盐津铺子（002847）：魔芋实现放量，25Q1收入表现优秀

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [7] Core Views - The company is expected to achieve revenue and net profit of 5.304 billion and 640 million yuan respectively in 2024, representing year-on-year growth of 28.89% and 26.53% [1] - The company is focusing on a dual-driven growth model of "products + channels" and aims for a long-term strategy of "multi-brand, multi-category, all-channel, full industry chain, and future globalization" [4] Revenue Performance - In 2024, the company expects significant sales growth driven by various product categories, including leisure konjac, meat and poultry products, and egg snacks, with respective revenues of 840 million, 380 million, and 580 million yuan, showing year-on-year growth rates of 76%, 11%, and 82% [2] - The company reported a strong performance in Q1 2025 with revenue of 1.537 billion yuan and net profit of 178 million yuan, reflecting year-on-year growth of 25.69% and 11.64% [1] Channel and Market Expansion - The company has seen growth in various regions, with revenue from different channels such as direct sales and e-commerce increasing significantly, with e-commerce revenue growing by 40% [3] - The number of distributors increased by 272 to a total of 3,587, indicating successful business expansion and channel penetration [3] Profitability and Financial Metrics - The company's gross margin and net margin have slightly decreased, with gross margin at 30.69% and net margin at 12.08% for 2024 [4] - The company plans to distribute a total cash dividend and share repurchase amounting to 496 million yuan, which is 77.57% of the net profit for 2024 [4] Financial Forecast - The company has adjusted its revenue forecast for 2024-2026, expecting revenues of 6.772 billion, 8.345 billion, and 10.201 billion yuan, with corresponding growth rates of 28%, 23%, and 22% [4] - The projected net profit for the same period is 851 million, 1.068 billion, and 1.324 billion yuan, with growth rates of 33%, 25%, and 24% [4] Valuation Metrics - The company is expected to have a P/E ratio of 29X, 23X, and 18X for 2024, 2025, and 2026 respectively [4] - The current price of the stock is 89.23 yuan, with a market capitalization of approximately 24.34 billion yuan [7][8]