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盐津铺子:公司简评报告:产品渠道积极变革,品牌势能持续向上

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company reported a revenue of 2.459 billion yuan for the first half of 2024, representing a year-on-year growth of 29.84%. The net profit attributable to shareholders was 319 million yuan, up 30.00% year-on-year [2] - The company is transitioning from a channel-oriented to a product-oriented model, which is expected to enhance long-term profitability [2] - The company has seen significant growth in its strategic sub-brands and continues to expand its multi-channel layout [2] Summary by Sections Financial Performance - In H1 2024, the company's revenue was 2.459 billion yuan, with a net profit of 319 million yuan and a non-recurring net profit of 273 million yuan, showing year-on-year increases of 29.84%, 30.00%, and 17.96% respectively [2] - For Q2 2024, the revenue was 1.236 billion yuan, with a net profit of 160 million yuan, reflecting year-on-year growth of 23.44% and 19.11% respectively [2] Product and Channel Strategy - Revenue from various product categories in H1 2024 showed significant growth, with spicy snacks, baked goods, and deep-sea snacks generating revenues of 898 million, 342 million, and 324 million yuan, respectively [2] - The company is actively adjusting its channel structure, with direct supermarket revenue declining by 43.59% while e-commerce and distribution channels grew by 48.40% and 35.07% respectively [2] Profitability Metrics - The gross margin for H1 2024 was 32.53%, a decrease of 2.81 percentage points year-on-year, attributed to changes in channel structure [2] - The net profit margin remained stable at 12.99%, with a slight increase of 0.02 percentage points year-on-year [2] Future Outlook - The company is expected to achieve net profits of 640 million, 820 million, and 1.03 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32%, 27%, and 26% [4] - The current stock price corresponds to a price-to-earnings ratio of 16, 13, and 10 for the years 2024, 2025, and 2026 [4]