民生证券股份有限公司 关于劲仔食品集团股份有限公司 日常关联交易预计的核查意见 民生证券股份有限公司（以下简称 "保荐机构"）作为劲仔食品集团股份 有限公司（以下简称"劲仔食品"）2022 年度非公开发行股票并上市的保荐机 构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关规定， 对劲仔食品日常关联交易预计事项进行了核查，具体核查情况如下： （一）日常关联交易概述 劲仔食品及子公司湖南省博味园食品有限公司、北海市劲仔小蛋圆圆食品 有限公司因生产经营需要，预计在 2024 年度将向关联方平江县源本生态农业农 民专业合作社（以下简称"源本农业"）、湖南咚咚现代农业发展有限公司（以 下简称"咚咚农业"）采购原材料鹌鹑蛋，预计采购额度分别不超过 2,000 万 元、7,000 万元。2023 年度劲仔食品及子公司实际发生的日常关联交易总金额 为 744.07 万元（含采购原材料 744.04 万元、销售商品 0.04 万元）。 劲仔食品于 2024 年 ...

证券代码：003000 证券简称：劲仔食品 公告编号：2024-019 劲仔食品集团股份有限公司 关于 2023 年度募集资金年度存放与实际使用情况的专项报告 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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》和《深圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》 等有关规定，现将劲仔食品集团股份有限公司（以下简称"公司"或"劲仔食品公 司"）2023 年度募集资金年度存放与使用情况专项说明如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准劲仔食品集团股份有限公司非公开发 行股票的批复》（证监许可〔2022〕2960 号）核准，劲仔食品向 2022 年第一次 临时股东大会审议通过的发行对象周劲松发行 47,899,159 股普通股（A 股），募 集资金总额为 28,500.00 万元，扣除不含税的发行费用 686.00 万元后，募集资金 净额为 27,814.00 万元。上述募集资金已于 2023 年 1 月 16 日 ...

图16：风味小鱼营收占比较大，但呈现下降趋势 0% 20% 40% 60% 80% 100% 2018 2019 2020 2021 2022 2023H1 风味小鱼 豆制品 禽类制品 其他主营收入 其他业务 图17：公司形成以鱼制品为核心的产品矩阵系列 0% 5% 10% 15% 20% 25% 30% 35% 40% 2018 2019 2020 2021 2022 2023H1 风味小鱼 公司首次覆盖报告 图21：截至 2023 年 9 月公司鹌鹑蛋月销达到 4400 万元 图22：公司鹌鹑蛋产品采用子品牌"小蛋圆圆" 公司首次覆盖报告 图25：2023H1 公司豆制品收入增速 29.2% 图26：2021 年以来公司豆制品毛利率底部回升 公司首次覆盖报告 禽类制品加速扩张，第二增长曲线显现。除了休闲鱼制品外，公司近年来积极 拓展新的产品品类，依托现有战略和渠道，孕育下一个核心品类。2021 年-2023 上半 年，公司禽类产品增速持续超过 60%，显著高于鱼制品和豆制品，2023 上半年，禽 类制品同比增长 155.1%。细分产品看，鹌鹑蛋一经推出就得到了广大消费者的认可， 增速较快，成为公司黑马产品 ...

