[Table_StockInfo] 2024 年 08 月 21 日 证券研究报告•2024 年半年报点评 买入 （维持） 当前价：10.57 元 劲仔食品（003000）食品饮料 目标价：——元（6 个月） 零食渠道带动收入增长，盈利能力提升 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营业收入 11.3 亿元，同比增长 22.2%；实现归母净利润 1.4亿元，同比增长 72.4%，贴近业绩预告上限。其中 24Q2 实现营业收入 5.9亿元，同比增长 20.9%；实现归母净利润 0.7亿元，同 比增长 58.7%。此外，公司拟向全体股东每 10股派发现金红利 1.0元（含税）。 鹌鹑蛋快速成长，零食渠道带动直营高增。1、分品类看，休闲鱼制品、禽类制 品、豆制品、蔬菜制品分别实现营业收入 7亿元（+16.6%）、2.6亿元（+51.1%）、 1.1亿元（+9.5%）、0.4亿元（+15.6%）。核心单品劲仔深海小鱼持续增长，鹌 鹑蛋已快速成长为公司第二大单品；产品创新能力强，深海鳀鱼、"周鲜鲜"短 保豆干、溏心鹌鹑蛋等新品陆续推出。2、分渠道看，经销、直营模式分别实现 营业收 ...

446 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|---------------------------------------|----------------------------------|-------------------------------------| | 2024 年 08 月 23 日 \n劲仔食品（ 003000.SZ ） | | | 公司研究●证券研究报告 \n公司快报 | | | | | | 食品饮料 \| | 休闲食品Ⅲ | | 成本红利延续，利润如期高增 | 投资评级 | | 增持 | -A(维持) | | 事件：公司发布 2024 年半年报。根据公告， 2024H1 公司实现营业收入 11.30 亿 | ...

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 1.13 billion yuan in 2023, representing a year-on-year increase of 22.17%, and a net profit attributable to shareholders of 143 million yuan, up 72.41% year-on-year [1] - The growth momentum is expected to continue in the second half of 2024, driven by the expansion of new product categories and channels [2] - The company is actively adjusting its personnel and structure to improve online sales performance, which faced slight pressure due to high base effects from the previous year [1] Summary by Sections Financial Performance - In Q2 2023, the company achieved a revenue of 590 million yuan, a year-on-year increase of 20.90%, and a net profit of 70 million yuan, up 58.74% year-on-year [1] - The gross margin for the first half of 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, while the net margin was 12.69%, up 3.70 percentage points year-on-year [1][3] Product and Channel Growth - Revenue from different product categories showed significant growth: fish products increased by 16.64%, poultry products by 51.10%, plant-based products by 9.53%, and vegetable products by 15.61% [1] - Offline revenue grew by 29.45% to 931 million yuan, while online revenue decreased by 3.28% to 199 million yuan, attributed to a high base from the previous year [1] Future Projections - The company is projected to achieve revenues of 2.69 billion yuan, 3.39 billion yuan, and 4.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 276 million yuan, 364 million yuan, and 473 million yuan for the same years [2][3] - The expected EPS for 2024, 2025, and 2026 is 0.61 yuan, 0.81 yuan, and 1.05 yuan respectively, with corresponding P/E ratios of 17.25, 13.07, and 10.05 [2][3]

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

[Table_Contacts] [Table_Title] 劲仔食品（003000.SZ） 收入符合预期，利润弹性较佳 [Table_Summary] 核心观点： | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------| | [Table_Finance] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1462 | 2065 | 2513 | 3016 | 3544 | | 增长率（ % ） | 31.6% | 41.3% | 21.7% | 20.0% | 17.5% | | EBITDA （百万元） | 165 | 304 | 412 | 516 | 594 | | 归母净利润（百万元） | 125 | 210 | 299 | 379 | 441 | | 增长率（ % ） | 46.7% | 68.2% | 42.8% | 26.5% | 16.5% | | EPS （元 / 股） | 0.3 ...

