2024 年 03 月 29 日 公司研究 评级：增持(维持) 最近一年走势 2024 年 3 月 27 日，劲仔食品发布 2023 年报，2023 年公司实现营业收 入 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%。2023 年四季度公司实现 营业收入 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%。 相关报告 《劲仔食品（003000）2023 年业绩预告点评：三 年倍增目标达成，净利率表现超预期（增持）*休 闲食品*薛玉虎，刘洁铭，秦一方》——2024-01-13 《劲仔食品（003000）2023 年三季报点评：三季 度收入表现亮眼，后续展望积极（增持）*休闲食 品*薛玉虎，刘洁铭》——2023-10-26 《劲仔食品（003000）2023 年半年报点评：产品 渠道拓展顺利，静待成本改善（增持）*休闲食品* 薛玉虎，刘洁铭》——2023-08-20 《劲仔食品（003000）2022 年年报点评：" ...

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].

[Table_Title] 评级：买入（维持） 劲仔食品（003000.SZ）/食 品饮料 证券研究报告/公司点评 2024 年 3 月 28 日 [Table_Industry] 再上台阶，砥砺前行 市场价格：14.2 元 分析师：范劲松 Email：fanjs@ zts.com.cn [Table_QuotePic] 股价与行业-市场走势对比 投资要点 ◼ 收入端，新渠道带动高增，新品类表现亮眼。2023 年，公司鱼制品/禽类制品/豆 制品/蔬菜制品实现收入 12.91/4.52/2.17/0.72 亿元，同比增长 25.87%/147.56%/18.68%/88.24%，占比 63%/22%/11%/3%；华东/华中/西南/华北/ 华南/西北/东北/境外实现收入 4.88/2.68/2.50/2.32/2.32/1.23/0.50/0.07 亿 元，同比增长 57.42%/33.24%/31.17%/51.38%/34.01%/36.65%/52.68%/135.08%， 占比 23.61%/12.96%/12.11%/11.24%/11.22%/5.97%/2.40%/0.34%；线上实现收入 4.1 ...

| --- | --- | |--------------------------------------------------------------------------------------------|-------| | | | | 相关活动应当审慎选择具有相当资质的证券经营机构，注意防范非法证券活动。 上海 东海证券研究所 | | | 地址：上海市浦东新区东方路 1928 号 东海证券大厦 | | | 网址： Http://www.longone.com.cn | | | 座机：（ 8621）20333275 | | | 手机： 18221959689 | | | 传真：（ 8621）50585608 | | | 邮编： 200125 | | 证券研究报告 HTTP://WWW.LONGONE.COM.CN 6/6 请务必仔细阅读正文后的所有说明和声明 [证Ta券b分le析_A师uthors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 陈涛 cht@longone.com.cn 事件：3月27日，公司发布2023年年度报告，公司2023年全年营业总收 ...

| --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,462 | 2,065 | 2,688 | 3,393 | 4,081 | | 同比 | 31.59% | 41.26% | 30.14% | 26.26% | 20.27% | | 归母净利润（百万元） | 124.62 | 209.58 | 305.31 | 398.63 | 496.65 | | 同比 | 46.72% | 68.17% | 45.68% | 30.56% | 24.59% | | EPS- 最新摊薄（元 / 股） | 0.28 | 0.46 | 0.68 | 0.88 | 1.10 | | P/E （现价 & 最新摊薄） | 51.40 | 30.56 | 20.98 | 16.07 | 12.90 ...

在法律允许的情况下，信达证券或其关联机构可能会持有报告中涉及的公司所发行的证券并进行交易，并可能会为这些公司正在 提供或争取提供投资银行业务服务。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时 追究其法律责任的权利。 | --- | --- | --- | |-------------------------------------|-----------------------------------------|--------------------------------| | 投资建议的比较标准 | 股票投资评级 | 行业投资评级 | | 本报告采用的基准指数 ：沪深 300 | 买入：股价相对强于基准 15 ％以上； | 看好：行业指数超越基准； | | 指数（以下简称基准）； | 增持：股价相对强于基准 5 ％～ 15 ％； | 中性：行业指数与基准基本持平； | | 时间段：报告发布之日起 6 个月 | 持有：股价相对基准波动在 ±5% 之间； | 看淡：行业指数弱于基准。 | | 内。 | 卖出：股价相对弱于基准 5 ％以下 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|--------------------------------------------------------------|---------------------------------------------------------------|-----------------------|-------------------------------------------------------------------------------|------------------|----------------------|--------------------------------|---------------------------------|------------|------------------| | [Table_MainInfo] | [Table_Title] 劲仔食品 (003000) | ...

