盐津铺子：Q3收入增速环比提速，扣非净利润有所波动

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 64.68 RMB, compared to the last closing price of 52.40 RMB [1][2]. Core Insights - The company reported a revenue of 3.861 billion RMB for Q1-Q3 2024, representing a year-on-year increase of 28.49%. The net profit attributable to shareholders was 493 million RMB, up 24.55% year-on-year, while the net profit excluding non-recurring items was 424 million RMB, reflecting a 12.09% increase [2][3]. - In Q3 2024, the company achieved a revenue of 1.402 billion RMB, a year-on-year growth of 26.20%. The net profit attributable to shareholders for this quarter was 174 million RMB, up 15.62% year-on-year, and the net profit excluding non-recurring items was 151 million RMB, showing a 4.80% increase [2][3]. - The company has seen robust growth in its major products, particularly the konjac and quail eggs, with significant performance in the Douyin e-commerce channel, which has surpassed 100 million RMB in monthly sales [2][3]. - The gross margin for Q3 2024 was 31.84%, a decrease of 2.6 percentage points year-on-year, primarily due to changes in channel structure [2][3]. - The report projects revenue growth rates of 26.54%, 24.16%, and 20.17% for 2024, 2025, and 2026 respectively, with net profit growth rates of 24.18%, 27.70%, and 24.88% for the same years [2][3]. Summary by Sections Financial Performance - For 2024, the company is expected to generate a revenue of 5.207 billion RMB, with a growth rate of 26.54%. The net profit is projected to be 628 million RMB, reflecting a growth rate of 24.18% [3]. - The diluted earnings per share (EPS) for 2024 is estimated at 2.30 RMB, with corresponding price-to-earnings (PE) ratios of 22.76 for 2024, 17.82 for 2025, and 14.27 for 2026 [3]. Market Position - The company is focusing on seven core product categories and implementing a strategy to create blockbuster products, which has led to rapid growth in its key offerings [2][3]. - The report indicates that the company is well-positioned to outperform the snack food industry, with a multi-channel approach driving sales growth [2][3].