盐津铺子2024H1业绩点评报告：品类品牌拓展顺利，24Q2业绩持续增长

Investment Rating - The investment rating for the company is maintained as "Buy" [5] Core Views - The company achieved significant revenue growth in the first half of 2024, with a revenue of 2.459 billion yuan, representing a year-on-year increase of 29.84%. The net profit attributable to the parent company was 319 million yuan, up 30% year-on-year [1] - The company is transitioning from a channel-based model to a product-oriented model while enhancing its supply chain advantages, which is expected to further improve profitability [1] - The company is focusing on expanding its product categories and brands, with a notable increase in sales of egg snacks, which grew by 150.5% in the first half of 2024 [2] Revenue and Profitability - In Q2 2024, the company reported revenue of 1.236 billion yuan, a year-on-year increase of 23.44%, and a net profit of 160 million yuan, up 19.11% year-on-year [1] - The gross margin for the first half of 2024 was 32.53%, a decrease of 2.81% year-on-year, primarily due to channel structure adjustments [4] - The net profit margin for the first half of 2024 was 13.03%, down 0.33 percentage points year-on-year [4] Channel Performance - Direct supermarket channel revenue decreased by 43.59% year-on-year to 108 million yuan, accounting for 4.41% of total revenue [2] - The distribution channel saw revenue of 1.770 billion yuan, up 35.07% year-on-year, making up approximately 72% of total revenue [2] - E-commerce channel revenue reached 580 million yuan, a year-on-year increase of 48.40%, representing 23.59% of total revenue [2] Financial Forecasts - The company slightly adjusted its previous profit forecasts, expecting revenues of 5.244 billion, 6.477 billion, and 7.931 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 27.24%, 23.52%, and 22.45% [5] - The expected net profits for the same years are 675.59 million, 846.75 million, and 1.050 billion yuan, with growth rates of 33.58%, 25.34%, and 24.01% [5]