劲仔食品2024H1业绩点评：符合预期，业绩持续兑现

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.53 CNY [2][10] Core Views - The company's performance in Q2 2024 met expectations, with a revenue increase of 20.9% and a profit increase of 58.74% [11] - The growth in revenue is supported by significant increases in the sales of fish and poultry products, with poultry products growing by 51.1% due to the expansion of quail egg sales [2][11] - The report highlights the company's strong profit margin improvements, with gross margins for fish and poultry products increasing by 4.19 percentage points and 5.26 percentage points respectively [2][11] - The company is expected to benefit from a recovery in raw material costs and the release of new product scale effects, which will continue to enhance profit elasticity [2][11] Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 590 million CNY and a net profit of 70 million CNY, reflecting a year-on-year growth of 20.9% and 58.74% respectively [11] - For the first half of 2024, revenue from fish products and poultry products increased by 16.6% and 51.1% respectively [2][11] - The company’s net profit margin improved to 11.83%, an increase of 2.8 percentage points year-on-year [2][11] Profitability and Cash Flow - The report indicates a significant improvement in profitability, with the company's cash flow remaining stable [2][11] - The gross margin for Q2 2024 increased by 4.3 percentage points year-on-year, indicating effective cost management and scale benefits [2][11] Growth Potential - The report expresses confidence in the company's growth potential, citing the ongoing expansion in traditional channels and the benefits from cost reductions in raw materials [2][11] - The company is expected to continue gaining market share in the snack food sector, supported by favorable consumer trends and product innovations [2][11]