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].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [10]. Core Insights - The company achieved a revenue of 2.065 billion yuan in 2023, representing a year-over-year increase of 41.26%, and a net profit attributable to shareholders of 210 million yuan, up 68.17% year-over-year [1]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares [1]. - The core product strategy focuses on "big single products," with significant revenue contributions from fish products (1.291 billion yuan, +25.87% YoY) and quail eggs (over 300 million yuan) [2]. - The company is expanding its offline channels and leveraging online platforms like Douyin to enhance brand visibility and sales [8]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 572 million yuan, a year-over-year increase of 26.51%, and a net profit of 76 million yuan, up 122.61% year-over-year [1]. - The company’s online revenue reached 416 million yuan, growing 34.76% YoY, while offline revenue was 1.649 billion yuan, up 43% YoY [8]. - The projected revenue for 2024-2026 is expected to be 2.719 billion yuan, 3.450 billion yuan, and 4.260 billion yuan, respectively, with year-over-year growth rates of 32%, 27%, and 23% [9]. Product and Channel Strategy - The company is implementing a dual strategy of "big packaging + bulk sales" to penetrate high-potential offline channels and is developing specialized distributors for bulk products [2]. - The second growth curve is focused on quail eggs, with plans for product innovation and brand development to achieve a second "billion-level single product" target [2]. - The company has seen rapid growth in emerging channels, particularly in volume discount stores, with over 150% YoY growth [8].

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：" ...

[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 | --- | --- | --- | --- | --- | --- | |-------|-----------------------------------------| ...