劲仔食品：势能延续，盈利亮眼

Investment Rating - The report assigns a "Buy" rating to Jinzai Food (003000) [8] Core Views - Jinzai Food is expected to achieve a net profit attributable to the parent company of 1.12-1.29 billion yuan in H1 2024, a year-on-year increase of 56.04%-79.17% [8] - In Q2 2024, the company is expected to achieve a net profit attributable to the parent company of 0.54-0.70 billion yuan, a year-on-year increase of 38.0%-80.6% [8] - The company's profitability is expected to continue improving due to economies of scale and supply chain optimization, with a net profit margin of 10.0%-12.8% in Q2 2024 [8] - Revenue growth is expected to remain strong, driven by the company's strategy of focusing on "big products, full channels, branding, and internationalization" [8] - The company has successfully developed big products such as dried fish and quail eggs, and is expected to continue accumulating value [8] Financial Performance - Revenue is expected to grow from 2.58 billion yuan in 2024 to 3.81 billion yuan in 2026, with a CAGR of 19.5% [8] - Net profit attributable to the parent company is expected to grow from 302 million yuan in 2024 to 477 million yuan in 2026, with a CAGR of 24.9% [8] - Gross margin is expected to increase from 28.9% in 2024 to 29.3% in 2026 [8] - ROE is expected to increase from 19.3% in 2024 to 20.8% in 2026 [8] - EPS is expected to grow from 0.67 yuan in 2024 to 1.06 yuan in 2026 [8] Strategic Focus - The company is focusing on expanding its product portfolio, including deep-sea anchovies, short-shelf-life tofu, and soft-boiled quail eggs, to strengthen its position in the healthy snack category [8] - The company is leveraging its experience in developing big products to enhance brand and channel strength [8] - The company is expected to benefit from the release of modern channel dividends and the continued growth of its quail egg product line [8] Industry Context - The report highlights the company's strong position in the snack food industry, with a focus on both domestic and international markets [8] - The company's ability to innovate and expand its product offerings is seen as a key driver of future growth [8]