a significant increase of 155% [4] - Revenue from overseas markets reached 96 million CNY, a staggering year-on-year increase of 67,873%, indicating a breakthrough in international sales [4]