JINZAI FOOD GROUP CO.(SZ:003000) China Post Securities·2024-08-23 02:00Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved significant revenue growth in the first half of 2024, with total revenue of 1.13 billion yuan, representing a year-on-year increase of 22.17%. The net profit attributable to shareholders reached 143 million yuan, up 72.41% year-on-year [3][4]. - The company focuses on a big product strategy, with stable growth in its core products, particularly the small fish category, which continues to expand after surpassing 1 billion yuan in sales [4][6]. - The company has introduced new products such as deep-sea fish and quail eggs, which are expected to contribute to revenue in the second half of the year [4][6]. Financial Performance - In the first half of 2024, the company reported a gross margin of 30.4%, an increase of 4.14 percentage points year-on-year, and a net profit margin of 12.69%, up 3.7 percentage points year-on-year [5]. - The company plans to distribute a cash dividend of 1 yuan per 10 shares, totaling 44.76 million yuan, which is 31.23% of its net profit for the first half of 2024 [5]. - Revenue forecasts for 2024-2026 are set at 2.602 billion yuan, 3.327 billion yuan, and 4.120 billion yuan, respectively, with year-on-year growth rates of 25.99%, 27.85%, and 23.86% [7][8]. Market Outlook - The company is expected to maintain high growth rates due to its clear product matrix and brand momentum, with continued expansion in core categories and effective channel strategies [6][7]. - The company anticipates improved performance in online sales channels in the second half of the year, supported by strategic focus and resource allocation [4][6].