Investment Rating - The report maintains an "Outperform" rating for Jinzai Food (003000) [2] Core Views - Jinzai Food achieved robust revenue growth and significant profitability improvement in H1 2024, with revenue reaching 1.13 billion yuan (YoY +22.17%) and net profit attributable to shareholders of 143 million yuan (YoY +72.41%) [4] - In Q2 2024, the company's revenue grew by 20.90% YoY, with net profit attributable to shareholders increasing by 58.74% YoY to 70 million yuan [5] - The company's gross margin improved by 4.14 percentage points in H1 2024, driven by lower raw material costs [4] - Jinzai Food's product strategy focuses on "big single products, full channels, branding, and internationalization," with strong performance in fish products, poultry products, and bean products [5] Financial Performance - Revenue breakdown for H1 2024: fish products (703 million yuan, +16.64% YoY), bean products (111 million yuan, +9.53% YoY), poultry products (258 million yuan, +51.10% YoY), and vegetable products (38 million yuan, +15.61% YoY) [5] - Gross margin by product: fish products (32.29%, +4.19 ppts), bean products (30.95%, +4.83 ppts), poultry products (22.24%, +5.26 ppts), and vegetable products (35.83%, +11.64 ppts) [5] - The company's net profit margin increased by 3.70 percentage points YoY in H1 2024, reaching 12.4% [4] Channel Performance - Offline sales grew by 29.45% YoY in H1 2024, contributing 930.63 million yuan, while online sales declined by 3.28% YoY to 198.92 million yuan [7] - The number of distributors increased from 3,057 to 3,166 in H1 2024 [7] Valuation and Forecast - The report forecasts 2024-2026 revenue of 2.53 billion yuan, 3.08 billion yuan, and 3.69 billion yuan, respectively, with net profit attributable to shareholders of 313 million yuan, 389 million yuan, and 476 million yuan [7] - The target price range is 13.80-17.25 yuan per share, based on a 2024 PE multiple of 20-25x [7] - Key financial metrics for 2024E: gross margin (30.6%), net profit margin (12.4%), and ROE (19.3%) [6][9]

Financial Performance - In the first half of 2024, the company achieved revenue of CNY 1,129.56 million, a year-on-year increase of 22.17% [1] - Net profit attributable to shareholders reached CNY 143.33 million, reflecting a significant growth of 72.41% [1] - The overall gross profit margin exceeded 30%, an increase of 4 percentage points compared to the previous year [1] Revenue Breakdown - Offline channel revenue grew nearly 30%, while online channels experienced a slight decline [1] - The company expanded its reach to over 100,000 stores, with revenue from snack specialty systems increasing by over 100% year-on-year [1] - Small packaging products accounted for approximately 51% of sales, with a growth of over 20% [2] - Large packaging and bulk products made up about 49%, with bulk products seeing a nearly 60% increase [2] Product Categories - Major product categories achieved stable growth, with sales revenue for leisure fish products at CNY 703.08 million (up 16.64%), poultry products at CNY 257.98 million (up 51.10%), soybean products at CNY 110.71 million (up 9.53%), and vegetable products at CNY 38.12 million (up 15.61%) [2] Cost and Profitability - The increase in gross profit margin is attributed to lower costs of key raw materials such as fish and quail eggs, as well as improved product structure [2] - The company anticipates stable raw material costs for the remainder of 2024, with some short-term fluctuations in quail egg prices [2] Marketing and Sales Strategy - The sales expense ratio increased due to accelerated marketing investments, including sponsorships for various TV programs and advertising costs [2] - The company plans to continue its brand upgrade strategy, with an expected increase in promotional expenses compared to the previous year [2] Product Innovation - The deep-sea anchovy product has received positive consumer feedback, and the company is enhancing its channel promotion efforts [3] - New flavors and product specifications for quail eggs are being developed to meet market demand [3] - The company is focusing on health snack categories to enhance brand recognition and reputation [3] Team and Management - The company has been improving its team by hiring high-end talent in quality management, online channel operations, and brand management [4] - The growth rate of the number of distributors has slowed, with a focus on enhancing channel management and brand operation capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a revenue of 1.13 billion yuan for the first half of 2024, representing a year-on-year growth of 22.2%. The net profit attributable to shareholders reached 140 million yuan, up 