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研報掘金丨東方證券:維持鹽津鋪子“買入”評級,目標價91.84元

東方證券研報指出,鹽津鋪子正加速由“產品出海”向“供應鏈+品牌”出海轉型。公司宣佈投資2.2億元在泰國設首個海外工廠,聚焦魔芋和薯片品類,配套當地低成本原料與人工優勢。公司董事長張學武先生提出3–5年“再造一個鹽津”,目標讓海外業務佔比達10%–20%,戰略進入實質落地期。公司在產品品類聚焦、渠道結構優化及海外供應鏈佈局加速等多重驅動下盈利能力持續增強,參考可比公司,給予公司2025年32倍PE,對應目標價爲91.84元,維持“買入”評級。

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