投资要点 2023-04 2023-08 2023-12 事件：公司发布 2023 年年度报告。2023 年公司实现营收 20.65 亿元，同比 +41.26%，实现归母净利润 2.10 亿元，同比+68.17%，实现扣非归母净利润 1.86 亿元，同比+64.49%。其中，单 Q4 实现营收 5.72 亿元，同比+26.51%，实现归 母净利润 0.76 亿元，同比+122.61%，实现扣非归母净利润 0.77 亿元，同比 +153.92%。 | --- | --- | |-------------------------------------------------------------------|---------------------| | 劲仔食品（ 买入（维持） | 003000.SZ ）：营收 | | | | | 所属行业：食品饮料 / 休闲食品 高增收官， 当前价格 ( 元 ) ： 14.51 | 24 年势能有望延续 | | | | 市场表现 -43% -34% -26% -17% -9% 0% 9% 劲仔食品 沪深300 相关研究 营收高增收官，大包装+散称双轮驱动。分产品看，23 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [9][10]. Core Views - The company has achieved significant growth, with a 2023 revenue of 2.065 billion yuan, representing a year-on-year increase of 41.26%. The net profit attributable to shareholders reached 209.58 million yuan, up 68.17% year-on-year [9][10]. - The company focuses on high-quality protein health snacks, particularly fish and poultry products, and has successfully implemented a multi-channel development strategy that has led to brand upgrades and substantial revenue growth over three years [9][10]. - The company is expected to maintain high growth in 2024, continuing to focus on developing major products and enhancing its core competitiveness across various aspects such as product quality, channels, and branding [9][10]. Financial Forecasts - The forecasted financial metrics for the company are as follows: - Revenue (million yuan): 2023A: 2,065.21, 2024E: 2,684.77, 2025E: 3,436.50, 2026E: 4,329.99 - Revenue Growth Rate (%): 2023A: 41.26, 2024E: 30.00, 2025E: 28.00, 2026E: 26.00 - Net Profit (million yuan): 2023A: 209.58, 2024E: 266.10, 2025E: 341.12, 2026E: 401.96 - Net Profit Growth Rate (%): 2023A: 68.17, 2024E: 26.97, 2025E: 28.20, 2026E: 17.83 - Earnings Per Share (EPS, yuan): 2023A: 0.46, 2024E: 0.59, 2025E: 0.76, 2026E: 0.89 - Price-to-Earnings Ratio (P/E): 2023E: 25.61, 2024E: 24.07, 2025E: 18.78, 2026E: 15.94 [3][10][11].

Investment Rating - The report maintains a "Buy" rating for the company [7][9]. Core Insights - The company achieved significant growth in 2023, with total revenue reaching 2.065 billion yuan, a year-on-year increase of 41.26%, and net profit attributable to shareholders reaching 210 million yuan, up 68.17% [7][9]. - The company has successfully expanded its product channels and achieved a "three-year doubling" goal, with notable growth in both direct and distribution channels [7][9]. - The company is expected to continue its high growth trajectory, with projected revenues of 2.711 billion yuan and 3.427 billion yuan for 2024 and 2025, respectively, representing year-on-year growth rates of 31.27% and 26.42% [9][27]. Summary by Sections Company Overview - The company, Jin Zai Food, operates in the food and beverage sector, with a total market capitalization of 6.5 billion yuan and a circulating market capitalization of 4.4 billion yuan [6][21]. Financial Performance - In 2023, the company reported a gross margin of 28.17% and a net profit margin of 10.15%, both showing improvements from the previous year [7][9]. - The company’s revenue from various product categories showed diverse growth, with fish products increasing by 25.87% and poultry products by 147.56% [7][9]. Future Projections - The company anticipates continued growth, with earnings per share (EPS) projected to reach 0.64 yuan in 2024 and 0.84 yuan in 2025, corresponding to price-to-earnings (P/E) ratios of 22.60 and 17.16, respectively [9][27]. - The report highlights the potential for the company to cultivate a second billion-level product within 1-2 years through strategic channel investments and product enhancements [8][9].