证券研究报告：食品饮料 | 公司点评报告 2024 年 8 月 22 日 公司基本情况 最新收盘价（元） 10.57 总股本/流通股本（亿股）4.51 / 3.04 总市值/流通市值（亿元）48 / 32 52 周内最高/最低价 15.89 / 9.79 资产负债率(%) 27.8% 市盈率 22.15 第一大股东 周劲松 股票投资评级 买入|维持 个股表现 -27% -20% -13% -6% 1% 8% 15% 22% 29% 36% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 劲仔食品 食品饮料 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 劲仔食品(003000) 坚持聚焦大单品战略，利润持续兑现 ⚫ 事件 公司2024年上半年实现营业总收入/营业收入/归母净利润/扣非 净 利 润 11.3/11.3/1.43/1.22 亿 ...

证 券 研 报 告 公 司 研 究 2024 年 08 月 22 日 究 | --- | --- | --- | --- | |---------------------------------|------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.53 CNY [2][10] Core Views - The company's performance in Q2 2024 met expectations, with a revenue increase of 20.9% and a profit increase of 58.74% [11] - The growth in revenue is supported by significant increases in the sales of fish and poultry products, with poultry products growing by 51.1% due to the expansion of quail egg sales [2][11] - The report highlights the company's strong profit margin improvements, with gross margins for fish and poultry products increasing by 4.19 percentage points and 5.26 percentage points respectively [2][11] - The company is expected to benefit from a recovery in raw material costs and the release of new product scale effects, which will continue to enhance profit elasticity [2][11] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 590 million CNY and a net profit of 70 million CNY, reflecting a year-on-year growth of 20.9% and 58.74% respectively [11] - For the first half of 2024, revenue from fish products and poultry products increased by 16.6% and 51.1% respectively [2][11] - The company’s net profit margin improved to 11.83%, an increase of 2.8 percentage points year-on-year [2][11] Profitability and Cash Flow - The report indicates a significant improvement in profitability, with the company's cash flow remaining stable [2][11] - The gross margin for Q2 2024 increased by 4.3 percentage points year-on-year, indicating effective cost management and scale benefits [2][11] Growth Potential - The report expresses confidence in the company's growth potential, citing the ongoing expansion in traditional channels and the benefits from cost reductions in raw materials [2][11] - The company is expected to continue gaining market share in the snack food sector, supported by favorable consumer trends and product innovations [2][11]

公 司 研 究 2024 年 08 月 22 日 公司点评 买入/维持 劲仔食品(003000) 目标价: 13.8 昨收盘:10.57 劲仔食品：业绩符合预期，鹌鹑蛋增长亮眼 | --- | --- | --- | --- | --- | |-------|------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 | 半年报点评 gszqdatemark 2024 08 22 年 月 日 快车道》 2024-08-19 劲仔食品（003000.SZ） 成长抓手稳健，利润弹性如期释放 公司发布 2024 年半年报：24H1 实现营收 11.3 亿元，同比+22.2%，实 现归母净利润 1.4 亿元，同比+72.4%。折合 24Q2 实现营收 5.9 亿元，同 比+20.9%，实现归母净利润 0.7 亿元，同比+58.7%，为业绩预告中枢水 平。公司拟中期分红 4476 万元，半年度分红率 31.2%，以 2024 年 8 月 21 日市值测算，半年度股息率 0.9%。 渠道拓展+第二曲线，支撑营收保持较快增长趋势。24Q1 及 24Q2 公司营 收分别同比+23.6%、20.9%，Q2 淡季依然延续较快增长趋势，印证大包 装+散称及鹌鹑蛋第二曲线拓张效果显著。分产品看，24H1 鱼制品营收同 比+16.6%至 7.0 亿元，作为公司核心单品，保持较快增长趋势，保障基 本盘稳健发展，鱼制品 H1 产能利用率达 91.3%，当前正积极建设产能。 禽类制品营收同比+51.1%至 2.6 亿元，主因鹌鹑蛋规模持续扩 ...