证券研究报告：食品饮料|公司点评报告 发布时间：2025-05-06 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 12.91 | | --- | --- | | 总股本/流通股本（亿股）4.51 / 3.04 | | | 总市值/流通市值（亿元）58 / 39 | | | 52 周内最高/最低价 | 15.13 / 10.19 | | 资产负债率(%) | 34.0% | | 市盈率 | 19.71 | | 第一大股东 | 周劲松 | 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) 大单品壁垒稳固，静待新渠道潜力释放 ⚫ 事件 公司 2025 年 Q1 实现营业收入/归母净利润/扣非净利润 5.95/0.68/0.53 亿元，同比 10.27%/-8.21%/-8.61%。 ⚫ 投资要点 25Q1 鱼制品依旧领跑，零食渠道稳定增长。鱼制品和豆制品保持 ...

证券研究报告 | 公司点评 | 休闲食品 收入保持稳健，经营质量优秀 ——劲仔食品 2024 年年报&2025Q1 业绩点评 投资要点 整体来看，25Q1 公司收入符合市场预期，利润略低于市场预期。当前公司注重 经营质量的提升，后续看点主要来自于：1）鹌鹑蛋继续强化品牌，同时进行差 异化竞争，期待后续溏心鹌鹑蛋的放量；2）山姆新品后续有望进入并放量，期 待后续催化；3）第三成长曲线豆干产品仍在培育；4）线上渠道仍在进行调 整，期待后续的改善。 25Q1 收入符合市场预期，利润略低于市场预期 公司 2024 年实现收入 24.12 亿元，同比增长 16.79%；实现归母净利润 2.91 亿 元，同比增加 39.01%；扣非后净利润实现 2.61 亿元，同比增加 39.91%。其中 24Q4 实现收入 6.40 亿元，同比增长 11.92%；实现归母净利润 0.77 亿元，同比增 加 0.31%；扣非后净利润实现 0.72 亿元，同比减少 6.97%。 2025Q1 公司实现营业收入 5.95 亿元（+10.27%）；归母净利润 0.68 亿元(- 8.21%)，扣非归母净利润 0.53 亿元(-8.61%)。 ...