72.4%, closely aligning with the upper limit of the earnings forecast [1]. - The growth in revenue is driven by the snack channel, with significant contributions from quail eggs and other product innovations [1]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares to all shareholders [1]. Revenue Breakdown - By product category, revenue from leisure fish products was 700 million yuan (+16.6%), poultry products 260 million yuan (+51.1%), bean products 110 million yuan (+9.5%), and vegetable products 40 million yuan (+15.6%) [1]. - By sales channel, revenue from distribution and direct sales reached 870 million yuan (+16.6%) and 260 million yuan (+46%), respectively, with the snack specialty channel driving high growth in direct sales [1]. Profitability Improvement - The gross margin for the first half of 2024 was 30.4%, an increase of 4.1 percentage points year-on-year. The net profit margin improved to 12.8%, up 3.8 percentage points year-on-year [1]. - The company has seen a decrease in raw material costs and benefits from economies of scale, contributing to improved profitability [1]. Shareholder Confidence - The controlling shareholder has committed not to sell shares for 12 months following the IPO, reflecting confidence in the company's future [1]. - The company has announced a share repurchase plan of 20 to 40 million yuan to support employee incentive programs [1]. Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 380 million yuan, and 470 million yuan, respectively, with corresponding EPS of 0.66 yuan, 0.85 yuan, and 1.05 yuan [2]. - The dynamic PE ratios for the same years are expected to be 16 times, 12 times, and 10 times [2].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of "Increase-A" [1][2] Core Views - The company has shown strong revenue growth driven by cost advantages and product innovation, with a 22.17% year-on-year increase in revenue for H1 2024 [1] - The second growth curve, particularly in quail eggs, is expected to drive high growth, supported by channel expansion and supply chain optimization [2] - The company is focusing on a big product strategy and enhancing brand building, which is anticipated to lead to continued high profit growth [1][2] Revenue Analysis - In H1 2024, the company achieved revenue of 1.13 billion, a year-on-year increase of 22.17%, with Q2 revenue at 590 million, up 20.90% [1] - Revenue breakdown shows fish products at 703 million (+16.64%), poultry products at 258 million (+51.10%), and vegetable products at 38 million (+15.61%) [1] - The online and offline channel revenue proportions were 17.6% and 82.4%, with offline channels showing significant growth due to enhanced distributor development [1] Profit Analysis - The gross profit margin for Q2 2024 was 30.76%, an increase of 4.25 percentage points year-on-year, attributed to lower raw material prices and improved scale effects [1] - The net profit margin for Q2 2024 was 11.97%, reflecting a year-on-year increase of 2.82 percentage points [1] Financial Forecast - Revenue projections for 2024-2026 have been adjusted to 2.592 billion, 3.214 billion, and 3.883 billion, with year-on-year growth rates of 25.5%, 24.0%, and 20.8% respectively [2] - The forecasted net profit for the same period is adjusted to 299 million, 381 million, and 474 million, with growth rates of 42.6%, 27.6%, and 24.3% respectively [2] Long-term Outlook - The company is expected to continue enhancing its brand and product innovation, with a focus on expanding its SKU offerings and optimizing channel strategies [1][2] - The long-term strategy emphasizes quality and product strength to support channel expansion and improve brand power [2]

Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company reported a revenue of 1.13 billion yuan in 2023, representing a year-on-year increase of 22.17%, and a net profit attributable to shareholders of 143 million yuan, up 72.41% year-on-year [1] - The growth momentum is expected to continue in the second half of 2024, driven by the expansion of new product categories and channels [2] - The company is actively adjusting its personnel and structure to improve online sales performance, which faced slight pressure due to high base effects from the previous year [1] Summary by Sections Financial Performance - In Q2 2023, the company achieved a revenue of 590 million yuan, a year-on-year increase of 20.90%, and a net profit of 70 million yuan, up 58.74% year-on-year [1] - The gross margin for the first half of 2024 was 30.40%, an increase of 4.14 percentage points year-on-year, while the net margin was 12.69%, up 3.70 percentage points year-on-year [1][3] Product and Channel Growth - Revenue from different product categories showed significant growth: fish products increased by 16.64%, poultry products by 51.10%, plant-based products by 9.53%, and vegetable products by 15.61% [1] - Offline revenue grew by 29.45% to 931 million yuan, while online revenue decreased by 3.28% to 199 million yuan, attributed to a high base from the previous year [1] Future Projections - The company is projected to achieve revenues of 2.69 billion yuan, 3.39 billion yuan, and 4.