研报掘金丨开源证券：维持盐津铺子“买入”评级，看好公司把握品类红利

Core Viewpoint - The report from Kaiyuan Securities indicates that Yanjinpuzi achieved a net profit attributable to shareholders of 600 million yuan in Q1-Q3 2025, representing a year-on-year increase of 22.6% [1] - In Q3 2025 alone, the company recorded a net profit of 230 million yuan, marking a significant year-on-year growth of 33.5% [1] - The core product, "Da Mo Wang" konjac snacks, is expected to continue its brand strength and market potential, positioning itself as a major category in the snack food sector alongside chips and seeds [1] Financial Performance - The net profit for Q1-Q3 2025 was 600 million yuan, with a net profit margin showing strong performance [1] - The Q3 2025 single-quarter net profit reached 230 million yuan, reflecting a robust growth trajectory [1] Product and Market Outlook - The company is optimistic about leveraging the category dividend from konjac snacks, with plans for expanding new flavors and increasing distribution points [1] - The focus will also be on enhancing sales capabilities at individual stores, which is expected to sustain high growth rates [1] Strategic Initiatives - The company aims to continue pushing its core konjac products and other items like fish tofu jelly, while adjusting its online marketing efficiency on platforms like Douyin [1] - Offline strategies will include embracing bulk sales to enhance brand strength [1] Valuation - The current stock price corresponds to price-to-earnings ratios of 24.1, 20.7, and 17.3 times for the respective periods, maintaining a "Buy" rating [1]