盐津铺子：渠道红利延续，业绩稳健增长

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 3.86 billion RMB for Q1-Q3 2024, representing a year-on-year increase of 28.49%, and a net profit attributable to shareholders of 493 million RMB, up 24.55% year-on-year [1] - The Q3 revenue reached 1.4 billion RMB, with a year-on-year growth of 26.2%, and a net profit of 173 million RMB, reflecting a 15.6% increase year-on-year [1] - The company is focusing on product diversification and channel expansion, enhancing its brand influence and market presence [1] Summary by Sections Performance Overview - For Q1-Q3 2024, the company achieved a revenue of 3.86 billion RMB, a 28.49% increase year-on-year, and a net profit of 493 million RMB, up 24.55% year-on-year [1] - Q3 results showed a revenue of 1.4 billion RMB, a 26.2% increase year-on-year, and a net profit of 173 million RMB, a 15.6% increase year-on-year [1] Operational Analysis - The company is expanding its product range, including bulk, quantitative, and small packaged products to meet diverse consumer needs [1] - It is enhancing its channel coverage by focusing on e-commerce, snack wholesale stores, and campus stores, collaborating with popular snack brands [1] - New product penetration rates are improving, with successful entries into major retail channels [1] Financial Metrics - The company's gross margin and net margin for Q3 2024 were 30.62% and 12.39%, respectively, with a slight year-on-year decline in net margin [1] - The increase in costs is attributed to rising raw material prices and a shift in product and channel mix [1] - The company is expected to achieve net profits of 650 million RMB, 810 million RMB, and 1.01 billion RMB for 2024, 2025, and 2026, respectively, with corresponding growth rates of 28%, 26%, and 24% [1]