研报掘金丨海通国际：维持劲仔食品“优于大市”评级，目标价15.87元

Core Viewpoint - Haitong International's report indicates that Jingzai Food achieved positive revenue growth in Q3 2025, with a narrowing decline in profits, driven by deeper collaboration with wholesale channels and gradual market penetration of new products [1] Financial Performance - Revenue for Q3 2025 showed positive growth, while profit decline was less severe compared to previous periods [1] - EPS forecasts for Jingzai Food are projected at 0.55, 0.69, and 0.82 yuan for the years 2025, 2026, and 2027 respectively [1] Market Strategy - The company is actively expanding its market presence despite rising raw material costs and ongoing competitive pressures [1] - The trend of improvement is expected to continue as the company adjusts to cost pressures and enhances its market strategies [1] Valuation - The average valuation of comparable companies suggests a target price of 15.87 yuan for 2026, applying a 23X PE ratio [1] - The rating of "outperform the market" is maintained based on anticipated performance improvements [1]