劲仔食品(003000)：经营基本盘稳健 静待品类增势回升

Core Viewpoint - The company has shown strong revenue growth in 2024, driven primarily by its core fish products, while facing challenges in quail egg sales in the latter half of the year [1][2]. Financial Performance - In 2024, the company achieved revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [1]. - For Q1 2025, the company reported revenue of 595 million yuan, a year-on-year increase of 10.27%, but a decline in net profit by 8.21% to 68 million yuan [1][5]. Product Category Performance - Revenue from fish products reached 1.533 billion yuan in 2024, growing by 18.76%, while quail egg sales showed a slowdown with H1 and H2 growth rates of +51% and -11% respectively [2]. - The company’s product mix includes fish products, poultry products, bean products, and vegetable products, with respective revenues of 1.533 billion, 509 million, 247 million, and 79 million yuan [2]. Channel Performance - Offline channels outperformed online channels in 2024, generating 2.021 billion yuan in revenue (up 22.58%) compared to 391 million yuan from online channels (down 6.15%) [3]. - The company has expanded its presence in the Southeast Asian market, achieving overseas revenue of 34 million yuan, a growth of approximately 90% [3]. Profitability and Cost Management - The company’s gross margin improved to 30.47% in 2024, an increase of 2.30 percentage points, driven by scale effects and optimized supply chain efficiencies [4]. - The net profit margin for 2024 was 12.08%, reflecting a year-on-year increase of 1.93 percentage points [4]. Future Outlook - The company anticipates stable growth in offline channels and aims to enhance its product differentiation strategy to maintain competitive advantages [5]. - Revenue projections for 2025 to 2027 are estimated at 2.807 billion, 3.229 billion, and 3.696 billion yuan, with net profits of 328 million, 400 million, and 469 million yuan respectively [6].