湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 410007 湖南省长沙市 芙蓉区建湘路 393 号世茂环球金融中心 63 层 Tel：86-731-82953777 Fax：86-731-82953779 http://www.qiyuan.com 湖南启元律师事务所 关于劲仔食品集团股份有限公司 2024 年年度股东大会的 法律意见书 致：劲仔食品集团股份有限公司 湖南启元律师事务所（以下简称"本所"）受劲仔食品集团股份有限公司（以 下简称"公司"）委托，对公司 2024 年年度股东大会（以下简称"本次股东大会"） 进行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、 规章和规范性文件以及《劲仔食品集团股份有限公司章程》（以下简称"《公司 章程》"）的相关规定，出具本法律意见书。 为出具本法律意见书，本所指派律师列席了本次股东大会，按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，对本次股东大会进行了现场见证，并 核查和验证了公司提供的与本次股东大会有关的文件、资料和事实。 本所出具本法律意 ...

智通财经4月15日电，劲仔食品、麦趣尔涨停，一致魔芋涨超10%,，朱老六、惠发食品、盖世食品、三 只松鼠、巴比食品、盐津铺子等跟涨。消息面上，近日，中办、国办印发的《提振消费专项行动方案》 与今年更加积极的财政政策同向发力，要求"发挥财政政策引导带动作用"，将促消费同惠民生、补短板 结合起来。 食品股异动拉升 劲仔食品涨停 ...

【深圳商报讯】（记者陈燕青）私募调研热情依然较高。私募排排网数据显示，3月共有923家私募证券 管理人参与了A股公司调研，覆盖到26个申万一级行业中的209家A股公司，合计调研次数达3513次，环 比增幅10.02%。 值得一提的是，3月股价涨幅前十的私募调研A股公司中，医药生物行业公司占到2家，分别是德源药业 和科兴制药，当月股价涨幅依次为33.16%和20.01%。 从被调研次数来看，3月有61家A股公司被私募调研不少于10次，其中41家被调研10~19次；9家被调研 20~29次；11家被调研不少于30次。劲仔食品最受公募调研青睐，3月获得上海瓴仁私募、慎知资产、 迎水投资等百亿私募在内的51家私募合计调研51次。 从行业来看，私募调研次数排名前十的A股公司中，电子、食品饮料和医药生物公司数量最多，均有2 家公司入围前十。 3月私募调研覆盖申万一级行业中，11个行业被调研不少于50次，其中5个行业被调研50~99次；3个行 业被调研100~199次；3个行业被调研不少于200次。机械设备成为3月最受私募调研青睐行业，该行业 有29家公司被私募合计调研259次，其中包括国安达、基康仪器、康斯特、金沃股份、 ...

公司发布2024 年年报：2024 年实现营业收入24.12亿元，同增16.79%，归母净利润2.91 亿元，同增 39.01%，扣非归母净利润2.61 亿元，同增39.91%。4Q2024 实现营业收入6.40 亿元，同增11.92%，归母 净利润0.77 亿元，同增0.31%，扣非归母净利润0.72 亿元，同减6.97%。 核心大单品增速亮眼，零食渠道增速超100%。分产品看，24 年公司年鱼制品/禽类制品/豆制品/蔬菜制 品分别实现收入15.33/5.09/2.47/0.79 亿元，同增18.76%/12.67%/13.89%/9.58%。24 年公司推出行业首创 型产品：充氮锁鲜富含DHA 劲仔深海鳀鱼、无抗可生食七个博士溏心鹌鹑蛋、 0 添加短保周鲜鲜平江 酱干、鲜拌摇摇干等。 分渠道看，24 年公司线上/线下渠道分别实现收入3.91/20.21 亿元，分别同减6.15%/同增22.58%。线下渠 道中零食渠道24 年营收同比增长超100%，与超100 家零食系统合作，覆盖3.5 万多家终端。线上渠道相 对承压，公司积极求变，加快内容电商建设。 24 年毛利率提升2.3pct，销售费用投入力度提升。 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved revenue and net profit of 2.41 billion and 290 million respectively in 2024, representing year-on-year growth of 16.8% and 39.0% [5][6]. - The growth momentum is expected to continue into 2025, with a focus on new channels and product categories, alongside increased brand promotion efforts [5][6]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares, resulting in a cumulative dividend payout ratio of 61.5% for the year [5]. Financial Performance - In 2024, the core product fish products generated revenue of 1.53 billion, up 18.8% year-on-year, while poultry products and soybean products also saw significant growth [5]. - The offline channel revenue grew by 22.6%, while online sales faced a slight decline of 6.2% [5]. - The overall gross margin improved to 30.5%, an increase of 2.3 percentage points year-on-year, driven by cost reductions and increased sales volume [5][12]. Future Outlook - The company is expected to continue expanding its channels and strengthening its supply chain, particularly in overseas fish resources [5][6]. - Earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 0.73 and 0.86 yuan respectively, with a price-to-earnings (PE) ratio of 16x for 2025 [6][7].

