劲仔食品：成本红利延续，利润如期高增

Investment Rating - The investment rating for the company is "Buy" with a maintained rating of "Increase-A" [1][2] Core Views - The company has shown strong revenue growth driven by cost advantages and product innovation, with a 22.17% year-on-year increase in revenue for H1 2024 [1] - The second growth curve, particularly in quail eggs, is expected to drive high growth, supported by channel expansion and supply chain optimization [2] - The company is focusing on a big product strategy and enhancing brand building, which is anticipated to lead to continued high profit growth [1][2] Revenue Analysis - In H1 2024, the company achieved revenue of 1.13 billion, a year-on-year increase of 22.17%, with Q2 revenue at 590 million, up 20.90% [1] - Revenue breakdown shows fish products at 703 million (+16.64%), poultry products at 258 million (+51.10%), and vegetable products at 38 million (+15.61%) [1] - The online and offline channel revenue proportions were 17.6% and 82.4%, with offline channels showing significant growth due to enhanced distributor development [1] Profit Analysis - The gross profit margin for Q2 2024 was 30.76%, an increase of 4.25 percentage points year-on-year, attributed to lower raw material prices and improved scale effects [1] - The net profit margin for Q2 2024 was 11.97%, reflecting a year-on-year increase of 2.82 percentage points [1] Financial Forecast - Revenue projections for 2024-2026 have been adjusted to 2.592 billion, 3.214 billion, and 3.883 billion, with year-on-year growth rates of 25.5%, 24.0%, and 20.8% respectively [2] - The forecasted net profit for the same period is adjusted to 299 million, 381 million, and 474 million, with growth rates of 42.6%, 27.6%, and 24.3% respectively [2] Long-term Outlook - The company is expected to continue enhancing its brand and product innovation, with a focus on expanding its SKU offerings and optimizing channel strategies [1][2] - The long-term strategy emphasizes quality and product strength to support channel expansion and improve brand power [2]