JINZAI FOOD GROUP CO.(SZ:003000)2024-07-17 01:01Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [2][6]. Core Views - The company is expected to achieve a net profit of 133-150 million yuan for the first half of 2024, representing a year-on-year growth of 60%-80%. The second quarter is projected to yield a net profit of 59-76 million yuan, with a growth rate of 35%-73% [6][8]. - The report forecasts net profits for 2024-2026 to be 291 million, 376 million, and 476 million yuan, respectively, with year-on-year growth rates of 39%, 29%, and 27% [6][9]. - The company is focusing on upgrading its packaging strategy and expanding modern distribution channels, which is expected to enhance its growth prospects [6][8]. Summary by Sections Market Data - Closing price as of July 16, 2024: 11.66 yuan - Market capitalization: 3,546 million yuan - Price-to-book ratio: 3.9 - Dividend yield: 2.57% [3][6]. Financial Performance - The company reported total revenue of 2,065 million yuan in 2023, with projections of 2,642 million yuan for 2024, 3,322 million yuan for 2025, and 4,090 million yuan for 2026, reflecting a compound annual growth rate [12]. - The gross profit margin is expected to remain stable, with a projected net profit margin of 10.2%-10.6% for Q2 2024, an increase from the previous year [8][9]. Product and Channel Performance - The online sales channel is currently undergoing adjustments, while the offline channel is expected to grow by approximately 30% [6][8]. - New product launches, such as deep-sea fish and short-shelf-life tofu, are anticipated to perform well, contributing to revenue growth [6][8].