Core Viewpoint - The company has shown strong revenue growth in 2024, driven primarily by its core fish products, while facing challenges in quail egg sales in the latter half of the year [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [1]. - For Q1 2025, the company reported revenue of 595 million yuan, a year-on-year increase of 10.27%, but a decline in net profit by 8.21% to 68 million yuan [1][5]. Product Category Performance - Revenue from fish products reached 1.533 billion yuan in 2024, growing by 18.76%, while quail egg sales showed a slowdown with H1 and H2 growth rates of +51% and -11% respectively [2]. - The company’s product mix includes fish products, poultry products, bean products, and vegetable products, with respective revenues of 1.533 billion, 509 million, 247 million, and 79 million yuan [2]. Channel Performance - Offline channels outperformed online channels in 2024, generating 2.021 billion yuan in revenue (up 22.58%) compared to 391 million yuan from online channels (down 6.15%) [3]. - The company has expanded its presence in the Southeast Asian market, achieving overseas revenue of 34 million yuan, a growth of approximately 90% [3]. Profitability and Cost Management - The company’s gross margin improved to 30.47% in 2024, an increase of 2.30 percentage points, driven by scale effects and optimized supply chain efficiencies [4]. - The net profit margin for 2024 was 12.08%, reflecting a year-on-year increase of 1.93 percentage points [4]. Future Outlook - The company anticipates stable growth in offline channels and aims to enhance its product differentiation strategy to maintain competitive advantages [5]. - Revenue projections for 2025 to 2027 are estimated at 2.807 billion, 3.229 billion, and 3.696 billion yuan, with net profits of 328 million, 400 million, and 469 million yuan respectively [6].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company has shown a robust operational foundation, with expectations for category growth to rebound [2][8]. - In 2024, the company achieved a revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [4]. - For Q1 2025, the company reported a revenue of 595 million yuan, a year-on-year increase of 10.27%, but a net profit decline of 8.21% [4][8]. Financial Performance Summary - **2024 Annual Report**: Revenue reached 2.412 billion yuan, with a net profit of 291 million yuan, reflecting strong growth in fish products [4][9]. - **2025 Q1 Report**: Revenue was 595 million yuan, with a net profit of 68 million yuan, indicating a decline in profitability [4][8]. - **Revenue Breakdown**: In 2024, fish products generated 1.533 billion yuan, poultry products 509 million yuan, and vegetable products 79 million yuan, with fish products showing the fastest growth [6][8]. Market Position and Strategy - The company is a leader in the leisure fish product sector and is expanding its product matrix to include quail eggs and other potential items [8][9]. - The company is actively enhancing its distribution channels, with offline sales growing significantly, while online sales faced challenges [6][8]. - The company aims to leverage product differentiation and expand into high-end membership stores and overseas markets for future growth [8][9]. Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 2.807 billion yuan, 3.229 billion yuan, and 3.696 billion yuan, respectively, with net profits expected to be 328 million yuan, 400 million yuan, and 469 million yuan [9][10].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 595 million CNY, a year-on-year increase of 10.27% [2] - Net profit for Q1 2025 was 67.55 million CNY, with net profit margin remaining stable despite fluctuations due to financial expenses [2] - The company reported a 90% year-on-year growth in overseas market sales, reaching approximately 34 million CNY in 2024 [3] Group 2: Product Development and Market Strategy - The quail egg business is expected to grow at a double-digit rate in 2024, with a focus on differentiation and branding strategies [2] - The company plans to enhance its product offerings in the quail egg category, including the introduction of "Seven Doctors" professional brand and innovative products like soft-boiled quail eggs [2] - Continuous investment in product quality and brand strength is aimed at meeting consumer demand in the quail egg market, which currently lacks influential brands [3] Group 3: Channel and Market Expansion - The company is expanding its offline channels, particularly in snack specialty stores, while online channels have seen a slight decline, especially in community group buying [2][4] - Plans to optimize the e-commerce strategy include enhancing brand exposure and managing channel performance more effectively [4] - The company aims to maintain high growth in the snack channel by enriching SKU offerings and improving sales levels [4] Group 4: Product Categories and Innovations - The deep-sea fish product line has maintained double-digit growth, supported by continuous innovation and consumer demand [5] - The company has upgraded traditional bean products and introduced new items like "Zhou Fresh" short-shelf-life bean curd, capitalizing on the significant market potential in the snack bean product category [3] - Efforts to improve the gross margin of quail eggs include optimizing the supply chain and launching innovative products to enhance product quality [5]

大单品产品力优秀，25年期待焕新成效释放。短期看，渠道有望边际改善， 1）零食量贩店等景气持 续，叠加公司与之合作的SKU有望增加，渠道红利有望进一步释放；2）线上渠道持续调整，成果有望 逐步展现；3）高势能渠道后续有望突破，公司核心品类在24年完成产品、包装和品牌焕新后，25年持 续创新选代，有望开拓会员店等现代渠道；4）鹤鹑蛋推动定量装铺市，增长动能有望修复。长期吞， 公司由产品经营转型品牌经营，大单品势能日益萤化，产品力与品牌力不断提升；在此基础上将大包装 作为核心品规，推动产品实现全渠道布局，有望构筑品牌护城河，赋能收入中枢长期增长。此外，公司 在海外市场团队建设、准入资质等方面已取得突破，未来有望实现进一步拓展。 投资建议：预计2025~2027年归母净利润分别为3.3/3.9/4.5亿元，同比 +13.0%/17.2%/17.4%，EPS为 0.73/0.86/1.00元，对应PE为18/15/13X 公司大单品产品力无虞，渠道有望边际改善，维持"推荐"评级。 风险提示：竞争加剧的风险；新品推广不及预期的风险；渠道拓展不及预期的风险；食品安全的风险。 事件：公司发布公告，2025年第一季度实现收入 ...

