Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 17.25 per share, reflecting a 25 times PE valuation for 2024 [4][14]. Core Insights - The company reported a revenue of RMB 1.13 billion in the first half of 2024, representing a year-over-year growth of 22.17%, and a net profit attributable to shareholders of RMB 143 million, up 72.41% year-over-year [8][9]. - The growth in revenue is attributed to the continuous development and optimization of distributors, terminal market construction, new product promotion, and increased revenue from new media platforms [9][11]. - The gross profit margin improved by 4.14 percentage points year-over-year due to lower raw material prices, while the net profit margin increased by 3.70 percentage points year-over-year [9][10]. Revenue Breakdown - Fish products generated RMB 703 million in revenue, a 16.64% increase year-over-year, with a gross profit margin of 32.29% [12]. - Poultry products, driven by quail egg sales, saw a significant revenue increase of 51.10% year-over-year, totaling RMB 258 million, with a gross profit margin of 22.24% [12][11]. - Bean products and vegetable products also showed growth, with revenues of RMB 111 million (up 9.53%) and RMB 38 million (up 15.61%) respectively [12]. Channel Performance - The number of distributors increased from 3057 to 3166, indicating a steady growth in distribution channels [13]. - Offline sales achieved RMB 930.63 million, a 29.45% increase year-over-year, while online sales decreased by 3.28% to RMB 198.92 million [13]. - The direct sales model saw a revenue increase of 45.96% year-over-year, primarily due to growth in offline snack specialty channels [13]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are RMB 2.53 billion, RMB 3.08 billion, and RMB 3.69 billion respectively, with net profits expected to be RMB 313 million, RMB 389 million, and RMB 476 million [4][14]. - Corresponding EPS for these years are forecasted at RMB 0.69, RMB 0.86, and RMB 1.06 [4][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 total revenue reached 1.13 billion yuan, representing a year-on-year increase of 22.17%, while the net profit attributable to the parent company was 143 million yuan, up 72.41% year-on-year [1][2] - The gross margin for H1 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, and the net margin was 12.84%, up 3.76 percentage points year-on-year [2][3] - The company is expected to continue improving its profitability due to the low prices of raw materials and the scale effect [2] Summary by Sections Financial Performance - In H1 2024, the company reported total revenue of 1.13 billion yuan, with a net profit of 143 million yuan and a non-recurring net profit of 122 million yuan, showing significant growth compared to the previous year [1] - The Q2 2024 revenue was 590 million yuan, with a net profit of 70 million yuan, indicating a year-on-year increase of 20.90% and 58.74% respectively [1] Product Performance - Revenue from fish products, poultry products, bean products, and vegetable products in H1 2024 was 703 million yuan, 258 million yuan, 111 million yuan, and 38 million yuan, reflecting year-on-year growth of 16.64%, 51.10%, 9.53%, and 15.61% respectively [3] - The second key product, quail eggs, performed exceptionally well, contributing to the overall growth of the company [3] Cost and Efficiency - The company’s selling, administrative, research and development, and financial expense ratios for H1 2024 were 12.58%, 3.64%, 1.94%, and -0.98% respectively, indicating a slight improvement in management efficiency [2][3] - The gross margin and net margin are expected to continue to improve due to the ongoing low prices of raw materials and the company's scale effect [2] Future Projections - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 292 million yuan, 379 million yuan, and 482 million yuan, representing year-on-year growth rates of 39.15%, 29.83%, and 27.29% respectively [2][4] - The projected P/E ratios for the next three years are 16X, 12X, and 10X, indicating a favorable valuation outlook [2]

证券代码：003000 证券简称：劲仔食品 公告编号：2024-059 劲仔食品集团股份有限公司 关于召开 2024 年半年度业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为充分尊重投资者、提升交流的针对性，现就公司本次业绩说明会提前向投 资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 9 月 2 日（星期一）15：00 前访问 http://ir.p5w.net/zj/或深圳证券交易所的"互动易"平 台"云访谈"栏目（http://irm.cninfo.com.cn），进入问题征集专题页面。公司将 在本次业绩说明会上，对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与！ 特此公告。 劲仔食品集团股份有限公司 董 事 会 2024 年 8 月 27 日 劲仔食品集团股份有限公司（以下简称"公司"）于 2024 年 8 月 22 日在巨 潮资讯网（www.cninfo.com.cn）发布 2024 年半年度报告。为便于广大投资者更 加全面深入地了解公司经营业绩、发展战略等情况，公司将于 2024 年 9 月 2 ...

