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]

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The report highlights the continuous improvement in brand influence and the focus on breakthroughs in new channels as key drivers for growth [5][7] - The company is expected to benefit from the expansion of offline distribution channels and the enhancement of brand strength, particularly through high-end products [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,065 million in 2023 to 3,687 million by 2027, with a compound annual growth rate (CAGR) of approximately 15% [6][8] - Net profit is expected to increase from 210 million in 2023 to 483 million by 2027, reflecting a growth rate of 22.5% in 2027 [6][8] - The gross margin is anticipated to improve from 28.2% in 2023 to 31.0% in 2027, driven by cost reductions and scale advantages [6][8] - The report notes a significant increase in the company's return on equity (ROE), projected to reach 21.9% by 2027 [6][8] Product Performance - In 2024, revenue from fish products, poultry products, bean products, and vegetable products is expected to be 1,533 million, 509 million, 247 million, and 79 million respectively, with year-on-year growth rates of 18.8%, 12.7%, 13.9%, and 9.6% [7] - The company achieved a fish product sales volume of 33,000 tons in 2024, a 20% increase year-on-year, indicating a strong market presence and brand influence [7] Cost and Profitability - The company achieved a gross margin of 30.47% in 2024, an increase of 2.3 percentage points year-on-year, primarily due to cost reductions and scale advantages [7] - The net profit margin for 2024 is reported at 12.17%, up 1.9 percentage points from the previous year, although a slight decline is expected in the fourth quarter [7]

2025 年 03 月 25 日 大单品势能延续，全渠道渗透再拓空间 —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 | | --- | --- | | sunss@cfsc.com.cn | | | 联系人：张倩 | S1050124070037 | | zhangqian@cfsc.com.cn | | | 基本数据 | 2025-03-25 | | --- | --- | | 当前股价（元） | 12.09 | | 总市值（亿元） | 55 | | 总股本（百万股） | 451 | | 流通股本（百万股） | 304 | | 52 周价格范围（元） | 10.19-15.89 | | 日均成交额（百万元） | 113.61 | 市场表现 -30 -20 -10 0 10 20 30 (%) 劲仔食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《劲仔食品（003000）：线上渠 道延续调整，品类迭代打开盈利空 间》2024-10-25 2、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to focus on high-potential BC channels in offline sales for 2025, while actively promoting membership supermarket collaborations. The volume channel is anticipated to maintain high growth through SKU expansion. Online channels are expected to improve exposure through integrated product promotion, aiming to recover performance on platforms like Douyin [5][6] - For Q4 2024, the company achieved total revenue of 640 million yuan (up 11.9%) and a net profit attributable to shareholders of 77 million yuan (up 0.3%). The annual revenue for 2024 reached 2.412 billion yuan (up 16.8%), with a net profit of 291 million yuan (up 39.0%) [6][7] - The company’s gross margin for Q4 2024 was 30.99%, a year-on-year decrease of 1.6 percentage points, primarily due to a 5.6% increase in anchovy costs. The overall gross margin for 2024 improved due to cost reductions and economies of scale [6][7] Financial Performance Summary - The company’s revenue for 2024 was 2.412 billion yuan, with a year-on-year growth of 16.8%. The net profit attributable to shareholders was 291 million yuan, reflecting a 39.0% increase [9] - The projected revenues for 2025, 2026, and 2027 are 2.757 billion yuan, 3.127 billion yuan, and 3.518 billion yuan, respectively, with year-on-year growth rates of 14.3%, 13.4%, and 12.5% [7][9] - The projected net profits for the same years are 317 million yuan, 370 million yuan, and 431 million yuan, with growth rates of 8.8%, 16.6%, and 16.8% [7][9] - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.20, 14.75, and 12.64, respectively [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to focus on high-potential BC channels in offline sales for 2025, while actively promoting membership supermarket collaborations. The volume channel is anticipated to maintain high growth through SKU expansion. Online channels are expected to improve exposure through integrated product promotion, aiming to recover performance on platforms like Douyin [5] - For Q4 2024, the company achieved total revenue of 640 million yuan (up 11.9%) and a net profit attributable to shareholders of 77 million yuan (up 0.3%). The annual revenue for 2024 reached 2.412 billion yuan (up 16.8%), with a net profit of 291 million yuan (up 39.0%) [6] - The company’s offline and online revenue for 2024 is expected to grow by 22.6% and decline by 6.2% respectively, with offline channels meeting the company's initial targets while online channels await the effects of reforms [6] Financial Performance Summary - In Q4 2024, the company's gross margin was 30.99%, a year-on-year decrease of 1.6 percentage points, primarily due to a 5.6% increase in anchovy costs. The overall gross margin for 2024 improved due to cost reductions and economies of scale [6] - The company’s net profit margin for Q4 2024 was 12.0%, reflecting a year-on-year decrease of 1.5 percentage points, while the annual net profit margin was 12.2%, an increase of 1.9 percentage points [6] - The company’s revenue projections for 2025-2027 are 2.757 billion yuan, 3.127 billion yuan, and 3.518 billion yuan respectively, with corresponding net profits of 317 million yuan, 370 million yuan, and 431 million yuan [7][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's brand influence continues to rise, with a focus on breakthroughs in new channels [1] - The company achieved a revenue of 2.412 billion yuan in 2024, representing a year-on-year growth of 16.79%, and a net profit of 291 million yuan, up 39.01% year-on-year [7] - The report emphasizes the company's strategic clarity and commitment to product quality, focusing on fish, egg, and bean categories, while expanding modern channels through large packaging upgrades [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2023: 2.065 billion yuan, 2024: 2.412 billion yuan, 2025E: 2.788 billion yuan, 2026E: 3.207 billion yuan, 2027E: 3.687 billion yuan, with respective year-on-year growth rates of 41.3%, 16.8%, 15.6%, 15.1%, and 15.0% [6][8] - The net profit forecast for 2025 is 331 million yuan, with a year-on-year growth of 13.6% [6][8] - The report indicates a projected PE ratio of 16x for 2025, 14x for 2026, and 11x for 2027, reflecting the company's long-term growth potential [7] Product and Channel Performance - In 2024, the revenue breakdown by product category was as follows: fish products: 1.533 billion yuan (up 18.8%), poultry products: 509 million yuan (up 12.7%), bean products: 247 million yuan (up 13.9%), and vegetable products: 79 million yuan (up 9.6%) [7] - The company plans to enhance its offline distribution channel advantages and improve brand strength, particularly focusing on high-end products like deep-sea fish [7] - The report notes that online channel revenue decreased by 6.2% year-on-year, accounting for 16.2% of total revenue in 2024 [7] Cost and Profitability - The company achieved a gross margin of 30.47% in 2024, an increase of 2.3 percentage points year-on-year, primarily due to cost reductions and scale advantages [7] - The net profit margin for 2024 was 12.17%, up 1.9 percentage points year-on-year [7] - The report anticipates short-term pressure on profitability in 2025, but expects an overall improvement later in the year based on cost trends and revenue performance [7]

