Investment Rating - The report maintains a "Buy" rating for Jinzai Food (003000 SZ) due to its clear product strategy and successful multi-channel expansion [2][10] Core Views - Jinzai Food's product strategy focuses on traditional Chinese snacks with significant market potential, leveraging product quality to drive growth [1] - The company's channel strategy prioritizes modern channels, with large-pack and bulk-pack products showing strong growth (CAGR of 58% and 150%+ respectively) [1] - Profitability is expected to improve through cost optimization and economies of scale, with net profit margins projected to rise [1] Product Strategy - Jinzai Food's product portfolio includes fish products, quail eggs, bean products, and meat products, with fish products being the core category [1][24] - The company has successfully expanded its product lines, with quail eggs achieving over 300 million RMB in revenue within the first year [1] - Product innovation, such as the introduction of "small egg round" quail eggs, has driven growth and market differentiation [24][30] Channel Strategy - Jinzai Food has shifted from traditional low-price channels to modern channels, with large-pack products contributing over 50% of revenue in 2023 [1] - The company has optimized its distribution network, increasing the average revenue per distributor from 490,000 RMB in 2020 to 540,000 RMB in 2023 [44] - Bulk-pack products, particularly quail eggs, have seen rapid growth, with revenue increasing by over 150% CAGR from 2021 to 2023 [49] Profitability and Cost Optimization - Jinzai Food's net profit is expected to grow from 305 million RMB in 2024 to 467 million RMB in 2026, with EPS increasing from 0 68 RMB to 1 04 RMB [2][10] - The company's profitability is supported by cost reductions in raw materials, particularly anchovy, and improved production efficiency [1][65] - Capital expenditures for new production facilities are expected to be offset by revenue growth, with minimal impact on profitability [65] Market and Industry Analysis - The Chinese snack food market is highly fragmented, with local snacks gaining traction due to improved production processes [1][16] - Jinzai Food's focus on traditional snacks with existing consumer recognition reduces the need for extensive market education [1][18] - The company's strategy of creating demand through supply innovation has been successful, particularly in the quail egg and fish product categories [1][20] Future Growth Potential - Jinzai Food has significant room for growth in both the number of retail outlets and sales per outlet, with current coverage at 300,000-400,000 outlets [58] - The company plans to expand its product portfolio and enhance brand exposure through modern channels, further driving growth [52][54] - Regional expansion, particularly in underpenetrated markets like Northwest and Northeast China, offers additional growth opportunities [57]

证券代码：003000 证券简称：劲仔食品 公告编号：2024-045 劲仔食品集团股份有限公司 关于公司董事、高级管理人员部分股份补充质押的公告 一、股东股份质押基本情况 股东 名称 是否为公司董 事、高级管理 人员或第一大 股东及其一致 行动人 本次质押 数量（股） 占其所 持股份 比例 占公司 总股本 比例 是否为 限售股 （如是， 注明限 售类型） 是否 为 补充 质押 质押 起始 日 质押 到期日 质权人 质押 用途 刘特元 董事、高级管 理人员 300,000 1.52% 0.07% 高管锁 定股 是 2024- 07-24 2025-0 1-17 上海海通证 券资产管理 有限公司 补充 质押 合计 — 300,000 1.52% 0.07% — — — — — — 三、其他事项说明及对公司的影响 截至本公告披露日，公司公司董事、高级管理人员刘特元先生所持公司股份 不存在被强制平仓风险或被强制过户风险，不存在负担业绩补偿义务的情况，不 存在股份被冻结、被拍卖或设定信托的情形；公司董事、高级管理人员不存在非 经营性资金占用、违规担保等侵害上市公司利益的情形；本次股份质押事项对公 司生产经营、公司治理 ...

劲仔食品集团股份有限公司 董 事 会 劲仔食品集团股份有限公司（以下简称"公司"）于 2024 年 7 月 17 日收到 公司实际控制人、董事长、持股 5%以上股东周劲松先生《关于提议实施 2024 年 度中期分红的函》，现将相关情况公告如下： 实际控制人周劲松基于对公司长远发展的信心，为维护公司全体投资者利益， 增强投资者对公司价值的认可，向公司建议：在符合《公司章程》规定的利润分 配原则，保证公司正常经营和长远发展的前提下，制定并实施 2024 年度中期分 红方案。具体分配方案如下：以公司未来实施分配方案时股权登记日的总股本扣 除回购专户持有股份数为基数，向全体股东每 10 股派发现金红利 1 元（含税）， 不送红股，不以资本公积金转增股本。如利润分配方案披露至实施期间，公司股 本由于可转债转股、股份回购、股权激励行权、再融资新增股份上市等原因发生 变动的，将按照现有分配比例不变的原则对分配总额进行调整。 具体利润分配方案由公司结合自身经营情况并报董事会以及股东大会审议 确定。周劲松承诺在董事会、股东大会上正式审议该分配方案时投"赞成"票。 公司董事会认为上述提议符合法律法规和《公司章程》的有关规定，符合 ...

