Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company shows steady revenue growth with a focus on category expansion [5] - The first quarter of 2025 saw total revenue of 595 million yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 8% to 68 million yuan [4][5] - The report highlights the company's ability to maintain gross margin stability despite rising raw material costs, with a gross margin of 29.91% in Q1 2025 [5] - The company is expected to benefit from scale effects, leading to improved profitability in the future [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a gross margin decrease of 0.1 percentage points due to increased raw material costs, but efforts in technological upgrades and channel expansion are expected to stabilize margins [5] - The sales expense ratio and management expense ratio both increased by 0.2 percentage points to 13.36% and 4.05%, respectively, while the net profit margin decreased by 2 percentage points to 11.45% [5] Product and Channel Development - Revenue growth for fish and bean products exceeded 15% in Q1 2025, with opportunities for further channel expansion in fish products [6] - The company is leveraging health attributes of its products to achieve high repurchase rates, particularly in its short-shelf-life offerings [6] - Traditional e-commerce channels experienced double-digit growth, and the company is enhancing brand perception through e-commerce initiatives [6] Earnings Forecast - The company is expected to cultivate its major product advantages and continue expanding its product categories across channels, with projected EPS of 0.72, 0.87, and 1.03 yuan for 2025-2027 [7] - The current stock price corresponds to a PE ratio of 19, 16, and 13 times for the years 2025, 2026, and 2027, respectively [7] Key Financial Metrics - The report forecasts a main revenue growth rate of 14.9% for 2025, with net profit growth of 10.7% [11] - The projected ROE for 2025 is 20.2%, indicating strong profitability [11]

2025 年 05 月 11 日 营收稳步增长，关注品类拓展 1、《劲仔食品（003000）：大单品 势能延续，全渠道渗透再拓空间》 2025-03-25 2、《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 3、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- 10-15 —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 | 2025-05-09 | | --- | --- | | 当前股价（元） | 13.58 | | 总市值（亿元） | 61 | | 总股本（百万股） | 451 | | 流通股本（百万股） | 304 | | 52 周价格范围（元） | 10.19-14.47 | | 日均成交额（百万元） | 134.49 | 市场表现 -40 -30 -20 ...

Group 1: Guizhou Moutai - Guizhou Moutai announced that Zhang Yixing has become the brand ambassador for its cultural tourism [1] Group 2: Qingdao Beer - Qingdao Beer plans to acquire 100% equity of Shandong Jimo Yellow Wine Factory for a total consideration of RMB 66.5 million [2] - The acquisition aims to enhance industry synergy and competitiveness, expanding the company's non-beer business and product line [2] - The integration of Jimo Yellow Wine is expected to create complementary sales effects between seasonal products, enhancing market competitiveness [2] Group 3: Jin Zai Food - Jin Zai Food has launched its soft-boiled quail eggs in select stores of Pang Dong Lai, with no current plans to invest in snack chain stores [3] Group 4: Jiahe Food - Jiahe Food's coffee business focuses more on online branding, with significant investment in brand promotion [4] - The company plans to control overall expense ratios to mitigate impacts on profits while expanding its C-end business through online platforms [4] Group 5: Uni-President China - Uni-President China reported an unaudited net profit of RMB 602 million for the first quarter ending March 31, 2025 [5] Group 6: Anjiexin Food - Anjiexin Food is adjusting its 2025 new product strategy, differentiating between B-end and C-end approaches [6] - The company will focus on product innovation and competitive pricing, with plans to launch various new products in the frozen food category [6] Group 7: Market Regulation - The State Administration for Market Regulation has initiated a special action to address the production and sale of counterfeit and substandard meat products from April to December 2025 [7][8] Group 8: Food Additives - The State Council's Food Safety Office and other departments have launched a comprehensive governance plan to address the abuse of food additives, focusing on illegal practices and enhancing regulatory measures [9] Group 9: Naixue Tea - Naixue Tea has rebranded with a new logo "Naisnow" and is set to open its first store in the U.S. in Flushing, New York [10] Group 10: Cha Baidao - Cha Baidao's flagship store in Chengdu has begun trial operations, featuring a menu that includes ice cream and special tea cocktails with premium spirits [11] Group 11: Xiaobuxiang - Xiaobuxiang reported an 18.85% increase in revenue during the May Day holiday, with plans to open 80 new stores this year [12] Group 12: Estee Lauder - Estee Lauder reported a 9.8% decline in sales to $3.55 billion for Q3, with organic sales in China showing double-digit growth for specific brands [14][15] Group 13: Pang Dong Lai - Pang Dong Lai has implemented a return policy for jade and jadeite purchases, allowing customers to return items without incurring fees [16] Group 14: ST Renle - ST Renle received a notice from the Shenzhen Stock Exchange regarding the potential termination of its stock listing [17] Group 15: Yonghui Supermarket - Yonghui Supermarket issued a public letter supporting ethical business practices and committed to upholding integrity in the retail industry [18]