劲仔食品(003000)：产品渠道驱动营收稳健增长 品 牌建设期加大投入 增长动能充足 事件：2025 年3 月24 日公司发布2024 年报，2024 年实现营收24.12 亿元，同比增长16.79%，实现归母 净利润2.91 亿元，同比增长39.01%，扣非归母净利润2.61 亿元，同比增长39.91%。24Q4 实现营收6.40 亿元，同比增长11.92%，归母净利0.77 亿元，同比增长0.31%，扣非归母净利0.72 亿元，同比下滑 6.97%。 鱼制品保持稳健增长。2024H2 鱼制品实现营收8.3 亿元，同比增长20.63%，营收占比为64.74%，毛利 率为31.91%，同比下滑0.02pcts。豆制品实现营收1.37 亿元，同比增长17.68%，营收占比为10.65%，毛 利率为33.24%，同比提升3.98pcts。禽类制品实现营收2.51 亿元，同比下滑10.65%，营收占比为 19.59%，毛利率为19.79%，同比下滑1.68pcts。蔬菜制品实现营收0.41 亿元，同比增长4.5%，营收占比 为3.19%。 24 年线下实现稳健增长，线上有所承压。24 年经销/直营模式营收分别为1 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.412 billion yuan in 2024, representing a year-on-year growth of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% year-on-year [2] - The growth in fish products remains strong, with revenue from fish products, poultry products, and other categories showing positive year-on-year growth [3][4] - The company benefits from the expansion of direct sales channels, which have significantly contributed to revenue growth [4] - The overall industry is experiencing channel benefits, with expectations for continued growth in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.412 billion yuan, with a net profit of 291 million yuan, and a non-recurring net profit of 261 million yuan, reflecting year-on-year growth rates of 39.0% and 39.91% respectively [2] - The company's gross margin for 2024 was 30.5%, an increase of 2.30 percentage points year-on-year, driven by a decrease in raw material prices [5] - The company’s net profit margin for 2024 was 12.08%, up 1.93 percentage points year-on-year [5] Revenue Breakdown - Revenue from fish products reached 1.533 billion yuan, poultry products 509 million yuan, and other categories also showed growth, with significant increases in gift box sales contributing to overall revenue [3] - By region, the company saw substantial revenue growth in East China, with a year-on-year increase of 32.84% [3] Channel Performance - The company’s revenue from direct sales channels grew by 46.35% year-on-year, while distribution channels saw a more modest growth of 9.70% [4] - The direct sales model has proven effective, particularly in the snack specialty channel [4] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.758 billion yuan and 3.132 billion yuan respectively, with an expected EPS of 0.75 yuan for 2025 [8] - The company is well-positioned to leverage the ongoing channel benefits in the snack food industry, with a diverse product matrix that aligns well with market demands [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a stable conclusion in 2024 with improved profitability, reporting a revenue of 2.412 billion yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39% year-on-year [7] - The growth in revenue was driven by fish products, which saw a revenue increase of 18.8%, while quail egg sales are expected to reach around 400 million yuan for the year, with a slight slowdown in growth in the second half of 2024 due to a high base [7] - The company is focusing on strengthening its quail egg brand and expanding new channels, including member-based supermarkets and adjusting online channel strategies to avoid disrupting pricing [7] Financial Summary - The total revenue forecast for 2024 is 2.412 billion yuan, with a projected growth rate of 16.79% for 2025 and 13.50% for 2026 [1][8] - The net profit attributable to shareholders is expected to be 291 million yuan in 2024, with growth rates of 39.01% for 2025 and 6.85% for 2026 [1][8] - The earnings per share (EPS) is projected to be 0.65 yuan for 2024, increasing to 0.69 yuan in 2025 and 0.82 yuan in 2026 [1][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 19.04 for 2024, decreasing to 17.82 in 2025 and 14.98 in 2026 [1][8]