证 券 2024 年 07 月 12 日 研 究 业绩延续高增，推新打造健康品牌认知 报 告 —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 2024 年 7月 10日，劲仔食品发布2024 年半年度业绩预告。 sunss@cfsc.com.cn 投资要点 基本数据 ▌营收增长释放规模效应，成本优化利好盈利提升 2024-07-11 当前股价（元） 12.85 2024H1 公司归母净利润预计为 1.33-1.50 亿元，同增 60%- 总市值（亿元） 58 80%，扣非归母净利润预计为 1.12-1.29 亿元，同增 56%- 总股本（百万股） 451 79%。其中 2024Q2 公司归母净利润预计为 0.59-0.76 亿元， 同增 35%-73%，扣非归母净利润预计为 0.54-0.70 亿元，同 流通股本（百万股） 304 增 38%-81%。报告期内公司营收与净利润均实现高质量增 52周价格范围（元） 9.79-15.89 长，净利润增长的主要原因一方面是营收增长带来的规模效 日均成交额（百万元） 79.55 应和供应链效益优化，另 ...

Investment Rating - The report assigns a "Buy" rating to Jinzai Food (003000) [8] Core Views - Jinzai Food is expected to achieve a net profit attributable to the parent company of 1.12-1.29 billion yuan in H1 2024, a year-on-year increase of 56.04%-79.17% [8] - In Q2 2024, the company is expected to achieve a net profit attributable to the parent company of 0.54-0.70 billion yuan, a year-on-year increase of 38.0%-80.6% [8] - The company's profitability is expected to continue improving due to economies of scale and supply chain optimization, with a net profit margin of 10.0%-12.8% in Q2 2024 [8] - Revenue growth is expected to remain strong, driven by the company's strategy of focusing on "big products, full channels, branding, and internationalization" [8] - The company has successfully developed big products such as dried fish and quail eggs, and is expected to continue accumulating value [8] Financial Performance - Revenue is expected to grow from 2.58 billion yuan in 2024 to 3.81 billion yuan in 2026, with a CAGR of 19.5% [8] - Net profit attributable to the parent company is expected to grow from 302 million yuan in 2024 to 477 million yuan in 2026, with a CAGR of 24.9% [8] - Gross margin is expected to increase from 28.9% in 2024 to 29.3% in 2026 [8] - ROE is expected to increase from 19.3% in 2024 to 20.8% in 2026 [8] - EPS is expected to grow from 0.67 yuan in 2024 to 1.06 yuan in 2026 [8] Strategic Focus - The company is focusing on expanding its product portfolio, including deep-sea anchovies, short-shelf-life tofu, and soft-boiled quail eggs, to strengthen its position in the healthy snack category [8] - The company is leveraging its experience in developing big products to enhance brand and channel strength [8] - The company is expected to benefit from the release of modern channel dividends and the continued growth of its quail egg product line [8] Industry Context - The report highlights the company's strong position in the snack food industry, with a focus on both domestic and international markets [8] - The company's ability to innovate and expand its product offerings is seen as a key driver of future growth [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance exceeding the Shanghai Composite Index by 15% over the next six months [1][18]. Core Insights - The company's large product strategy is effectively implemented, with continuous progress in channel development [2]. - The company is expected to see sustained growth in its large product offerings, leading to further improvements in profitability [3]. - The company focuses on high-quality protein health ingredients, expanding in the Chinese-style snack food sector, and achieving scale expansion [26]. - The company is enhancing brand recognition and product structure through innovative upgrades in its product lines [26]. - The company is optimizing its supply chain and benefiting from lower raw material costs, which is expected to enhance gross margins and drive profit growth [26]. Financial Summary - Projected revenue for 2024 is 2,668 million yuan, with a year-on-year growth of 29.2% [3][13]. - Projected net profit for 2024 is 289 million yuan, with a year-on-year growth of 37.7% [3][13]. - The gross margin is expected to improve from 28.2% in 2023 to 29.0% in 2024 [3][13]. - Earnings per share (EPS) are projected to increase from 0.48 yuan in 2024 to 0.99 yuan in 2026 [3][13]. Market Position and Strategy - The company is focusing on its core products, such as deep-sea fish and quail eggs, aiming to establish them as leading items in the snack food market [27]. - The company is enhancing its distribution channels and increasing its market coverage through e-commerce and new retail strategies [27]. - The report forecasts a continued increase in revenue and EPS for 2024-2026, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 times [27].

