盐津铺子：品类渠道多点开花，夯实内功提质增效

Investment Rating - The report maintains an investment rating of "Buy-A" for the company, with a target price of 37.75 CNY per share [1]. Core Views - The company has demonstrated strong revenue growth, achieving a 29.84% year-on-year increase in revenue to 2.459 billion CNY in H1 2024, and a 30.00% increase in net profit to 319 million CNY [1]. - The company is focusing on multi-channel and multi-category development, enhancing its internal capabilities to improve quality and efficiency [3]. - The company is expected to continue its revenue growth trajectory, with projected revenues of 5.263 billion CNY, 6.425 billion CNY, and 7.746 billion CNY for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 27.9%, 22.1%, and 20.5% [4]. Revenue Analysis - The company has seen rapid growth in specific product categories, such as quail eggs and konjac snacks, with significant revenue increases in various segments: spicy snacks at 898 million CNY (+25.81%), baked snacks at 342 million CNY (+12.60%), and quail egg snacks at 239 million CNY (+150.54%) [1]. - The company has launched a strategic sub-brand for quail eggs, "Egg Emperor," targeting the mid-to-high price segment, and has successfully entered major retail channels like Sam's Club [1]. Profit Analysis - The gross margin for Q2 2024 was reported at 32.96%, showing a year-on-year decrease of 3.08 percentage points, primarily due to changes in channel structure [1]. - The net profit margin for Q2 2024 was 12.93%, with a slight year-on-year decline of 0.47 percentage points, while the non-recurring net profit margin was 10.92%, down 2.35 percentage points year-on-year [1]. Long-term Outlook - The company is adapting to changes in the snack industry supply chain, emphasizing efficiency and high-quality products to meet consumer demands [3]. - The report suggests that the company's strong supply chain and organizational capabilities align with current industry trends, positioning it well for future growth [3].