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 276 million yuan, 364 million yuan, and 473 million yuan for the same years [2][3] - The expected EPS for 2024, 2025, and 2026 is 0.61 yuan, 0.81 yuan, and 1.05 yuan respectively, with corresponding P/E ratios of 17.25, 13.07, and 10.05 [2][3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company has shown steady growth in offline sales, with profit elasticity being realized. The second quarter of 2024 saw total revenue of 590 million yuan, an increase of 20.90%, and a net profit attributable to shareholders of 70 million yuan, up 58.74% [1] - The company is expected to maintain a strong performance in the second half of 2024, with online business adjustments nearing completion and new product launches anticipated to improve sales [1] Revenue Analysis - In Q2 2024, revenue from fish products is expected to grow by 16% year-on-year, while quail egg sales are projected to exceed 30 million monthly due to the release of production capacity from the Beihai factory. For the first half of 2024, revenue from fish products and poultry products increased by 16.64% and 51.10% year-on-year, respectively [1] - Offline business revenue is expected to grow by 30% year-on-year in Q2 2024, while online business revenue is projected to decline by 10% year-on-year, still undergoing adjustments. The company anticipates improvements in online sales in the second half of the year [1] Profit Analysis - In Q2 2024, the company's gross profit margin increased by 4.25 percentage points to 30.76%, primarily due to a decrease in the costs of anchovy and quail eggs. The net profit margin also rose by 2.83 percentage points to 11.97% [1] - The company plans to distribute a cash dividend of 1 yuan per 10 shares for the first half of 2024, resulting in a dividend payout ratio of 31.25% based on net profit attributable to shareholders [1] Financial Forecast - The company is projected to achieve total revenues of 2.065 billion yuan, 2.549 billion yuan, and 3.136 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.4%, 23.0%, and 22.8% [3][4] - The net profit attributable to shareholders is expected to be 210 million yuan, 292 million yuan, and 375 million yuan for the same years, with year-on-year growth rates of 39.2%, 28.7%, and 25.3% [3][4]

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.54 CNY and a target value of 13.27 CNY [3]. Core Views - The company reported a revenue of 1.13 billion CNY in H1 2024, representing a year-on-year growth of 22.2%, and a net profit of 140 million CNY, up 72.4% year-on-year [6]. - The revenue forecast for 2024-2026 is adjusted to 25.1 billion CNY, 30.2 billion CNY, and 35.4 billion CNY, with corresponding net profits of 3.0 billion CNY, 3.8 billion CNY, and 4.4 billion CNY [6]. Financial Summary - Revenue (in million CNY): - 2022A: 1462 - 2023A: 2065 - 2024E: 2513 - 2025E: 3016 - 2026E: 3544 - Revenue Growth Rate (%): - 2022A: 31.6% - 2023A: 41.3% - 2024E: 21.7% - 2025E: 20.0% - 2026E: 17.5% [2][9]. - EBITDA (in million CNY): - 2022A: 165 - 2023A: 304 - 2024E: 412 - 2025E: 516 - 2026E: 594 [2]. - Net Profit (in million CNY): - 2022A: 125 - 2023A: 210 - 2024E: 299 - 2025E: 379 - 2026E: 441 [2]. - EPS (CNY/share): - 2022A: 0.31 - 2023A: 0.48 - 2024E: 0.66 - 2025E: 0.84 - 2026E: 0.98 [2][9]. - P/E Ratio: - 2022A: 38.01 - 2023A: 25.61 - 2024E: 15.88 - 2025E: 12.55 - 2026E: 10.77 [2][9]. - ROE (%): - 2022A: 12.9% - 2023A: 16.0% - 2024E: 20.3% - 2025E: 20.5% - 2026E: 20.1% [2][9].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved significant revenue growth in the first half of 2024, with total revenue of 1.13 billion yuan, representing a year-on-year increase of 22.17%. The net profit attributable to shareholders reached 143 million yuan, up 72.41% year-on-year [3][4]. - The company focuses on a big product strategy, with stable growth in its core products, particularly the small fish category, which continues to expand after surpassing 1 billion yuan in sales [4][6]. - The company has introduced new products such as deep-sea fish and quail eggs, which are expected to contribute to revenue in the second half of the year [4][6]. Financial Performance - In the first half of 2024, the company reported a gross margin of 30.4%, an increase of 4.14 percentage