砥砺前行，再创佳绩 [Table_Finance] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,462 2,065 2,620 3,308 4,168 增长率 yoy% 32% 41% 27% 26% 26% 净利润（百万元） 125 210 289 379 494 增长率 yoy% 47% 68% 38% 31% 30% 每股收益（元） 0.28 0.46 0.64 0.84 1.10 每股现金流量 0.21 0.35 0.47 0.35 1.37 净资产收益率 13% 16% 19% 21% 22% P/E 47.4 28.2 20.5 15.6 11.9 P/B 6.1 4.5 3.9 3.3 2.7 备注：股价选取 2024 年 7 月 10 日收盘价 [Table_Profit] 基本状况 总股本(百万股) 451 流通股本(百万股) 304 市价(元) 13.09 市值(百万元) 5,903 流通市值(百万元) 3,981 [Table_QuotePic] 股价与行业-市场走势对比 ◼ 收入端，新渠道带动高增，新品类表现亮眼。202 ...

证券代码：003000 证券简称：劲仔食品 公告编号：2024-043 劲仔食品集团股份有限公司 2024 年半年度业绩预告 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。 一、本期业绩预计情况 （一）业绩预告期间：2024年1月1日——2024年6月30日 （二）业绩预告情况： 预计净利润为正值且属于下列情形之一: □扭亏为盈 ☑同向上升 □同向下降 | --- | --- | --- | |------------------|-------------------------------------------|------------------------| | | 项目 本报告期 | 上年同期 | | 归属于上市公司股 | 盈利： 13,300.66 万元— 14,963.24 万元 | | | 东的净利润 | 比上年同期增长： 60.00%—80.00% | 盈利： 8,312.91 万元 | | 扣除非经常性损益 | 盈利： 11,217.05 万元— 12,879.63 万元 | | | 后的净利润 | 比上年同期增长： 56.04%—79. ...

劲仔食品集团股份有限公司 关于部分限制性股票回购注销完成的公告 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。 特别提示： 1、劲仔食品集团股份有限公司（以下简称"公司"）本次回购注销股份 2023 年限制性股票激励计划已授予但尚未解除限售的限制性股票数量合计 100,000 股， 占回购注销前公司总股本的 0.0222%，涉及激励对象 1 人。 2、经中国证券登记结算有限责任公司深圳分公司审核确认，公司本次部分 限制性股票注销事宜已办理完成。 证券代码：003000 证券简称：劲仔食品 公告编号：2024-042 3、注销完成后，公司股份总数由 451,069,159 股减至 450,969,159 股。 劲仔食品集团股份有限公司（以下简称"公司"）于 2024 年 3 月 27 日召开 第二届董事会第二十次会议、第二届监事会第十九次会议，审议通过了《关于回 购注销 2023 年限制性股票激励计划部分限制性股票的议案》。2024 年 4 月 19 日，公司召开了 2023 年年度股东大会，审议通过了该议案。同意回购注销原 1 名激励对象已获授但尚未解除限售的 ...

证券代码：003000 证券简称：劲仔食品 公告编号：2024-041 劲仔食品集团股份有限公司 《关于提请公司股东大会授权董事会办理 2023 年限制性股票激励计划相关事宜 的议案》等相关议案，公司独立董事对第二届董事会第十次会议审议的相关事项 发表了独立意见，监事会对首次授予限制性股票的激励对象名单进行了核查。 关于 2023 年限制性股票激励计划首次授予部分 第一个限售期解除限售股份上市流通的提示性公告 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。 特别提示： 1、本次解除限售的限制性股票数量为 1,615,000 股，占公司目前股本总额的 0.3580%。实际可上市流通的股票数量为 1,265,000 股，占公司目前总股本的比例 为 0.2804%。 2、本次解除限售的限制性股票的上市流通日为 2024 年 5 月 22 日。 劲仔食品集团股份有限公司（以下简称"公司"）于 2024 年 4 月 24 日召开 第二届董事会第二十一次会议和第二届监事会第二十次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第一个解除限售期解除限售条件成就 ...