证 2024 年 10 月 25 日 研 报 告 基本数据 2024-10-24 当前股价（元） 12.61 总市值（亿元） 57 总股本（百万股） 451 流通股本（百万股） 304 52 周价格范围（元） 10.19-15.89 日均成交额（百万元） 92.61 公 司 研 究 线上渠道延续调整，品类迭代打开盈利空间 —劲仔食品（003000.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 市场表现 -20 -10 0 10 20 30 40 50 60 (%) 劲仔食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- 10-15 2、《劲仔食品（003000）：盈利能 力改善，零食渠道表现亮眼》2024- 08-22 3、《劲仔食品（003000）：业绩延 续高增，推新打造健康品牌认知》 2024-07-12 2024 年 10 月 23 日，劲仔食品发布 2024 年三季度报告。 投资要点 ▌营收保持稳健增速，成本下降利好盈利 公司 202 ...

劲仔食品集团股份有限公司 投资者关系活动记录表 证券代码： 003000 证券简称：劲仔食品 编号：2024-007 | --- | --- | --- | |-------------------------|--------------------------------------------|----------------------------------------------------------| | | □特定对象调研 □ | 分析师会议 | | 投资者关系活 | □媒体采访 □ | 业绩说明会 | | 动类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | ☑ 其他（电话会议） | | | 参与单位名称 及人员姓名 | 详见附件 | | | 时间 | 2024 年 10 月 24 日 | | | 地点 | 线上电话会议 | | | 上市公司接待 | 董事、副总经理、董事会秘书 | 丰文姬 | | 人员姓名 | 副总经理、财务总监 康厚峰 | | | | 证券事务代表 涂卓 | | | | 一、请介绍公司 2024 | 年三季度的经营情况？ | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company reported a revenue of 642 million yuan in Q3 2024, representing a year-on-year increase of 12.94% and a net profit of 71 million yuan, which is a 42.58% increase year-on-year [2][3]. - Despite a slight slowdown in revenue growth due to intensified market competition and the diversion of traditional offline channels, the overall revenue for the first three quarters of 2024 reached 1.772 billion yuan, with a year-on-year growth rate of 18.65% [2][3]. - The company benefits from cost advantages, leading to a significant improvement in profitability, with a gross margin of 30.06% in Q3 2024, up 3.26 percentage points year-on-year [2][3]. - The company is expected to continue its growth trajectory through new product launches and channel expansion, particularly focusing on quail eggs as a second growth curve [2][3]. Summary by Sections Financial Performance - Q3 2024 revenue: 642 million yuan, year-on-year growth of 12.94% [2][3]. - Q3 2024 net profit: 71 million yuan, year-on-year growth of 42.58% [2][3]. - Gross margin in Q3 2024: 30.06%, up 3.26 percentage points year-on-year [2][3]. - Revenue for the first three quarters of 2024: 1.772 billion yuan, year-on-year growth of 18.65% [2][3]. Future Projections - Revenue forecasts for 2024-2026: 2.482 billion yuan (2024), 3.002 billion yuan (2025), and 3.605 billion yuan (2026) [3]. - Net profit forecasts for 2024-2026: 304 million yuan (2024), 374 million yuan (2025), and 454 million yuan (2026) [3]. Valuation Metrics - P/E ratio for 2024: 18.7, down from 27.1 in 2023 [3]. - P/B ratio for 2024: 3.7, down from 4.4 in 2023 [3]. - Expected EPS for 2024: 0.67 yuan, up from 0.46 yuan in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 640 million in Q3 2024, representing a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 70 million, up 42.6% year-on-year [1] - The growth is attributed to the continuous development and optimization of distributors, terminal market construction, and new product promotions [1] - The company has established three main product categories: fish products, poultry products, and bean products, with its leisure fish products maintaining the industry's leading position [1] - The introduction of new products, such as the "Egg Round" quail egg product, is expected to enhance product scale and quality [1] - The company is focusing on channel expansion through a combination of bulk packaging and loose sales, aiming to strengthen its market position [1] Financial Performance - The company forecasts revenue growth of 21.4%, 18.6%, and 14.8% for 2024, 2025, and 2026, respectively, reaching 2.51 billion, 2.97 billion, and 3.41 billion [2] - Net profit is expected to grow by 47.2%, 22.8%, and 18.6% for the same years, reaching 310 million, 380 million, and 450 million [2] - The net profit margin for Q3 2024 was 11.1%, an increase of 2.3 percentage points year-on-year, continuing the improvement trend since Q4 2023 [1] - The gross profit margin increased by 3.3 percentage points to 30.1% in Q3 2024, primarily due to scale effects and cost benefits from quail egg products and fish products [1] Market Position and Strategy - The company is committed to a full-channel development strategy, enhancing traditional distribution channels while investing in modern channels to increase brand presence [1] - The report highlights the potential of the company's product and channel expansion strategy, particularly in the context of a slowing market [1] - The company is expected to benefit from cost advantages and scale effects, which will improve profitability [1]