Group 1: Sales Performance - The company's overseas market sales revenue for 2024 is approximately $34 million, representing a year-on-year increase of about 90% [2] - In Q1 2025, the company reported revenue of $595 million, a year-on-year growth of 10.27%, with a net profit of $67.55 million [4] - The company's contract liabilities decreased from $150 million at the beginning of the quarter to $70 million by the end, indicating a significant reduction [5] Group 2: Product Development and Innovation - The company has developed multiple konjac products and plans to innovate based on market needs to enhance sales scale [3] - In 2024, the company launched several innovative products, including nitrogen-packed deep-sea fish rich in DHA and zero-additive quail eggs [4] - The company focuses on three main categories: fish products, poultry products, and bean products, with six major product lines [4] Group 3: Market Strategy and Brand Development - The company is enhancing brand awareness through collaborations with celebrities and influencers on social media platforms [5] - There are no current plans to invest in snack chain stores to increase market share [4] - The company emphasizes a high dividend policy, having introduced mid-term dividends in 2024 [4] Group 4: Operational Challenges and Responses - The company faces challenges in its internationalization strategy but is actively working to develop products that meet local tastes and standards [2] - The negative change in operating cash flow in Q1 was primarily due to increased cash payments for goods and services [3] - The company has no current plans for share reduction but will disclose any future plans as required [3]

Core Insights - The snack industry is rapidly transitioning towards health-oriented and premium products, with flavored fish snacks emerging as a key indicator of consumer upgrade and health food trends [1] - Jinzhai Food has successfully navigated the challenges of the low-end snack market by increasing R&D investment and leveraging digital technology, establishing itself as a leader in the fish snack segment [1][2] Group 1: R&D Investment and Innovation - Jinzhai Food emphasizes R&D investment to drive technological innovation, aiming to break free from the low-end price competition that plagues the snack industry [2] - The company has established multiple research platforms, including a postdoctoral innovation practice base and a health snack engineering technology research center, to develop healthy snack products with high-quality protein and reduced additives [2][3] - Jinzhai Food has over 70 industry-leading technologies and has received multiple awards from the China Food Industry Association from 2020 to 2024 [3] Group 2: Digital Technology and Supply Chain - The application of digital technology has been crucial for Jinzhai Food in restructuring its supply chain and enhancing product value [4] - The company has implemented a comprehensive information system covering all processes from raw material procurement to end delivery, achieving industry-leading levels of quality data information [5] - Digital systems are utilized in various products, ensuring strict quality control and enhancing nutritional retention during production [5] Group 3: Financial Performance and Shareholder Returns - Jinzhai Food reported a revenue of 2.412 billion yuan in 2024, a year-on-year increase of 16.79%, and a net profit of 291 million yuan, up 39.01% [6] - The company has a strong commitment to shareholder returns, with a proposed cash dividend of 3 yuan per 10 shares, amounting to 1.79 billion yuan for the year, which is 61% of the net profit [6][7] - Since its IPO, Jinzhai Food has distributed over 590 million yuan in dividends, significantly exceeding its initial fundraising of 160 million yuan [6]

证券研究报告|公司点评报告 [Table_Date] 2025 年 05 月 06 日 [Table_Title] 25Q1 收入稳健增长，关注渠道扩张 [Table_Title2] 劲仔食品(003000) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 003000 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 15.45/10.14 | | 目标价格： | | 总市值(亿) | 57.85 | | 最新收盘价： | 12.83 | 自由流通市值(亿) | 39.02 | | | | 自由流通股数(百万) | 304.14 | [Table_Summary] 事件概述 成本端来看，公司 25Q1 毛利率为 29.91%，同比-0.11pct，基本维持稳定。费用端来看，公司 25Q1 销 售/管理/研发/财务费用率分别为 13.36%/4.05%/1.98%/-0.37%，分别同比+0.23/+0.16/+0.15/+1.12pct， 其中销售费用率同比微增，我们预计主因年内费用投放节奏影响，春节加大投放所致， ...

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 ⚫ 风险提示： 食品安全风险；市场竞争加剧风险；原材料价格波动风 ...

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8] Core Views - The company's revenue for 2024 reached 2.412 billion yuan, representing a year-on-year growth of 16.79%, while the net profit attributable to shareholders was 291 million yuan, an increase of 39.01% year-on-year [2] - The company focuses on improving operational quality, with future growth expected from brand reinforcement of quail eggs, new product launches at Sam's Club, and the development of new product lines such as dried tofu [1][2][3] Revenue and Profit Performance - In 2024, the company achieved a revenue of 2.412 billion yuan, with a net profit of 291 million yuan, and a non-recurring net profit of 261 million yuan [2] - For Q1 2025, the company reported a revenue of 595 million yuan, a year-on-year increase of 10.27%, but the net profit decreased by 8.21% to 68 million yuan [2] Product Performance - Fish products continue to grow rapidly, with revenue of 1.533 billion yuan in 2024, up 18.76% year-on-year, while quail egg product growth has slightly slowed [3] Channel Performance - Online channels experienced a decline of 6.15% in 2024, while offline channels grew by 22.58%, with direct sales channels seeing a significant increase of 46.35% [4] Profitability Metrics - The gross profit margin for 2024 was 30.47%, an increase of 2.30 percentage points year-on-year, while the net profit margin was 12.17%, up 1.90 percentage points year-on-year [5]

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].