盐津铺子：公司信息更新报告：收入延续高速增长，品牌势能稳步提升

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Insights - The company achieved a revenue of 2.46 billion yuan in H1 2024, representing a year-on-year growth of 29.8%, with a net profit of 320 million yuan, up 30.0% year-on-year [1] - For Q2 2024, the revenue was 1.24 billion yuan, showing a year-on-year increase of 23.4%, and the net profit was 160 million yuan, growing by 19.1% year-on-year [1] - The company forecasts revenues of 5.41 billion, 6.83 billion, and 8.27 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 31.5%, 26.2%, and 21.1% [1] Revenue Breakdown - In H1 2024, the revenue from various product categories included: - Leisure konjac: 310 million yuan, up 38.9% - Meat and poultry products: 210 million yuan, up 6.8% - Leisure bean products: 170 million yuan, up 11.1% - Other spicy snacks: 210 million yuan, up 46.4% - Leisure baking: 340 million yuan, up 12.6% - Deep-sea snacks: 320 million yuan, up 11.8% - Egg snacks: 240 million yuan, up 150.5% - Potato snacks: 220 million yuan, up 39.3% - Dried fruits and nuts: 210 million yuan, up 96.0% - Konjac jelly: 180 million yuan, up 44.0% [2] - The e-commerce channel generated 580 million yuan in revenue, reflecting a growth of 48.4% [2] Profitability and Financial Metrics - The gross margin for Q2 2024 was 33.0%, a decrease of 3.1 percentage points year-on-year, primarily due to product discounts and channel structure [3] - The company reported a net profit of 160 million yuan for Q2 2024, maintaining a robust growth rate of 19.1% [3] - The projected net profits for 2024, 2025, and 2026 are 690 million, 880 million, and 1.17 billion yuan respectively, with growth rates of 36.2%, 27.7%, and 32.7% [1][4] Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 15.0, 11.8, and 8.9 for 2024, 2025, and 2026 respectively [1][4] - The company’s total market capitalization is approximately 10.36 billion yuan [5]