劲仔食品：业绩符合预期，鹌鹑蛋增长亮眼

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.80, compared to the last closing price of 10.57 [1]. Core Insights - The company's performance in H1 2024 met expectations, with revenue reaching 1.13 billion, a year-on-year increase of 22.17%. The net profit attributable to shareholders was 143 million, up 72.41% year-on-year [1]. - The growth in revenue was driven by strong performance in quail eggs, which saw significant growth, contributing to the overall positive results [1]. - The company achieved a gross margin of 30.4% in H1 2024, an increase of 4.1 percentage points year-on-year, primarily due to cost reductions in key products [1]. Financial Performance Summary - Revenue and Profit Forecasts: - 2023A Revenue: 2,065 million; 2024E Revenue: 2,512 million; 2025E Revenue: 3,165 million; 2026E Revenue: 3,948 million [2]. - 2023A Net Profit: 210 million; 2024E Net Profit: 312 million; 2025E Net Profit: 402 million; 2026E Net Profit: 494 million [2]. - Growth Rates: - Revenue growth rates are projected at 41.26% for 2023, 21.63% for 2024, 26.02% for 2025, and 24.72% for 2026 [2]. - Net profit growth rates are expected to be 68.17% for 2023, 48.83% for 2024, 28.94% for 2025, and 22.71% for 2026 [2]. - Earnings Per Share (EPS): - EPS is projected to be 0.48 for 2023, 0.69 for 2024, 0.89 for 2025, and 1.09 for 2026 [2]. Market Position and Strategy - The company is focusing on expanding its product offerings and enhancing brand promotion, which has led to increased sales expenses by 80.30% [1]. - The growth in the quail egg segment is attributed to a diversified flavor matrix and increased market penetration [1].