魔芋势能持续，盈利提升可期 盐津铺子(002847) | [table_Authors] 訾猛(分析师) | 颜慧菁(分析师) | 陈力宇(分析师) | [Table_Target] 目标价格： | 100.00 | | --- | --- | --- | --- | --- | | 021-38676666 | 021-38676666 | 021-38676666 | | | | 登记编号 S0880513120002 | S0880525040022 | S0880522090005 | | | 本报告导读： 公司魔芋势能持续，具备供应链竞争优势，全渠道、多品类战略下我们预计或有望 保持较好发展势头，有望持续提升盈利能力。 投资要点： 股票研究 /[Table_Date] 2025.07.09 | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,115 | 5,304 | 6,698 | 8,132 | 9,694 | ...

Group 1 - The chairman of the company expressed optimism about the overseas market potential, emphasizing the importance of differentiated products [1] - The snack industry is characterized by fragmentation and reliance on big products, which poses challenges for sustainability, yet it presents significant growth opportunities [1] - The company is actively expanding its overseas presence, with plans to build a factory in Thailand and establish a marketing company in Vietnam [1] Group 2 - The company reported a substantial increase in revenue and net profit for 2024, with growth rates of 28.89% and 26.53% respectively [2] - All proposals at the annual shareholder meeting were approved, including a dividend distribution of 10 yuan per share, leading to a total annual dividend of 437 million yuan [2] - The total amount of dividends and share buybacks accounted for over 77% of the company's net profit [2]

Core Viewpoint - The rising popularity of konjac snacks, particularly "konjac shuang," has significantly impacted the stock prices of several listed companies, driven by consumer demand for low-calorie food options [1][8]. Group 1: Market Dynamics - The price of konjac has surged dramatically, with raw material prices increasing more than gold, leading to a supply-demand imbalance [1][7]. - The price of white konjac rose from 6000 yuan/ton to 9500 yuan/ton, a 58% increase, indicating a strong demand in the market [3][7]. - The overall retail sales of konjac snacks in China exceeded 12 billion yuan in 2024, marking a growth of over 20% [21]. Group 2: Company Performance - Weitong's stock price increased from 7 HKD/share in January 2025 to 17 HKD/share by May, a rise of 142% [1]. - Yanjinpuzi's stock price rose from 64 yuan/share to 89 yuan/share, reflecting a 39% increase [1]. - Yizhi Konjac, a konjac processing company, saw its stock price soar from 7 yuan/share to 59 yuan/share, a staggering 742% increase [1]. Group 3: Consumer Trends - The demand for konjac snacks has been fueled by health-conscious consumers seeking low-calorie alternatives, with brands like Weitong successfully marketing "konjac shuang" [8][10]. - Other snack brands, such as Yanjinpuzi and Liangpinpuzi, have also capitalized on the konjac trend, with significant revenue growth attributed to konjac products [10][14]. - The tea beverage industry has adopted konjac as an ingredient, further driving its popularity [14]. Group 4: Industry Challenges - The konjac planting area has shrunk by 23% over the past three years, compounded by a 15% reduction in yield due to drought, leading to raw material shortages [7][22]. - The industry faces challenges related to quality control and consumer perception, as some products may not meet the expected taste and quality standards due to cost-cutting measures [22][24]. - There is a concern about the "bad money driving out good," where lower-quality products could harm the overall market perception of konjac snacks [22][24].

