劲仔食品：扩产品拓渠道，步入成长快车道

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1][3]. Core Views - The company is positioned for growth through product expansion and channel diversification, leveraging its strong brand presence in the snack food industry [1][14]. - The core product strategy focuses on major items like "Jinzai Small Fish" and the newly introduced quail eggs, which are expected to drive revenue growth [1][17]. - The company has successfully transitioned from small packaging to larger formats, enhancing its market reach and operational efficiency [1][17]. Summary by Sections Company Overview - The company has established itself as a leader in the snack food sector, particularly in the fish product category, since its entry in 2011 [1][14]. - It has developed a robust product matrix, including fish products and quail eggs, which are expected to contribute significantly to future growth [1][17]. Product Strategy - The product structure is defined as "1+1+N," with a focus on core fish products and the new quail egg line, which has shown rapid revenue growth [1][17]. - The quail egg product, launched in 2022, has already surpassed 300 million yuan in revenue in its first full year [1][17]. Channel Strategy - The company has shifted from a reliance on small packaging to a more diversified channel strategy, including large packaging and bulk sales, which now account for over 50% of its revenue [1][17]. - This channel expansion has allowed the company to penetrate modern retail environments such as supermarkets and convenience stores effectively [1][17]. Financial Projections - Revenue is projected to grow at a compound annual growth rate (CAGR) of approximately 25% from 2024 to 2026, reaching 3.87 billion yuan by 2026 [2]. - Net profit is expected to increase significantly, with projections of 3.0 billion yuan in 2024, 3.8 billion yuan in 2025, and 4.7 billion yuan in 2026 [2]. Management and Governance - The founder has a long-standing presence in the snack food industry, with a stable shareholding structure that supports strategic continuity [1][19]. - The management team is experienced, with a focus on talent development and long-term incentives to align interests with company growth [1][19].