Investment Rating - The report maintains a **Buy** rating for Jinzai Food [3] Core Views - Jinzai Food is expected to experience **high growth** with a promising outlook, driven by its product matrix and channel optimization [4] - The company's revenue is projected to grow at a CAGR of **30%+** from 2021, with significant contributions from new products like quail eggs and large packaging strategies [37] - The company's **profit margins** are expected to improve due to product structure upgrades and stable raw material prices [147] Product Analysis - **Fish products** remain the core category, contributing **65%** of total revenue in 2023H1, with a **35% YoY growth** in sales [50] - **Quail eggs** have emerged as a **second growth curve**, with monthly sales exceeding **27 million yuan** in 2023H1 and aiming to become a **billion-yuan product** [13] - **Bean products** and **poultry products** also show strong growth, with **29%** and **155% YoY growth** respectively in 2023H1 [50] - The company has adopted a **"1+X" product matrix** strategy, focusing on fish products while expanding into other categories like quail eggs and bean products [140] Channel and Distribution - Jinzai Food primarily relies on a **distributor model**, with **90%+** of sales coming from distributors [93] - The company has been optimizing its **channel structure**, with a focus on **large packaging** and **bulk products**, which accounted for **50%** of total revenue in 2023H1 [72] - **Online sales** grew by **70%** in 2023H1, driven by new media channels like TikTok and Tmall, where Jinzai Food became the **top seller** in the seafood snack category [121] Profitability and Margins - The company's **gross margin** has been under pressure due to new product launches and raw material price fluctuations, but is expected to improve with **cost reductions** and **product upgrades** [15] - **Fish products** have a gross margin of **28%**, while **quail eggs** and **bean products** have margins of **17%** and **26%** respectively in 2023H1 [147] - The company's **ROE** is expected to rise due to improved profitability and operational efficiency, with a projected **18.2% ROE** by 2024 [28] Market and Competitive Landscape - Jinzai Food holds a **9% market share** in the **fish snack category**, with a strong brand presence in both online and offline channels [22] - The **quail egg market** is a **blue ocean opportunity**, with an estimated market size of **5-7 billion yuan**, and Jinzai Food is among the **top players** with a **5-10% market share** [98] - The company is leveraging its **scale advantage** and **upstream integration** to strengthen its competitive position in the snack industry [53] Future Outlook - Revenue is expected to reach **2.66 billion yuan** in 2024 and **3.30 billion yuan** in 2025, with **29%** and **24% YoY growth** respectively [37] - Net profit is projected to grow to **290 million yuan** in 2024 and **384 million yuan** in 2025, with **39%** and **33% YoY growth** respectively [37] - The company is targeting a **25x PE valuation** for 2024, with a fair value of **16.05 yuan per share** [37]

【投资建议】 宏观经济缓慢复苏，公司业绩有望保持稳步增长。我们预计公司 2023-2025 年收入分别为 20.65/26.71/33.12 亿元，归母净利润分别为 2.09/2.69/3.53 亿元， 对应 EPS 分别为 0.48/0.60/0.78 元，2023-2025 年 PE 分别为 28.83/23.23/17.68 倍。给予"增持"评级。 盈利预测 | --- | --- | --- | --- | --- | |-----------------------------------|---------|---------|-------------------------|---------| | [Table_FinanceInfo 项目\年度 ] | | | 2022A 2023E 2024E 2025E | | | 营业收入（百万元） | 1462.03 | 2065.21 | 2671.09 | 3312.26 | | 增长率 (%) | 31.59% | 41.26% | 29.34% | 24.00% | | EBITDA （百万元） | 165.30 | 262.31 | 32 ...

◼ 盈利预测与投资评级：我们预计 2023-2025 年公司收入分别为 20.65/26.77/32.20 亿元，同增 41%/30%/20%；归母净利润分别为 2.1/2.9/3.7 亿元，同增 68%/39%/29%，EPS 分别为 0.46/0.64/0.83 元，对 应当前 PE 为 31x、23x、18x，首次覆盖，给予"买入"评级。 证券研究报告·公司点评报告·休闲食品 劲仔食品（003000） 2023 年业绩快报点评：2023 年完美收官 2024 年 03 月 13 日 买入（首次） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2021A | 2022A | 2023E | 2024E | 2025E | | 营业总收入（百万元） | 1,111 | 1,462 | 2,065 | 2,677 | 3,220 | | 同比 | 22.21% | 31.59% ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price corresponding to a PE ratio of 30x for 2023, 23x for 2024, and 18x for 2025 [1]. Core Views - The report highlights a clear strategic direction for the company, focusing on upgrading large packaging and expanding modern channels, which is expected to yield growth in both product categories and distribution channels [1]. - The company has successfully completed its three-year doubling target, achieving a revenue of 2.065 billion in 2023, with a year-on-year growth of 41.26% [1]. - The report anticipates a strong performance in the first quarter of 2024, driven by the sales of large packaging products and quail eggs [1]. Financial Summary - The projected net profits for 2023, 2024, and 2025 are 209 million, 271 million, and 348 million respectively, reflecting year-on-year growth rates of 68%, 30%, and 28% [1][18]. - The company achieved a net profit margin of 13.3% in Q4 2023, attributed to a decrease in raw material costs and improved operational efficiency [1]. - The report indicates that the company has repurchased 3.31 million shares, which is 0.73% of the total share capital, demonstrating confidence in its long-term development [1]. Revenue and Profit Growth - The company reported a revenue of 5.72 billion in Q4 2023, with a year-on-year increase of 26.5%, and a net profit of 76 million, up 121.7% [18]. - The expected revenue for 2024 is projected to be 2.626 billion, with a year-on-year growth of 27.2% [19]. - The gross profit margin is expected to improve from 27.2% in 2023 to 28.2% in 2025, indicating enhanced profitability [19]. Market Performance - The current stock price is 13.8, with a market capitalization of approximately 4.18 billion [9]. - The stock has shown a price range of 15.6 to 9.67 over the past year, indicating volatility in market performance [9]. Strategic Initiatives - The company is focusing on optimizing its product matrix through a "large packaging + loose sales" strategy, which is expected to enhance brand strength and profitability [1]. - The report emphasizes the importance of channel expansion and product volume exceeding expectations as catalysts for stock price performance [1].