华福证券 劲仔食品（003000.SZ） 线下基本盘稳健，全品类延续增长 投资要点： 事件： 公司发布 2024 年三季报，公司前三季度实现营收 17.72 亿元，同 比增长 18.65%；实现归母净利润 2.14 亿元，同比增长 61.20%；实现 扣非归母净利润 1.89 亿元，同比增长 72.89%。其中，24Q3 公司实现 营收 6.42 亿元，同比增长 12.94%；实现归母净利润 0.71 亿元，同比 增长 42.58%；实现扣非归母净利润 0.67 亿元，同比增长 77.83%。 三大品类均保持增长，Q4 溏心鹌鹑蛋有望带来新增量 一年内股价相对走势 分品类来看，公司三大品类均实现快速增长，前三季度公司休闲 鱼制品/禽类制品/豆制品销售收入分别同比增长 17%/27%/12%。其中， 作为公司第二大品类，禽类制品增速持续领跑其他品类，前三季度销 售收入已突破 4 亿元。从销售收入增量来看，公司超级大单品劲仔深 海小鱼和第二大单品鹌鹑蛋前三季度增量贡献超 80%，其中第二大单 品鹌鹑蛋销售收入同比增速仍保持第一，24Q4 公司新品溏心鹌鹑蛋上 市预计将持续带来增量。 线上渠道在费用率可控的前提下持 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 股票研究 /[Table_Date] 2024.10.24 ——劲仔食品 2024 三季报点评 利润弹性继续兑现 劲仔食品(003000) 食品饮料 [Table_Industry] /必需消费 | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|-----------------------|-------|-------|-------|-------| | | | | | | | | | | [table_Authors] 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | | | | | 021-38676442 | 021-38675854 | | | | | | | zimeng@gtjas.com | liyao022899@gtjas.com | | | | | | 登记编号 | S0880 ...

劲仔食品（ [Table_StockNameRptType] 003000） 公司点评 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

证券研究报告·公司点评报告·休闲食品 劲仔食品（003000） 2024Q3 业绩点评：线上渠道略有拖累，关注 鹌鹑蛋边际变化 2024 年 10 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1462 | 2065 | 2468 | 2850 | 3232 | | 同比（ % ） | 31.59 | 41.26 | 19.50 | 15.48 | 13.40 | | 归母净利润（百万元） | 124.62 | 209.58 | 291.60 | 341.00 | 404.22 | | 同比（ % ） | 46.72 | 68.17 | 39.13 | 16.94 | 18.54 | | EPS- 最新摊薄（元 / 股） | 0.28 | 0. ...

来源：公司年报、国金证券研究所 劲仔食品 (003000.SZ) 买入（维持评级） 业绩简评 10 月 23 日公司发布三季报，24Q1-Q3 实现营收 17.72 亿元，同比 +18.65%；实现归母净利润 2.15 亿元，同比+61.21%；扣非归母净 利润 1.89 亿元，同比+72.88%。其中，24Q3 实现营收 6.42 亿元， 同比+12.94%；实现归母净利润 0.71 亿元，同比+42.58%；扣非归 母净利润 0.67 亿元，同比+77.83%，业绩贴近预告中枢。 经营分析 Q3 高基数下增速放缓，线上仍处于调整期。1）分渠道来看，预计 Q3 线下增速延续高双位数；线上处于产品组合调整阶段，Q3 受到 新媒体电商、社区团购渠道拖累下滑，目前已上新性价比、混合口 味鹌鹑蛋（蛋仔圆圆子品牌），预计 Q4 旺季具备成效。2）分产品 来看，预计单 Q3 鱼制品延续双位数增长，鹌鹑蛋扩渠道（布局线 上）+拓品类（溏心款）带动收入环比改善。 成本红利持续释放，扣非净利率增长亮眼。公司 24Q3 毛利率为 30.1%，同比+3.3pct，主要系 1）鱼干和鹌鹑蛋具备规模效应且供 应链效益持续优化；2)主 ...

上 市 公 司 证 券 研 究 报 告 食品饮料 2024 年 10 月 23 日 劲仔食品 (003000) ——营收增速放缓 盈利能力亮眼 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 23 日 | | 收盘价（元） | 13.81 | | 一年内最高/最低（元） | 16.01/10.14 | | 市净率 | 4.7 | | 息率（分红/股价） | 2.90 | | 流通 A 股市值（百万元） | 4,200 | | 上证指数/深证成指 | 3,302.80/10,576.41 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 2.98 | | | | | 资产负债率 ...