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劲仔食品:收入符合预期,利润弹性较佳

Investment Rating - The investment rating for the company is "Buy" with a current price of 10.54 CNY and a target value of 13.27 CNY [3]. Core Views - The company reported a revenue of 1.13 billion CNY in H1 2024, representing a year-on-year growth of 22.2%, and a net profit of 140 million CNY, up 72.4% year-on-year [6]. - The revenue forecast for 2024-2026 is adjusted to 25.1 billion CNY, 30.2 billion CNY, and 35.4 billion CNY, with corresponding net profits of 3.0 billion CNY, 3.8 billion CNY, and 4.4 billion CNY [6]. Financial Summary - Revenue (in million CNY): - 2022A: 1462 - 2023A: 2065 - 2024E: 2513 - 2025E: 3016 - 2026E: 3544 - Revenue Growth Rate (%): - 2022A: 31.6% - 2023A: 41.3% - 2024E: 21.7% - 2025E: 20.0% - 2026E: 17.5% [2][9]. - EBITDA (in million CNY): - 2022A: 165 - 2023A: 304 - 2024E: 412 - 2025E: 516 - 2026E: 594 [2]. - Net Profit (in million CNY): - 2022A: 125 - 2023A: 210 - 2024E: 299 - 2025E: 379 - 2026E: 441 [2]. - EPS (CNY/share): - 2022A: 0.31 - 2023A: 0.48 - 2024E: 0.66 - 2025E: 0.84 - 2026E: 0.98 [2][9]. - P/E Ratio: - 2022A: 38.01 - 2023A: 25.61 - 2024E: 15.88 - 2025E: 12.55 - 2026E: 10.77 [2][9]. - ROE (%): - 2022A: 12.9% - 2023A: 16.0% - 2024E: 20.3% - 2025E: 20.5% - 2026E: 20.1% [2][9].