盐津铺子（002847）：业绩符合预期，大单品规模效应凸显

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Insights - The company's H1 2025 performance met market expectations, with rapid revenue growth and profit growth slightly lagging behind revenue growth. The company's konjac product line is experiencing rapid growth, and both bulk and quantitative distribution channels have performed well. The report is optimistic about the company's path of expanding product categories and channels while leveraging its supply chain advantages to build long-term competitive advantages [1][5] Financial Performance Summary - In H1 2025, the company achieved revenue of 2.94 billion yuan (up 19.6% year-on-year) and a net profit attributable to shareholders of 373 million yuan (up 16.7% year-on-year). The net profit excluding non-recurring items was 334 million yuan (up 22.5% year-on-year). In Q2 2025, revenue was 1.4 billion yuan (up 13.5% year-on-year), with a net profit of 195 million yuan (up 21.7% year-on-year) [2][5] - The konjac product line continues to grow rapidly, achieving 790 million yuan in H1 2025. Other product categories such as soybean products, eggs, and deep-sea snacks also showed good growth, with year-on-year increases of 13%, 30%, and 12%, respectively [3][5] - The company's gross margin for H1 2025 was 29.66% (down 2.87 percentage points year-on-year), while Q2 2025 gross margin was 30.97% (down 1.98 percentage points year-on-year). The slight year-on-year decline is mainly due to high raw material costs and channel structure adjustments. However, the gross margin improved by 2.5 percentage points from Q1 2025 to Q2 2025, reflecting the scale effect of the company's core products [4][5] Future Projections - The report slightly lowers the previous profit forecast, estimating revenues for 2025, 2026, and 2027 to be 6.248 billion, 7.295 billion, and 8.488 billion yuan, respectively, with year-on-year growth rates of 17.81%, 16.76%, and 16.35%. The net profit attributable to shareholders is projected to be 810 million, 986 million, and 1.169 billion yuan for the same years, with growth rates of 26.62%, 21.63%, and 18.64% [5][10]