劲仔食品(003000)：营收端恢复稳增 渠道调整初显成效

Core Insights - The company reported a total revenue of 1.808 billion yuan for Q1-Q3 2025, reflecting a 2% year-on-year increase, while net profit decreased by 20% to 173 million yuan [1] - In Q3 2025, total revenue reached 685 million yuan, a 7% year-on-year increase, but net profit fell by 15% to 61 million yuan [1] Financial Performance - The gross margin for Q3 2025 decreased by 1 percentage point to 28.93%, primarily due to high raw material prices and changes in channel structure [2] - The sales and management expense ratios increased by 2 percentage points and 0.4 percentage points to 13.83% and 3.85%, respectively, driven by higher promotional, personnel, and sponsorship costs [2] - The net profit margin decreased by 2 percentage points to 8.81%, indicating short-term pressure on profitability [2] Strategic Focus - The company is focusing on its core product category of small fish and channel construction, with fish products showing a recovery in high growth for Q3 2025 [2] - The quail egg segment is facing pressure due to intensified low-price competition, prompting the company to upgrade its product line and shift towards antibiotic-free products [2] - The company is also re-evaluating its konjac product positioning, leveraging the distribution advantages of fish products to accelerate new product launches and market expansion [2] Profitability Outlook - The company expects significant penetration opportunities in the snack channel, with new product displays contributing to mid-term growth [3] - The focus on small fish core products and the gradual narrowing of revenue decline in quail eggs are anticipated to support steady recovery in profitability [3] - The adjusted EPS forecasts for 2025-2027 are 0.54, 0.67, and 0.78 yuan, with corresponding PE ratios of 22, 18, and 15 times at the current stock price [3]