[Table_Reportdate] 2025年03月28日 ——公司简评报告 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0.82 | 0.98 | | 市盈率（P/E） | 18.56 | 16.85 | 14.60 | 12.22 | | 市净率（P/B） | 3.80 | 3.50 | 3.20 ...

[Table_Reportdate] 2025年03月28日 ——公司简评报告 食 品 饮 料 [Table_invest] 买入（维持） 报告原因：业绩点评 [劲仔食品（ Table_NewTitle] 003000）：鱼制品势能强劲， 线下渠道稳健增长 [table_main] 投资要点 ➢ 风险提示：原材料价格大幅波动；宏观需求不及预期；新品推广进度不及预期。 [盈利预测与估值简表 Table_profits] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 主营收入(百万元) | 2,411.94 | 2,788.68 | 3,251.67 | 3,752.26 | | 同比增速(%) | 16.79% | 15.62% | 16.60% | 15.39% | | 归母净利润(百万元) | 291.33 | 320.94 | 370.31 | 442.30 | | 同比增速(%) | 39.01% | 10.16% | 15.38% | 19.44% | | EPS（元/股） | 0.65 | 0.71 | 0 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved a revenue of 2.41 billion yuan in 2024, representing a year-on-year growth of 16.8%, and a net profit attributable to the parent company of 290 million yuan, up 39.0% year-on-year. The fourth quarter of 2024 saw a revenue of 640 million yuan, with a year-on-year increase of 11.9% and a net profit of 80 million yuan, growing by 0.3% year-on-year. The company has slightly adjusted its profit forecasts for 2025-2026, expecting net profits of 340 million yuan (-0.5) and 420 million yuan (-0.6) respectively, with a new forecast for 2027 at 530 million yuan, indicating growth rates of 17.8%, 22.5%, and 26.0% respectively. The current stock price corresponds to PE valuations of 15.8, 12.9, and 10.2 times [3][4][5] Revenue Growth - In 2024, the company generated revenue from various product categories: fish products (1.53 billion yuan, +18.76%), poultry products (510 million yuan, +12.67%), bean products (250 million yuan, +13.89%), vegetable products (80 million yuan, +9.58%), and other products (10 million yuan, +80.41%). The growth in other products was driven by a surge in gift box sales [4] Regional Performance - Revenue by region in 2024 included: East China (650 million yuan, +32.8%), Southwest (300 million yuan, +20.9%), Central China (300 million yuan, +11.9%), South China (290 million yuan, +23.6%), North China (250 million yuan, +9.0%), Northwest (150 million yuan, +25.2%), Northeast (60 million yuan, +11.0%), overseas (20 million yuan, +222.7%), and online channels (390 million yuan, -6.1%). The decline in online revenue may be attributed to high channel costs [4] Profitability Metrics - The company's gross margin for 2024 was 30.5%, an increase of 2.3 percentage points, primarily due to a decline in raw material prices. The gross margin for Q4 2024 was 31.0%, a decrease of 1.6 percentage points, possibly due to channel structure and new product sales impacts. The sales expense ratio for 2024 was 12.0%, up 1.2 percentage points, while the management expense ratio was 3.8%, down 0.3 percentage points, indicating relative stability [5][6] Financial Summary and Valuation Indicators - The financial summary for the company includes projected revenues of 2.85 billion yuan for 2025, 3.47 billion yuan for 2026, and 4.28 billion yuan for 2027, with year-on-year growth rates of 18.3%, 21.8%, and 23.3% respectively. The net profit attributable to the parent company is expected to be 343 million yuan in 2025, 420 million yuan in 2026, and 529 million yuan in 2027, with growth rates of 17.8%, 22.5%, and 26.0% respectively. The projected PE ratios are 15.8 for 2025, 12.9 for 2026, and 10.2 for 2027 [6][8]

食品饮料/休闲食品 劲仔食品（003000.SZ） 2024 年顺利收官，收入利润稳健增长 2025 年 03 月 28 日 投资评级：增持（维持） 2024 年公司实现收入 24.1 亿元，同比增长 16.8%，归母净利润 2.9 亿元，同比增 长 39.0%；其中 2024Q4 实现收入 6.4 亿元，同比增长 11.9%，归母净利润 0.8 亿 元，同比增长 0.3%。公司新品销售推进略低于预期，我们下调 2025-2026 年盈 利预测，预计公司归母净利润分别为 3.4（-0.5）、4.2（-0.6）亿元，新增 2027 年 归母净利润预计为 5.3 亿元，同比分别增长 17.8%、22.5%、26.0%，当前股价对 应 PE 估值分别为 15.8、12.9、10.2 倍，公司为辣卤零食细分品类头部企业，有 望受益于后续渠道变革，维持"增持"评级。 各品类持续成长，多渠道稳健增长 日期 2025/3/26 当前股价(元) 12.02 一年最高最低(元) 16.01/10.14 总市值(亿元) 54.20 流通市值(亿元) 36.56 总股本(亿股) 4.51 流通股本(亿股) 3.04 近 3 个月换 ...