Investment Rating - The report maintains an "Outperform" rating for Jinzai Food (003000) [2] Core Views - Jinzai Food achieved robust revenue growth and significant profitability improvement in H1 2024, with revenue reaching 1.13 billion yuan (YoY +22.17%) and net profit attributable to shareholders of 143 million yuan (YoY +72.41%) [4] - In Q2 2024, the company's revenue grew by 20.90% YoY, with net profit attributable to shareholders increasing by 58.74% YoY to 70 million yuan [5] - The company's gross margin improved by 4.14 percentage points in H1 2024, driven by lower raw material costs [4] - Jinzai Food's product strategy focuses on "big single products, full channels, branding, and internationalization," with strong performance in fish products, poultry products, and bean products [5] Financial Performance - Revenue breakdown for H1 2024: fish products (703 million yuan, +16.64% YoY), bean products (111 million yuan, +9.53% YoY), poultry products (258 million yuan, +51.10% YoY), and vegetable products (38 million yuan, +15.61% YoY) [5] - Gross margin by product: fish products (32.29%, +4.19 ppts), bean products (30.95%, +4.83 ppts), poultry products (22.24%, +5.26 ppts), and vegetable products (35.83%, +11.64 ppts) [5] - The company's net profit margin increased by 3.70 percentage points YoY in H1 2024, reaching 12.4% [4] Channel Performance - Offline sales grew by 29.45% YoY in H1 2024, contributing 930.63 million yuan, while online sales declined by 3.28% YoY to 198.92 million yuan [7] - The number of distributors increased from 3,057 to 3,166 in H1 2024 [7] Valuation and Forecast - The report forecasts 2024-2026 revenue of 2.53 billion yuan, 3.08 billion yuan, and 3.69 billion yuan, respectively, with net profit attributable to shareholders of 313 million yuan, 389 million yuan, and 476 million yuan [7] - The target price range is 13.80-17.25 yuan per share, based on a 2024 PE multiple of 20-25x [7] - Key financial metrics for 2024E: gross margin (30.6%), net profit margin (12.4%), and ROE (19.3%) [6][9]

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]

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 | --- | --- | --- | --- | --- | |-------|------------------------------------------------|-------------------------|------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

新品持续放量，成本红利延续 [Table_Title] 评级：买入（维持） 市场价格：10.57 元 [Table_Industry] 分析师：晏诗雨 执业证书编号：S0740523070003 Email：yansy@zts.com.cn 分析师：熊欣慰 执业证书编号：S0740519080002 E-mail：xiongxw@ zts.com.cn 分析师：范劲松 执业证书编号：S0740517030001 电话：021-20315733 Email：fanjs@ zts.com.cn | --- | --- | |---------------------------|-------| | | | | [Table_Profit] 基本状况 | | | 总股本 ( 百万股 ) | 451 | | 流通股本 ( 百万股 ) | 304 | | 市价 ( 元 ) | 10.57 | | 市值 ( 百万元 ) | 4,767 | | 流通市值 ( 百万元 ) | 3,215 | [Table_QuotePic] 股价与行业-市场走势对比 公司持有该股票比例 相关报告 劲仔食品（003000.SZ）/食品 饮料 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][3]. Core Views - The company is positioned for growth through product expansion and channel diversification, leveraging its strong brand presence in the snack food industry [1][14]. - The core product strategy focuses on major items like "Jinzai Small Fish" and the newly introduced quail eggs, which are expected to drive revenue growth [1][17]. - The company has successfully transitioned from small packaging to larger formats, enhancing its market reach and operational efficiency [1][17]. Summary by Sections Company Overview - The company has established itself as a leader in the snack food sector, particularly in the fish product category, since its entry in 2011 [1][14]. - It has developed a robust product matrix, including fish products and quail eggs, which are expected to contribute significantly to future growth [1][17]. Product Strategy - The product structure is defined as "1+1+N," with a focus on core fish products and the new quail egg line, which has shown rapid revenue growth [1][17]. - The quail egg product, launched in 2022, has already surpassed 300 million yuan in revenue in its first full year [1][17]. Channel Strategy - The company has shifted from a reliance on small packaging to a more diversified channel strategy, including large packaging and bulk sales, which now account for over 50% of its revenue [1][17]. - This channel expansion has allowed the company to penetrate modern retail environments such as supermarkets and convenience stores effectively [1][17]. Financial Projections - Revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 25% from 2024 to 2026, reaching 3.87 billion yuan by 2026 [2]. - Net profit is expected to increase significantly, with projections of 3.0 billion yuan in 2024, 3.8 billion yuan in 2025, and 4.7 billion yuan in 2026 [2]. Management and Governance - The founder has a long-standing presence in the snack food industry, with a stable shareholding structure that supports strategic continuity [1][19]. - The management team is experienced, with a focus on talent development and long-term incentives to align interests with company growth [1][19].

证券代码：003000 证券简称：劲仔食品 公告编号：2024-053 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、公司 2023 年限制性股票激励计划预留授予部分第一个解锁期符合解除限 售条件的激励对象共计 1 人，可解除限售的限制性股票数量为 175,000 股，占目 前公司股本总额的 0.0388%。 2、本次解除限售的限制性股票在解除限售手续办理完成后，上市流通前， 公司将发布相关提示性公告，敬请投资者注意。 劲仔食品集团股份有限公司（以下简称"公司"）于 2024 年 8 月 21 日召开 第二届董事会第二十二次会议和第二届监事会第二十一次会议，审议通过了《关 于公司 2023 年限制性股份激励计划预留授予部分第一个解锁期解锁条件成就的 议案》。鉴于公司 2023 年限制性股票激励计划预留授予第一个解除限售期解除 限售条件已经成就，根据公司 2023 年第二次临时股东大会的授权，公司将按照 规定为本次限制性股票预留授予激励对象办理解除限售相关事宜。 现将有关事项公告如下： 一、公司 2023 年限制性股票激励计划已履行的相关审批程 ...