盐津铺子：收入稳健，强化优势

Investment Rating - The investment rating for the company is "Buy" [1][2] Core Views - The company reported a revenue of 24.59 billion yuan for the first half of 2024, representing a year-on-year increase of 29.84% [1] - The net profit attributable to the parent company reached 3.19 billion yuan, up 30.01% year-on-year [1] - The company has shown strong resilience in operations during the off-season, with concerns about revenue growth rate being addressed by the introduction of popular products [1][2] - The company is expected to maintain a competitive advantage through cost leadership and brand development of core products [1] Financial Performance Summary - Total revenue for 2022 was 2,894 million yuan, increasing to 4,115 million yuan in 2023, and projected to reach 5,166 million yuan in 2024 [2] - The net profit attributable to the parent company was 301 million yuan in 2022, increasing to 506 million yuan in 2023, and expected to be 656 million yuan in 2024 [2] - The gross profit margin for 2023 was 33.5%, with a slight increase projected for 2024 [2] - The return on equity (ROE) improved from 26.6% in 2022 to 35.0% in 2023, with further growth expected [2] - Earnings per share (EPS) are projected to rise from 1.10 yuan in 2022 to 1.84 yuan in 2023, and further to 2.39 yuan in 2024 [2]