points year-on-year, and a net profit margin of 12.69%, up 3.7 percentage points year-on-year [5]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 44.76 million yuan, which is 31.23% of its net profit for the first half of 2024 [5]. - Revenue forecasts for 2024-2026 are set at 2.602 billion yuan, 3.327 billion yuan, and 4.120 billion yuan, respectively, with year-on-year growth rates of 25.99%, 27.85%, and 23.86% [7][8]. Market Outlook - The company is expected to maintain high growth rates due to its clear product matrix and brand momentum, with continued expansion in core categories and effective channel strategies [6][7]. - The company anticipates improved performance in online sales channels in the second half of the year, supported by strategic focus and resource allocation [4][6].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company has shown continuous revenue growth and improved profitability, with a total revenue of 1.13 billion yuan in H1 2024, representing a 22% year-on-year increase. The net profit attributable to shareholders reached 143 million yuan, up 72% year-on-year [1]. - The company is focusing on the rapid growth of its quail egg product line and the performance of its snack channels, with significant growth in both online and offline sales channels [1][2]. Summary by Sections Financial Performance - In H1 2024, the company's total revenue was 1.13 billion yuan, with a net profit of 143 million yuan, reflecting a 72% increase year-on-year. The gross profit margin improved by 4 percentage points to 30.40% due to a decrease in raw material prices [1]. - The company expects a reduction in expenses in the second half of the year, with a net profit margin increase of 4 percentage points to 12.84% [1]. Product Performance - Revenue from fish products and bean products in H1 2024 was 703 million yuan and 111 million yuan, respectively, with year-on-year growth of 17% and 10%. The company is innovating its fish products and expanding its market presence [1]. - The quail egg product line has seen significant growth, with revenue reaching 258 million yuan, a 51% increase year-on-year. The company is also focusing on developing new products to enhance brand recognition [1]. Channel Performance - In H1 2024, online and offline channel revenues were 199 million yuan and 931 million yuan, respectively, with year-on-year changes of -3% and +29%. The snack channel has shown growth exceeding 100% [1]. - The company has expanded its distributor network, with the number of distributors increasing by 24% to 3,166 by the end of H1 2024 [1]. Earnings Forecast - The company is expected to continue its growth trajectory, with projected EPS of 0.70 yuan, 0.86 yuan, and 1.05 yuan for 2024, 2025, and 2026, respectively. The current stock price corresponds to PE ratios of 15, 12, and 10 times for the respective years [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.53 CNY [2][10] Core Views - The company's performance in Q2 2024 met expectations, with a revenue increase of 20.9% and a profit increase of 58.74% [11] - The growth in revenue is supported by significant increases in the sales of fish and poultry products, with poultry products growing by 51.1% due to the expansion of quail egg sales [2][11] - The report highlights the company's strong profit margin improvements, with gross margins for fish and poultry products increasing by 4.19 percentage points and 5.26 percentage points respectively [2][11] - The company is expected to benefit from a recovery in raw material costs and the release of new product scale effects, which will continue to enhance profit elasticity [2][11] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 590 million CNY and a net profit of 70 million CNY, reflecting a year-on-year growth of 20.9% and 58.74% respectively [11] - For the first half of 2024, revenue from fish products and poultry products increased by 16.6% and 51.1% respectively [2][11] - The company’s net profit margin improved to 11.83%, an increase of 2.8 percentage points year-on-year [2][11] Profitability and Cash Flow - The report indicates a significant improvement in profitability, with the company's cash flow remaining stable [2][11] - The gross margin for Q2 2024 increased by 4.3 percentage points year-on-year, indicating effective cost management and scale benefits [2][11] Growth Potential - The report expresses confidence in the company's growth potential, citing the ongoing expansion in traditional channels and the benefits from cost reductions in raw materials [2][11] - The company is expected to continue gaining market share in the snack food sector, supported by favorable consumer trends and product innovations [2][11]