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Views - The company is expected to achieve total revenue of 26.53 billion, 33.25 billion, and 40.89 billion from 2024 to 2026, representing year-on-year growth of +28.5%, +25.3%, and +23.0% respectively. The net profit attributable to the parent company is projected to be 2.91 billion, 3.66 billion, and 4.85 billion, with year-on-year growth of +39.1%, +25.7%, and +32.4% respectively. The current stock price corresponds to P/E ratios of 22.28, 17.73, and 13.40 for the respective years [7][13]. Financial Performance Summary - In 2023, the company reported revenue of 20.65 billion, a year-on-year increase of 41.3%, and a net profit of 2.10 billion, up 68.2% year-on-year. The net profit margin for 2023 was 10.15%, an increase of 1.62 percentage points year-on-year [12][13]. - The company achieved a significant increase in sales from new products, particularly quail eggs and konjac, with revenue from fish products, poultry products, bean products, and vegetable products growing by 25.9%, 147.6%, 18.7%, and 88.2% respectively [12][13]. - The gross profit margin for 2023 was 28.17%, an increase of 2.54 percentage points year-on-year, with the fourth quarter achieving a record high gross margin of 32.61% [12][13]. Revenue and Profit Forecast - The forecast for 2024 to 2026 indicates a steady growth trajectory, with revenue expected to reach 26.53 billion in 2024, 33.25 billion in 2025, and 40.89 billion in 2026, alongside net profits of 2.91 billion, 3.66 billion, and 4.85 billion respectively [13]. - The company is focusing on expanding its product lines, with the goal of achieving "billion-level" sales for key products like quail eggs and konjac [12][13].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][27]. Core Insights - The company achieved a revenue of 2.07 billion yuan in 2023, representing a year-on-year growth of 41.3%, and a net profit of 210 million yuan, which is a 68.2% increase year-on-year [27]. - The company is experiencing strong growth momentum, with significant contributions from various product categories, particularly flavored fish and poultry products [20][27]. - The gross margin improved to 32.6% in Q4 2023, up 7.9 percentage points year-on-year, driven by scale effects and enhanced supply chain management [28]. Financial Performance Summary - Revenue (in million yuan): - 2022: 1,462 - 2023: 2,065 - 2024E: 2,645 - 2025E: 3,297 - 2026E: 3,995 - Year-on-Year Growth: 31.6% (2022), 41.3% (2023), 28.1% (2024E) [6] - Net Profit (in million yuan): - 2022: 125 - 2023: 210 - 2024E: 273 - 2025E: 339 - 2026E: 423 - Year-on-Year Growth: 46.7% (2022), 68.2% (2023), 30.4% (2024E) [6] - Key Ratios: - Gross Margin: 25.6% (2022), 28.2% (2023), 29.3% (2024E) [6] - Net Margin: 8.3% (2022), 10.3% (2023), 10.3% (2024E) [6] - Return on Equity (ROE): 12.4% (2022), 16.2% (2023), 17.2% (2024E) [6] Product and Channel Development - The company is focusing on product innovation and channel expansion, with a notable increase in the number of distributors to 3,057, a net increase of 790 [20]. - Online sales channels, particularly through platforms like Douyin, have seen a year-on-year growth of 142.6%, while traditional e-commerce platforms like Tmall and JD.com continue to perform well [20].

Investment Rating - The report maintains a "Buy" rating for the company [5][4] Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.26%, and a net profit of 210 million yuan, which is a 68.17% increase year-on-year [13] - The company has successfully expanded its channels and performed well with its products, indicating a strong growth trajectory [4][13] - The gross profit margin improved to 28.16% for the year and 32.61% for Q4 2023, driven by a decrease in raw material costs and enhanced scale effects [13] Financial Performance Summary - Revenue for 2023 was 2,065 million yuan, with a growth rate of 41.26% compared to the previous year [14] - The net profit for 2023 was 210 million yuan, reflecting a growth rate of 68.12% [14] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.58, 0.73, and 0.89 yuan respectively, with corresponding P/E ratios of 25, 19, and 16 [4][14] Product and Market Strategy - The company has seen significant growth in its major products, with fish products, bean products, poultry products, and vegetable products achieving revenues of 1.291 billion, 217 million, 452 million, and 72 million yuan respectively in 2023 [13] - The strategy of "large packaging + bulk sales" has been successfully implemented, with over 50% of total revenue coming from these formats [13] - The quail egg product line has become a significant contributor, with annual revenue exceeding 300 million yuan, positioning it as the company's second-largest product [13] Cost Management and Profitability - The gross profit margin for Q4 2023 increased by 7.91 percentage points year-on-year, attributed to lower procurement prices for fish products and a favorable pricing environment for quail eggs [13] - The company has managed to reduce sales expenses, leading to an overall improvement in profitability, with a net profit margin of 10.15% for the year [13]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.64, based on a projected PE of 28 times the expected earnings for 2024 [1][12]. Core Insights - The company successfully achieved its "three-year doubling" target, with 2023 revenue reaching 2.065 billion, a year-on-year increase of 41.26%, and a net profit of 210 million, up 68.17% year-on-year [2][4]. - The fourth quarter showed significant growth, with revenue of 572 million, a 26.51% increase year-on-year, and a net profit of 76 million, up 122.61% year-on-year [2][4]. - The company focuses on its core business of deep-sea fish, with revenue growth of 25.9%, and the quail egg segment has rapidly grown, surpassing 300 million in revenue for 2023 [2][4]. - The company has expanded its distribution channels, adding 790 new distributors, bringing the total to 3,057, and online sales reached 416 million, a 34.78% increase year-on-year [2][4]. Financial Summary - For 2023, the company reported a gross margin of 28.17%, an increase of 2.55 percentage points year-on-year, with the fourth quarter gross margin reaching 32.61%, up 7.91 percentage points year-on-year [2][4]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.63, 0.81, and 1.01 respectively, with corresponding PE ratios of 22.48, 17.53, and 13.99 [5][12]. - The company expects revenue growth rates of 27.94%, 25.41%, and 22.72% for the years 2024, 2025, and 2026 respectively [5][12].

