劲仔食品：投资价值分析报告：多维升级，打开空间

Investment Rating - The report maintains a "Buy" rating for Jinzai Food (003000 SZ) due to its clear product strategy and successful multi-channel expansion [2][10] Core Views - Jinzai Food's product strategy focuses on traditional Chinese snacks with significant market potential, leveraging product quality to drive growth [1] - The company's channel strategy prioritizes modern channels, with large-pack and bulk-pack products showing strong growth (CAGR of 58% and 150%+ respectively) [1] - Profitability is expected to improve through cost optimization and economies of scale, with net profit margins projected to rise [1] Product Strategy - Jinzai Food's product portfolio includes fish products, quail eggs, bean products, and meat products, with fish products being the core category [1][24] - The company has successfully expanded its product lines, with quail eggs achieving over 300 million RMB in revenue within the first year [1] - Product innovation, such as the introduction of "small egg round" quail eggs, has driven growth and market differentiation [24][30] Channel Strategy - Jinzai Food has shifted from traditional low-price channels to modern channels, with large-pack products contributing over 50% of revenue in 2023 [1] - The company has optimized its distribution network, increasing the average revenue per distributor from 490,000 RMB in 2020 to 540,000 RMB in 2023 [44] - Bulk-pack products, particularly quail eggs, have seen rapid growth, with revenue increasing by over 150% CAGR from 2021 to 2023 [49] Profitability and Cost Optimization - Jinzai Food's net profit is expected to grow from 305 million RMB in 2024 to 467 million RMB in 2026, with EPS increasing from 0 68 RMB to 1 04 RMB [2][10] - The company's profitability is supported by cost reductions in raw materials, particularly anchovy, and improved production efficiency [1][65] - Capital expenditures for new production facilities are expected to be offset by revenue growth, with minimal impact on profitability [65] Market and Industry Analysis - The Chinese snack food market is highly fragmented, with local snacks gaining traction due to improved production processes [1][16] - Jinzai Food's focus on traditional snacks with existing consumer recognition reduces the need for extensive market education [1][18] - The company's strategy of creating demand through supply innovation has been successful, particularly in the quail egg and fish product categories [1][20] Future Growth Potential - Jinzai Food has significant room for growth in both the number of retail outlets and sales per outlet, with current coverage at 300,000-400,000 outlets [58] - The company plans to expand its product portfolio and enhance brand exposure through modern channels, further driving growth [52][54] - Regional expansion, particularly in underpenetrated markets like Northwest and Northeast China, offers additional growth opportunities [57]