Core Viewpoint - The company reported a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 8.2% to 70 million yuan, indicating pressure on profitability despite revenue growth [1][2]. Product Dimension - The company focuses on core product categories such as fish, eggs, and beans, aiming to create healthier snack foods and continuously upgrading product quality [1]. - The brand recognition of the company's small fish products is strong, with current promotions for deep-sea anchovies expected to enhance brand strength [1]. - In the quail egg sector, the company leads the industry with its soft-boiled quail eggs, driving structural upgrades in the market [1]. - The company differentiates its bean products through short-shelf-life bean curd, establishing a competitive edge [1]. Channel Dimension - The company has significantly enhanced its sales system, upgrading traditional channels and focusing on high-quality store selections, display enhancements, and promotional investments [1]. - The company has expanded its collaboration with over 100 snack systems, covering more than 35,000 terminals, and is exporting to over 40 overseas markets [1]. Financial Performance - The net profit margin decreased by 2.3 percentage points to 11.3% due to cost pressures and reduced foreign exchange gains [2]. - The gross profit margin slightly decreased by 0.1 percentage points to 29.9%, while the sales expense ratio increased by 0.2 percentage points to 13.4% [2]. - The company is actively developing anchovy resources globally to strengthen its supply chain and ensure core raw material supply [2]. Growth Forecast - The company is expected to achieve revenue growth of 17.7%, 14.7%, and 13.3% from 2025 to 2027, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [2]. - The net profit attributable to shareholders is projected to grow by 14.1%, 16.4%, and 13.7% during the same period, reaching 330 million, 390 million, and 440 million yuan respectively [2]. - The company maintains a "buy" rating based on its product expansion and channel growth potential [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a revenue of 600 million yuan in Q1 2025, representing a year-on-year increase of 10.3%, despite a 12-day shift in the Spring Festival [1]. - The decline in net profit by 8.2% year-on-year is attributed to cost pressures and reduced foreign exchange gains, leading to a net profit margin decrease of 2.3 percentage points to 11.3% [2]. - The company is focusing on enhancing its core product categories and expanding its market channels, which is expected to support continued strong performance [2]. Financial Performance - Revenue projections for 2025-2027 are expected to grow by 17.7%, 14.7%, and 13.3%, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan respectively [3]. - The net profit for the same period is projected to increase by 14.1%, 16.4%, and 13.7%, reaching 330 million, 390 million, and 440 million yuan respectively [3]. - The company’s gross margin is forecasted to be 29.9% in Q1 2025, with a slight year-on-year decrease of 0.1 percentage points [2]. Product and Channel Strategy - The company is focusing on health-oriented snack foods in the fish, egg, and bean categories, with a strong emphasis on product quality upgrades [1]. - The company has expanded its sales system significantly, enhancing traditional channel operations and entering over 40 overseas markets [1][2]. - The company is actively promoting deep-sea anchovies and leading the quail egg industry with its soft-boiled quail eggs, aiming to strengthen brand recognition [1].

Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The company reported Q1 2025 revenue of 595 million yuan, a year-on-year increase of 10.3%, while net profit attributable to shareholders was 68 million yuan, a decline of 8.2% year-on-year. The revenue met expectations, but profit fell short [6] - The long-term growth potential of the company is viewed positively due to a clear strategy focused on product quality and brand reputation, particularly in fish, egg, and bean products [6] - The company is expected to see revenue growth driven by fish and bean products, with a focus on new channel breakthroughs in the upcoming quarters [6] Financial Data and Profit Forecast - Total revenue projections for 2025 are estimated at 2,788 million yuan, with a year-on-year growth rate of 15.6%. Net profit is projected at 331 million yuan, reflecting a 13.6% increase [5] - The gross profit margin for Q1 2025 was reported at 29.91%, a slight decrease of 0.11 percentage points year-on-year, primarily due to rising raw material costs [6] - The company’s return on equity (ROE) is projected to be 19.5% for 2025, with a gradual increase expected in subsequent years [5]

证券代码：003000 证券简称：劲仔食品 公告编号：2025-028 劲仔食品集团股份有限公司 2023 年限制性股票激励计划首次授予第二个解除限售期 解除限售条件成就的公告 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。 劲仔食品集团股份有限公司（以下简称"公司"）于 2025 年 4 月 28 日召开 第三届董事会第五次会议和第三届监事会第五次会议，审议通过了《关于 2023 年限制性股票激励计划首次授予第二个解除限售期解除限售条件成就的议案》。 鉴于公司《2023 年限制性股票激励计划》规定的首次授予的限制性股票第二个 限售期将于 2025 年 5 月 21 日届满，公司及相关激励对象的各项考核指标均已满 足《2023 年限制性股票激励计划》规定的第二个解除限售期解除限售条件。本 次符合解除限售条件的激励对象为 24 人，可解除限售的限制性股票数量为 154 万股，占目前公司股本总额的 0.3415%。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激励对象办理第二次解除限售相关事 宜。 现将有关事项公告如下： 一、公司 ...