证券代码：003000 证券简称：劲仔食品 公告编号：2024-028 劲仔食品集团股份有限公司 关于减少对外投资认缴出资额暨关联交易进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、与专业投资机构合作投资概述 劲仔食品集团股份有限公司（以下简称"公司"）于 2021 年 9 月 16 日召开 第二届董事会第一次会议、于 2021 年 10 月 11 日召开了 2021 年第二次临时股东 大会审议通过了《关于公司拟与专业投资机构合作投资暨关联交易的议案》，同 意公司作为有限合伙人以自有资金 10,000 万元人民币与大河佳沃（重庆）企业 管理有限公司、雷亚大河（天津）股权投资合伙企业（有限合伙）、佳沃大河（天 津）企业管理合伙企业（有限合伙）（以下简称"佳沃大河"）、重庆市江津区 国科联动股权投资基金合伙企业（有限合伙）共同出资成立重庆向新力私募股权 投资基金合伙企业（有限合伙）（以下简称"重庆向新力"），基金目标规模为 人民币 41,000 万元，并签订《重庆向新力私募股权投资基金合伙企业（有限合 伙）合伙协议》（以下简称"合伙协议"），具体详 ...

Investment Rating - The report assigns an "Outperform" rating to Jinzai Food Group with a target price of RMB 16.00 per share [1][26]. Core Insights - In 2023, Jinzai Food Group achieved a revenue of RMB 2.07 billion, representing a year-over-year growth of 41.26%, and a net profit attributable to shareholders of RMB 210 million, which is a 68.17% increase year-over-year [19][20]. - The company successfully completed its three-year doubling target, with significant profit growth in Q4, where revenue grew by 26.51% year-over-year and net profit attributable to shareholders surged by 122.61% year-over-year [21][20]. Summary by Sections Financial Performance - The company reported a gross profit increase of 55.27% year-over-year, driven by a 41.26% increase in revenue and a 2.54 percentage point rise in gross profit margin [20][19]. - For Q4 alone, the gross profit margin improved by 7.91 percentage points, leading to a gross profit increase of 67.02% year-over-year [21]. Product Performance - Fish products generated RMB 1.29 billion in revenue, growing by 25.87% year-over-year, while poultry products, particularly quail eggs, saw a remarkable growth of 147.56%, surpassing RMB 300 million in sales [22][22]. - The company focuses on developing key products, including the "two billion-level" product, Jinzai deep-sea fish, and aims to establish quail eggs as its second "billion-level" product [25][25]. Channel Development - Jinzai Food Group has been expanding its omnichannel strategy, achieving offline revenue of RMB 1.65 billion (up 43.00% year-over-year) and online revenue of RMB 416 million (up 34.76% year-over-year) [24][24]. - The company is enhancing its distribution system and refining operations to adapt to the slowdown in traditional e-commerce traffic, leveraging new media trends for brand and sales growth [23][23]. Future Outlook - The company projects revenues of RMB 2.63 billion, RMB 3.33 billion, and RMB 4.13 billion for 2024, 2025, and 2026, respectively, with net profits of RMB 290 million, RMB 389 million, and RMB 509 million for the same years [26][26]. - Jinzai Food Group plans to continue focusing on product innovation and supply chain enhancements to support its growth trajectory [25][25].

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].