渠道结构变化致毛利率略降，费用管控良好。公司2024年毛利率为30.69%（同比-2.85pct），2025Q1毛 利率为28.47%（同比-3.63pct）。毛利率略有下降，主因公司渠道结构变化，电商以及零食量贩渠道占 比提升。2024年销售和管理费用率分别为12.5%（同比-0.04pct）、4.13%（同比-0.31pct）。2025Q1销售 和管理费用率分别为11.24%（同比-1.76pct）、3.44%（同比-0.79pct），费用管控良好。随着产品结构 的优化，魔芋品类及蒟蒻、蛋皇等高毛利产品的快速增长，以及高势能渠道、海外渠道等的发力，公司 盈利能力有望提升。 投资建议：公司魔芋、鹌鹑蛋等核心品类高速增长，各渠道持续深耕。考虑到原材料成本以及营销费用 的影响，我们调整2025-2026年盈利预测，新增2027年盈利预测，预计2025-2027年归母净利润分别为 8.47/10.46/12.71亿元（2025-2026年前值分别为8.7/10.71亿元），对应EPS分别为3.1/3.83/4.66元（2025- 2026年前值分别为3.17/3.9元），对应当前股价PE分别为28/23/19倍， ...

加速冲向东南亚的盐津铺子再次展示了出海野心——在近期公布的投资者关系活动记录中，盐津铺子表 示其海外市场的战略定为"3-5年再造一个盐津"，目前计划夯实基础。 这也是这家公司对其海外市场战略的最新表态。按照其2024年53.04亿元的营收来看，"再造一个盐 津"的计划，意味着这家公司海外营收要在3-5年达到这一数值，整体营收则要跨过百亿元大关。 "盐津铺子2024年海外销售额超过6000万元，这无疑给了盐津铺子十足的信心，说明出海的第一步走得 又稳又快，但是三到五年希望达到国内的水平，相对来说是有难度的。"凌雁管理咨询首席咨询师、餐 饮及食品行业分析师林岳对智通财经表示，在他看来，尽管海外市场具备增长潜力，但市场也受经济环 境、政策、消费习惯等因素所左右。 智通财经记者 | 马越 智通财经编辑 | 牙韩翔 2024年年报显示，盐津铺子的休闲魔芋制品在2024年实现营收8.38亿元，同比2023年大增76.09%。这一 品类贡献总营收的比例也达到了15.81%，仅次于占据总营收21.83%的烘焙薯类。 另一个被寄予厚望的鹌鹑蛋，其快速增长的业绩也在2024年年报中得到验证。2024年蛋类零食实现营收 5.80亿 ...

零食企业去年增收逻辑：核心品筑基+新单品成长，电商、折扣店、海外构渠道持续放量 截至当前，上市零食公司2024年年报披露基本结束。通过成长能力指标梳理，三只松鼠、良品铺子、洽洽食品、卫龙 美味、盐津铺子、来伊份、劲仔食品、甘源食品、好想你去年营收分别达到106.22亿、 71.59 亿、71.31亿、62.66亿、 53.04亿、33.7亿、24.12亿、22.57亿、16.7亿元，其中三只松鼠凭重回百亿目标达成实现营收领先。 从产品端看业绩数据支撑，除筑基的核心商品带来贡献外，新一轮单品的成长也被多家企业在财报中单独拣出表扬。 据三只松鼠去年年度报告，报告期内，公司打造了每日坚果、夏威夷果、坚果乳等超20款亿级大单品，另累计上线超 1000款SKU，水牛乳千层吐司、黑猪午餐肉、鸡胸肉等上线数月快速突破千万销售。子品牌小鹿蓝蓝营收7.94亿元， 旗下包括婴标面、米饼、山楂棒等千万级大单品及其他上新产品等。结合三只松鼠近期动态，公司也正进一步孵化超 大腕（方便速食）、蜻蜓教练（健康轻食）、东方颜究生（中式滋补）等子品牌，拓宽更多垂直品类覆盖，初步构建 多品牌矩阵。 零食行业年度收入大规模飘红。其中，核心品类根基 ...

盐津铺子食品股份有限公司 盐津铺子食品股份有限公司 投资者关系活动记录表 证券代码：002847 证券简称：盐津铺子 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 √业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 线上参与公司盐津铺子 年度暨 年第一季度业绩说 2024 2025 | | 人员姓名 | 明会的投资者 | | 时 间 | 2025 年 04 月 29 日（星期二）下午 15:00-17:00 | | 地 点 | "盐津铺子投资者关系"微信小程序 | | 上市公司接待人 员姓名 | | | | 董事长/总经理：张学武先生 董事/副总经理：兰波先生 | | | 董事/副总经理：杨林广先生 | | | 独立董事：刘灿辉先生 | | | 副总经理：张磊先生 | | | 财务总监：杨峰先生 | | | 董事会秘书：张杨女士 | | 投资者关系活动 | 1、公司在新中式健康零食赛道推出"蛋皇"等子品牌，在这 | | | ...

