劲仔食品：24Q2延续高增趋势，大单品战略持续落地

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on expected performance exceeding the Shanghai Composite Index by 15% over the next six months [1][18]. Core Insights - The company's large product strategy is effectively implemented, with continuous progress in channel development [2]. - The company is expected to see sustained growth in its large product offerings, leading to further improvements in profitability [3]. - The company focuses on high-quality protein health ingredients, expanding in the Chinese-style snack food sector, and achieving scale expansion [26]. - The company is enhancing brand recognition and product structure through innovative upgrades in its product lines [26]. - The company is optimizing its supply chain and benefiting from lower raw material costs, which is expected to enhance gross margins and drive profit growth [26]. Financial Summary - Projected revenue for 2024 is 2,668 million yuan, with a year-on-year growth of 29.2% [3][13]. - Projected net profit for 2024 is 289 million yuan, with a year-on-year growth of 37.7% [3][13]. - The gross margin is expected to improve from 28.2% in 2023 to 29.0% in 2024 [3][13]. - Earnings per share (EPS) are projected to increase from 0.48 yuan in 2024 to 0.99 yuan in 2026 [3][13]. Market Position and Strategy - The company is focusing on its core products, such as deep-sea fish and quail eggs, aiming to establish them as leading items in the snack food market [27]. - The company is enhancing its distribution channels and increasing its market coverage through e-commerce and new retail strategies [27]. - The report forecasts a continued increase in revenue and EPS for 2024-2026, with corresponding price-to-earnings (PE) ratios of 20, 16, and 13 times [27].