Investment Rating - The report maintains a rating of "Accumulate" for the company [10]. Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.26%, with a net profit attributable to the parent company of 209.58 million yuan, up 68.17% year-on-year [22]. - The company focuses on enhancing its product matrix, particularly in deep-sea fish products and quail eggs, aiming to maintain market share and product quality [9][11]. - The online and offline revenue for the company reached 1.649 billion yuan and 416 million yuan respectively, with a significant growth of 43.00% and 34.76% year-on-year, while new media channels saw an impressive increase of 142.60% [15]. Financial Performance Summary - The company’s projected revenues for 2024-2026 are 2.685 billion yuan, 3.392 billion yuan, and 4.141 billion yuan respectively, with corresponding net profits of 275.69 million yuan, 363.86 million yuan, and 473.01 million yuan [11]. - The EBITDA for 2023 was 303.51 million yuan, with projections of 359.92 million yuan, 471.82 million yuan, and 605.82 million yuan for the years 2024-2026 [5]. - The company’s gross margin for 2023 was 28.14%, with a net margin of 10.15%, both showing improvements compared to the previous year [9]. Product and Channel Performance - The company’s core products include deep-sea fish, quail eggs, tofu, and konjac, with sales growth rates of 25.87%, 147.56%, 18.68%, and 88.24% respectively [15]. - The second-largest core product, quail eggs, achieved annual sales exceeding 300 million yuan [15].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-over-year growth of 41.26%, and a net profit of 210 million yuan, up 68.17% year-over-year, successfully completing its three-year doubling target [4][10] - The company focuses on developing key products, particularly the "20 billion-level" product, Jin Zai deep-sea fish, and aims to enhance its market competitiveness through supply chain improvements [15] Financial Performance Summary - In 2023, the company reported a gross profit margin of 28.2%, an increase of 2.54 percentage points year-over-year, leading to a gross profit growth of 55.27% [4] - The company’s revenue from fish products reached 1.291 billion yuan, growing by 25.87% year-over-year, while quail egg products saw a remarkable increase of 147.56%, with sales exceeding 300 million yuan [6][9] - The company’s total revenue is projected to reach 2.632 billion yuan in 2024, with net profits expected to be 290 million yuan, corresponding to an EPS of 0.64 yuan [10][18] Product and Channel Development - The company has established a balanced growth across offline and online channels, with offline revenue reaching 1.649 billion yuan, up 43% year-over-year, and online revenue at 416 million yuan, up 34.76% [9] - The company is committed to enhancing its supply chain capabilities, particularly for fish products, and aims to innovate and brand its poultry and bean products [15] Valuation and Market Position - The report suggests a reasonable valuation range of 12.80 to 16.00 yuan per share based on a PE ratio of 20-25 times for 2024, reflecting the company's strong performance [10] - The average PE ratio of comparable companies is noted to be 21.09 times for 2024 [11]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Insights - The company reported a revenue of 2.065 billion yuan in 2023, representing a year-on-year increase of 41.26%, and a net profit attributable to shareholders of 210 million yuan, up 68.12% year-on-year [1][18]. - The product matrix is gradually improving, with significant growth in new channels. Revenue from fish products, poultry products, bean products, and vegetable products reached 1.291 billion, 452 million, 217 million, and 72 million yuan respectively, with year-on-year growth rates of 25.87%, 147.56%, 18.68%, and 88.24% [5][18]. - The company is focusing on its major products, particularly the deep-sea fish and quail eggs, to maintain market share and product quality [10][18]. Financial Performance - In Q4 2023, the company achieved a revenue of 572 million yuan, a year-on-year increase of 26.51%, and a net profit of 76 million yuan, up 122.76% year-on-year [1]. - The gross margin for 2023 and Q4 2023 was 28.14% and 32.69% respectively, showing an increase of 2.49 and 7.91 percentage points year-on-year [10]. - The company expects revenues of 2.685 billion, 3.392 billion, and 4.141 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 276 million, 364 million, and 473 million yuan [18][19]. Market Position - The company has established a "20 billion-level" major product, the deep-sea fish, and a "1 billion-level" product, the konjac, among others [5]. - Online and offline revenues were 1.649 billion and 416 million yuan respectively, with year-on-year growth of 43.00% and 34.76%, and new media channels saw a remarkable growth of 142.60% [5][10]. Future Outlook - The company is expected to continue its growth trajectory with a focus on major products and innovative branding strategies for quail eggs [10][18]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.61, 0.81, and 1.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.23, 17.60, and 13.54 [18][19].