来源：公司年报、国金证券研究所 买入（维持评级） 考虑到公司利润率超预期改善，我们上调公司 24-25 年利润 5%/6%，预计公司 24-26 年归母净利分别为 2.8/3.6/4.4 亿元，同 比增长 35%/28%/21%，对应 PE 分别为 23x/18x/15x，维持"买入" 评级。 风险提示 食品安全风险；新品放量不及预期；市场竞争加剧等风险。 食品饮料组 分析师：刘宸倩（执业 S1130519110005） liuchenqian@gjzq.com.cn 联系人：陈宇君 chenyujun@gizg.com.cn 市价 (人民币): 14.20元 0 100 200 300 400 500 600 700 800 9.00 11.00 13.00 15.00 17.00 230328230628230928231228 人民币(元) 成交金额(百万元) 成交金额 劲仔食品 沪深300 扫码获取更多服务 扫码获取更多服务 | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------| ...

Financial Performance - The company's operating revenue for 2023 was CNY 2,065,206,610.45, representing a 41.26% increase compared to CNY 1,462,030,708.54 in 2022[19]. - Net profit attributable to shareholders increased by 68.17% to CNY 209,579,373.27 from CNY 124,661,269.25 in the previous year[20]. - The net profit after deducting non-recurring gains and losses rose by 64.49% to CNY 186,443,590.10, up from CNY 113,384,657.44 in 2022[20]. - The net cash flow from operating activities increased by 66.72% to CNY 155,780,679.11, compared to CNY 93,439,333.96 in the previous year[20]. - Basic earnings per share grew by 53.80% to CNY 0.4771 from CNY 0.3103 in 2022[20]. - Total assets at the end of 2023 reached CNY 1,818,281,992.98, a 40.19% increase from CNY 1,296,213,162.90 at the end of 2022[19]. - The net assets attributable to shareholders increased by 35.04% to CNY 1,306,550,383.05 from CNY 967,586,597.88 in 2022[19]. - The company's total revenue for the reporting period reached CNY 2,065,206,610.45, representing a 41.26% increase compared to the previous year[44]. - Total revenue for 2023 reached CNY 3,057 million, a 34.85% increase compared to CNY 2,267 million in 2022[49]. Dividend Distribution - The company plans to distribute a cash dividend of 3 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[4]. - The company reported a net profit available for distribution to shareholders of CNY 270,092,737.30, with a cash dividend distribution plan of CNY 134,257,547.70, representing 100% of the total profit distribution[163]. - The cash dividend per 10 shares is set at CNY 3.00 (including tax), with a total of 447,525,159 shares as the base for the distribution[163]. - The company has not proposed any stock dividend distribution, focusing solely on cash dividends for the reporting period[163]. Business Operations and Strategy - The company has not changed its main business since its listing, indicating stability in operations[17]. - The company operates several wholly-owned subsidiaries, including Pingjiang Jinzai Food Co., Ltd. and Huawen Food (Kenya) Co., Ltd.[12]. - The company has engaged Zhongzheng Zhonghuan Accounting Firm for auditing services during the reporting period[18]. - The company has a continuous supervision agreement with Minsheng Securities, effective from February 7, 2023, to December 31, 2024[18]. - The company operates a self-production model based on "sales-driven production," ensuring production plans align with market demand[36]. - The company has established a comprehensive distribution network covering provinces, cities, and counties across the country, utilizing both direct sales and distribution models[38]. - The company has multiple patented innovations in bean products, aiming to enhance product and brand strength to become a national leader in the leisure bean product market[32]. - The company is focused on enhancing its product offerings and market presence through new product development and strategic partnerships[44]. Market and Product Development - The company's core product, "Jinzai Deep Sea Fish," saw a revenue increase of 25.87% in 2023, maintaining its leading position in the snack fish product market[30]. - The company plans to continue strengthening its market leadership in the snack fish industry, which is projected to grow from CNY 200 billion in 2020 to CNY 600 billion by 2030[30]. - The revenue from the quail egg product "Little Egg Round" exceeded 300 million yuan since its launch in 2022, becoming the company's second-largest product[31]. - The revenue from poultry products increased by 147.56% year-on-year in 2023, making it the company's second-largest category[31]. - The company's bean products achieved a year-on-year revenue