未知机构：盐津铺子调研要点年货节目前正按预期推进2024年收入预期增长-20250109

Company and Industry Summary Company: 盐津铺子 (Yanjinpuzi) Key Points - Revenue Growth Expectations: The company anticipates a revenue growth of over 20% for 2024, with the current preparations for the New Year Festival proceeding as expected [1][3] - Product Development for Social Commerce: Plans are in place to develop products with stronger social attributes for WeChat stores to attract consumers who do not typically shop online. However, the contribution to revenue from this initiative will take time to materialize [1][3] - Expansion into Overseas Markets: The company is establishing a trade company in Vietnam to expand its overseas market presence, focusing primarily on konjac products [2][4] - Supply Chain Adjustments: The supply chain is still being adjusted, with key advantages expected once it is fully formed. These include: - High-quality konjac from Southeast Asia at relatively low prices, with some domestic raw materials sourced from overseas [3][4] - The controlling shareholder has established konjac powder operations in Southeast Asia [4] - Market Entry Plans: There are preliminary plans to enter the Thai market by 2025, with low cross-border sales barriers within Southeast Asia [5] - Sales Targets for Core Products: - Konjac and quail eggs are projected to achieve sales targets of 800-1 billion in 2024, with konjac sales expected to reach 1 billion in 2024 and grow by 40%-50% in 2025 [5] - Deep-sea snacks (including fish tofu, fish sausage, crab sticks) are expected to generate 700-800 million in sales in 2024, with growth rates anticipated to exceed the company's overall growth [5] - Sales Channel Distribution: - The combined share of volume sales, e-commerce, and BC channels is approximately 75%, with bulk packaging accounting for about 10% and membership channels under 5% [5] - The membership channel is expected to grow the fastest by 2025, followed by volume sales in snacks, while e-commerce is projected to grow in line with the company's overall growth [5] - Profit Targets: The equity incentive target for 2025 is set at 810 million. The company expects higher expenses in 2024 due to approximately 80 million in equity payment costs and investments in brand and consumer recognition, which have already resulted in stable repurchase rates [5] - Long-term Profitability Outlook: There is still room for improvement in net profit margins, with the company aiming to achieve brand premium through structured product differentiation based on quality-price ratios [6]