Investment Rating - The report maintains a "Buy" investment rating for the company [4][35]. Core Views - The company is expected to see stable growth driven by the continuous release of new products and improvement in gross margins for core products. The earnings per share (EPS) forecasts for 2023, 2024, and 2025 are projected to be 0.46, 0.60, and 0.74 yuan respectively, with corresponding price-to-earnings (PE) ratios of 30, 23, and 19 times [4][30]. Financial Performance Summary - The company reported total revenue of 2.065 billion yuan in 2023, representing a year-on-year growth of 41.3%. The net profit attributable to shareholders was 209 million yuan, up 67.9% from the previous year. The growth was attributed to the continuous development and optimization of distributors, terminal market construction, new product promotions, and increased revenue from new media platforms [16][5]. - The fourth quarter of 2023 saw total revenue of 572 million yuan, a 27% increase year-on-year, with net profit attributable to shareholders reaching 76 million yuan, marking a 122% increase [16]. - The company has successfully expanded its product matrix, particularly with the rapid growth of quail eggs and the completion of the first round of distribution for the new product, deep-sea fish [16][4]. Earnings Forecast - The forecast for the company's main revenue and net profit for the years 2023 to 2025 is as follows: - Main Revenue (million yuan): 2,065 (2023E), 2,652 (2024E), 3,268 (2025E) - Net Profit (million yuan): 209 (2023E), 269 (2024E), 335 (2025E) - EPS (yuan): 0.46 (2023E), 0.60 (2024E), 0.74 (2025E) - ROE (%): 19.3% (2023E), 22.2% (2024E), 24.4% (2025E) [5][4].

顺利收官，增势仍存 要点 公司研究 ——劲仔食品（003000.SZ）2023 年度业绩快报点评 2024 年 3 月 12 日 -33% -22% -12% -1% 10% 03/23 06/23 09/23 12/23 劲仔食品 沪深300 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方法，使用合法 合规的信息，独立、客观地出具本报告，并对本报告的内容和观点负责。负责准备以及撰写本报告的所有研究人员在此保证，本研究报告中任何关于 发行商或证券所发表的观点均如实反映研究人员的个人观点。研究人员获取报酬的评判因素包括研究的质量和准确性、客户反馈、竞争性因素以及光 大证券股份有限公司的整体收益。所有研究人员保证他们报酬的任何一部分不曾与，不与，也将不会与本报告中具体的推荐意见或观点有直接或间接 的联系。 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------|----------- ...

证 券 研 究 报 告 | --- | --- | --- | |----------|------------------|------------------------------------| | | | ——劲仔食品 2023 年业绩快报点评 | | | 訾猛 ( 分析师 ) | 李耀 ( 分析师 ) | | | 021-38676442 | 8621-38675854 | | | zimeng@gtjas.com | liyao022899@gtjas.com | | 证书编号 | S0880513120002 | S0880520090001 | 风险因素：食品安全、管理团队更替。 股 票 研 究 蓄势前行，成长延续 成本回落、费用收窄叠加单品盈利能力上行，23Q4 利润高增；2024 公司充分利用春 | --- | --- | --- | --- | --- | --- | |--------------------------------------|-------|-------|-------|-------|-------| | [Table_Finance] 财务摘要（百万元） | ...