growth of 18.68% in 2023, currently classified as a "200 million level" product[32]. - The company has developed several new products, including "Deep Sea Anchovy" and "Honey-flavored Quail Eggs," and completed 10 key product upgrade projects during the reporting period[69]. Sales and Marketing - Online sales accounted for 20.15% of total revenue, with a year-on-year growth of 34.76%, while offline sales represented 79.85% with a growth of 43.00%[45]. - The gross profit margin for online sales increased by 5.60% year-on-year, primarily due to the growth in revenue from the company's self-operated online platform[45]. - The number of distributors increased from 2,267 at the beginning of the year to 3,057 at the end, with 942 new distributors added during the reporting period[47]. - The company has established a comprehensive marketing network with 3,057 distributors across various channels, including modern retail and e-commerce platforms[58]. - The company has maintained a diversified sales strategy, including B2C and B2B online platforms, as well as traditional offline channels[38]. Research and Development - The company has an independent food research institute responsible for new product development, ensuring timely and effective research outcomes[39]. - The company completed the development of new differentiated products, including deep-sea fish snacks and fish tofu, enhancing its competitive edge[86]. - The company is developing a fully automated production line for traditional fish products, aiming to improve production efficiency and reduce labor costs[87]. - The company has invested significantly in technology, holding 44 industry-leading patents related to processing techniques[59]. Governance and Compliance - The financial report confirms the accuracy and completeness of the financial statements, with all board members present for the meeting[4]. - The company adheres to regulatory requirements for corporate governance, ensuring effective decision-making and protection of minority shareholders' rights[130]. - The company has maintained strict compliance with information disclosure regulations, ensuring timely and accurate reporting of both financial and non-financial data[134]. - The company has conducted ESG reporting for three consecutive years, demonstrating its commitment to corporate social responsibility[134]. - The company has implemented strict quality management and food safety systems, but potential food safety risks still exist due to varying quality of raw materials and production processes[123]. Employee and Management - The total number of employees at the end of the reporting period is 2,695, with 449 in the parent company and 2,246 in major subsidiaries[157]. - The company has established a training program called "Jinzai Academy" to enhance organizational capabilities and support talent development[158]. - The company has implemented a cash dividend policy in accordance with its articles of association and the shareholder meeting resolution, ensuring clear standards and procedures for profit distribution[161]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 5.1957 million[148]. - The company has implemented new equity incentive plans for key executives, including a total of 1,062,500 shares allocated to various managers[137]. Social Responsibility - The company donated over 1 million CNY to rural education during the reporting period[183]. - The company invested 54 million CNY in a wholly-owned subsidiary in Kenya, which is expected to benefit about 2,000 people in 20 villages[184]. - The company has created over 2.6 billion CNY in additional income for farmers through employment, orders, and assistance[181].

上 市 公 司 食品饮料 ——毛利率表现亮眼 24 年高增有望延续 | --- | --- | |----------------------------------|------------------------| | | | | 基础数据 : | 年 12 月 31 日 | | 每股净资产（元） | 2.9 | | | | | 资产负债率 % | 27.80 | | 总股本 / 流通 A 股（百万） | 451/303 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 《劲仔食品（003000）点评：23 年完美收 官 24 年高增有望延续》 2024/03/11 《劲仔食品（003000）点评：利润超预期 24 年高增有望延续》 2024/01/11 吕昌 A0230516010001 lvchang@swsresearch.com 周缘 A0230519090004 zhouyuan@swsresearch.com 联系人 熊智超 (8621)23297818× xiongzc@swsresearch.com 报告原因：有业绩公布需要点评 买入（维持）投资要点： 事件 ...