Group 1: Yanjing Beer - Yanjing Beer reported a revenue growth of 6.69% to 3.827 billion yuan in Q1 2025 [1] - The net profit attributable to shareholders increased by 61.1% to 165 million yuan [1] - The company achieved beer sales of 995,000 kiloliters, with the flagship product Yanjing U8 maintaining a growth rate of over 30% [1] Group 2: Shunxin Agriculture - Shunxin Agriculture's revenue decreased by 13.85% to 9.126 billion yuan in 2024 [2] - The net profit attributable to shareholders increased by 178.20% to 231 million yuan [2] - Low-end liquor revenue grew by 5.08% to 4.974 billion yuan, while high-end and mid-range liquor revenues saw declines [2] Group 3: Danone - Danone's Q1 2025 revenue grew by 4.3% to 6.844 billion euros [3] - Sales in China, North Asia, and Oceania increased by 9.9%, driven by volume and product mix [3] - The infant formula segment, particularly the Essensis series, continued to expand market share [3] Group 4: Miaokelando - Miaokelando reported a Q1 revenue growth of 6.26% to 1.233 billion yuan [4] - The net profit attributable to shareholders increased by 114.88% to 82.4 million yuan [4] - The company plans to innovate children's cheese products for older age groups while continuing to develop adult cheese products [4] Group 5: Baolingbao - Baolingbao's total revenue for 2024 was 2.402 billion yuan, a decrease of 4.84% [5] - The net profit attributable to shareholders increased by 105.97% to 111 million yuan [5] - Key products such as prebiotics and dietary fibers saw significant revenue growth [5] Group 6: Muyuan Foods - Muyuan Foods reported a Q1 revenue of 36.061 billion yuan, a year-on-year increase of 37.26% [6] - The company achieved a net profit of 4.491 billion yuan, marking a turnaround from losses [6] Group 7: Ziyuan Foods - Ziyuan Foods plans to invest 70 million yuan in its subsidiary and up to 35 million USD in Green Tea Group's IPO [7] Group 8: Qiaqia Foods - Qiaqia Foods reported a revenue of 7.131 billion yuan in 2024, a growth of 4.79% [8] - The net profit attributable to shareholders was 849 million yuan, an increase of 5.82% [8] - The company expanded its e-commerce channels and overseas markets, achieving significant growth [9] Group 9: Yanjinpuzi - Yanjinpuzi's revenue increased by 28.89% to 5.304 billion yuan in 2024 [10] - The net profit attributable to shareholders grew by 26.53% to 640 million yuan [10] - The company focused on six core product categories and achieved significant supply chain improvements [10] Group 10: Hengshun Vinegar - Hengshun Vinegar reported a revenue of 2.196 billion yuan, a 4.25% increase [11] - The net profit attributable to shareholders increased by 46.54% to 127 million yuan [11] - The company implemented cost reduction and efficiency improvement measures [11] Group 11: Kemin Foods - Kemin Foods announced the election of Chen Hong as the chairman of the board [12] Group 12: Gaoxin Retail - Gaoxin Retail expects a tax profit of approximately 350 to 400 million yuan for the fiscal year ending March 31, 2025, a significant improvement from a loss of 1.668 billion yuan [13] - The improvement is attributed to stable sales growth and effective cost reduction measures [13] Group 13: Bubugao - Bubugao reported a Q1 revenue of 1.153 billion yuan, a year-on-year increase of 24.22% [14] - The net profit attributable to shareholders was 119 million yuan, reflecting a growth of 488.44% [14]