[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 ...

近日，"鱼类零食第一股"劲仔食品发布2024年财报，财报显示，劲仔食品去年实现营业收入24.12亿元，同比增长16.79%；归属于上市公司股东的净利润 为2.91亿元，同比增长39.01%；扣非净利润为2.61亿元，同比增长39.91%。面对营收、利润双增的业绩，劲仔食品集团股份有限公司董事长、总经理周劲 松接受封面新闻专访，详细阐述了企业参加2025年全国糖酒会的参展期许、平江休闲食品产业高质量发展路径及对行业未来趋势的深度洞察。 糖酒会聚焦健康创新 三大产品引领行业升级 此次全国糖酒会，劲仔食品携三款"行业首创型"健康产品重磅亮相。包括充氮包装的富含DHA、高钙高蛋白的劲仔深海鳀鱼；无抗生素可生食的七个博 士溏心鹌鹑蛋，该产品叶黄素含量是鸡蛋的3倍；还有0添加防腐剂的短保周鲜鲜平江酱干。 周劲松表示："鱼、蛋、豆是国家大力推荐的健康食材，劲仔食品通过不断创新改进工艺，最大限度保留营养元素，并做到了兼具口味和好吃，希望能带 给广大消费者健康、快乐的体验。"周劲松提到，糖酒会是行业盛会，也是很好的展示企业和产业的舞台。希望借助糖酒会，让更多的消费者认识劲仔食 品，了解劲仔食品带来的好吃又健康的零食，了解平江休 ...

公司报告 | 年报点评报告 风险提示：原材料价格波动风险、产品推新不及预期风险、行业竞争加剧 风险等。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,065.21 | 2,411.94 | 2,781.59 | 3,179.10 | 3,613.61 | | 增长率(%) | 41.26 | 16.79 | 15.33 | 14.29 | 13.67 | | EBITDA(百万元) | 308.17 | 403.04 | 455.35 | 541.75 | 636.39 | | 归属母公司净利润(百万元) | 209.58 | 291.33 | 329.66 | 382.86 | 442.39 | | 增长率(%) | 68.12 | 39.01 | 13.16 | 16.14 | 15.55 | | EPS(元/股) | 0.46 | 0.65 | 0.73 | 0.85 | 0.98 | | 市盈率(P/E) | 26.01 | 18.71 | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9] Core Views - The report highlights that the company's revenue growth has slowed down in the third quarter, but it continues to maintain strong profitability [3][9] - The company is advancing its "big single product" strategy, focusing on health food development, particularly in fish products, which have shown robust growth [7][9] - The company has successfully expanded its international sales, achieving a 90.05% year-on-year growth in overseas revenue [9] Financial Data and Forecast - The company achieved a revenue of 24.12 billion yuan in 2024, representing a year-on-year growth of 16.79%, with a net profit of 2.91 billion yuan, up 39.01% year-on-year [7][9] - Revenue projections for 2025-2027 are 28.34 billion yuan, 33.17 billion yuan, and 39.07 billion yuan respectively, with corresponding net profits of 3.35 billion yuan, 4.20 billion yuan, and 5.21 billion yuan [9][13] - The gross profit margin is expected to improve from 30.5% in 2024 to 31.6% by 2027 [6][13] Product Performance - Fish products generated revenue of 15.33 billion yuan in 2024, growing by 18.76% year-on-year, maintaining the leading position in the leisure fish product sector [7][9] - The company has developed a strong product matrix including six major health product series, with significant growth in quail eggs and meat products as well [7][9] Channel Development - The company has achieved a 22.58% year-on-year growth in offline sales, totaling 20.21 billion yuan, while online sales faced a decline of 6.15% [8][9] - The number of distributors increased from 3,057 to 3,406, indicating a robust expansion in distribution channels [8][9] International Strategy - The company has expanded its international trade channels, exporting to nearly 40 countries and regions, with plans for further overseas market development [9]

Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in both revenue and net profit, indicating a positive outlook for the business [2]. Financial Performance - In 2024, the company achieved a revenue of 2.412 billion yuan, representing a year-on-year increase of 16.79% - The net profit attributable to shareholders was 291 million yuan, up 39.01% year-on-year - The net profit excluding non-recurring items was 261 million yuan, reflecting a growth of 39.91% [2]. Product and Channel Performance - Fish products showed strong performance, with revenue from fish products reaching 1.533 billion yuan, a year-on-year increase of 18.76% - The company expanded its offline channels actively, with revenue from offline channels growing by 22.58% to 2.021 billion yuan - Online channel revenue decreased by 6.15% to 391 million yuan due to ongoing adjustments in the e-commerce sector [3]. Cost and Expense Analysis - The overall gross margin for 2024 was 30.47%, with a slight decrease in Q4 to 30.99%, primarily due to rising raw material costs - Selling expense ratio for 2024 was 11.97%, with an increase in Q4 to 10.61% as the company invested more in brand building - The management expense ratio decreased to 3.76% for the year, indicating improved scale efficiency [4].

鱼制品表现良好，线下渠道拓展积极。分品规看，量贩渠道中定量装品规的切入 +传统渠道的持续渗透下，小包装品规 2024 年维持较好的增长态势。散称品规 增势稳健，大包装品规受电商渠道调整影响增速有所回落。分渠道看，线上/线 下渠道 2024 年营业收入分别为 3.91/20.21 亿元，同比-6.15%/+22.58%。其中 电商渠道持续调整，24Q4 降幅环比进一步缩窄；量贩渠道表现亮眼，2024 年 收入增速超 100%；海外市场持续梳理，2024 年营业收入 3460 万元，同比 +90.05%；公司基本盘传统渠道增势和整体情况相对一致；KA 和 CVS 渠道表现 相对稳健。分产品看，鱼制品/豆制品/禽类制品/蔬菜制品 2024 年分别实现营业 收入 15.33/2.47/5.09/0.79 亿元，同比增长 18.76%/13.89%/12.67%/9.58%。 其中鱼制品表现良好，后续亦计划布局新品，拓展高势能渠道；鹌鹑蛋增长较为 稳定，公司推出专业品牌"七个博士"，亦计划通过溏心鹌鹑蛋新品进行差异化 布局；豆制品单季度收入增速环比持续提升，新品表现反馈良好。 鱼制品成本略有提升，品宣投入有所增加。毛利 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 2.41 billion yuan in 2024, representing a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39.0% year-on-year [1][2] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, with a total cash dividend of 180 million yuan for 2024, resulting in a dividend payout ratio of 61.5% [1] - The company is focusing on expanding its product lines and channels, particularly in the snack food sector, which is expected to support continued strong performance [4] Revenue and Profit Analysis - In 2024, the offline channel generated 2.02 billion yuan in revenue, a year-on-year increase of 22.6%, with significant growth in the snack store segment [2] - The online channel saw a revenue decline of 6.2% to 390 million yuan, attributed to intense price competition [2] - The company’s net profit margin improved to 12.1%, up 1.9 percentage points year-on-year, driven by cost benefits and scale effects [3] Product and Channel Development - The company is enhancing its global supply chain to ensure stable raw material supply and is increasing brand promotion through entertainment marketing, which has raised expense ratios [3] - The company is expanding its distribution channels, with a net increase of 349 distributors, bringing the total to 3,406 by the end of 2024 [2] - The company is focusing on health-oriented snack products, with fish products generating 1.53 billion yuan in revenue, up 18.8% year-on-year [2] Future Growth Projections - Revenue is projected to grow by 17.7%, 14.7%, and 13.3% in 2025, 2026, and 2027, respectively, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan [4] - Net profit is expected to increase by 14.1%, 16.5%, and 13.7% in the same period, reaching 332 million, 387 million, and 440 million yuan [4] - The company is well-positioned for future growth due to its product and channel expansion strategies [4]