劲仔食品：2024年半年报点评：零食渠道带动收入增长，盈利能力提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][2]. Core Insights - The company reported a revenue of 1.13 billion yuan for the first half of 2024, representing a year-on-year growth of 22.2%. The net profit attributable to shareholders reached 140 million yuan, up 72.4%, closely aligning with the upper limit of the earnings forecast [1]. - The growth in revenue is driven by the snack channel, with significant contributions from quail eggs and other product innovations [1]. - The company plans to distribute a cash dividend of 1.0 yuan per 10 shares to all shareholders [1]. Revenue Breakdown - By product category, revenue from leisure fish products was 700 million yuan (+16.6%), poultry products 260 million yuan (+51.1%), bean products 110 million yuan (+9.5%), and vegetable products 40 million yuan (+15.6%) [1]. - By sales channel, revenue from distribution and direct sales reached 870 million yuan (+16.6%) and 260 million yuan (+46%), respectively, with the snack specialty channel driving high growth in direct sales [1]. Profitability Improvement - The gross margin for the first half of 2024 was 30.4%, an increase of 4.1 percentage points year-on-year. The net profit margin improved to 12.8%, up 3.8 percentage points year-on-year [1]. - The company has seen a decrease in raw material costs and benefits from economies of scale, contributing to improved profitability [1]. Shareholder Confidence - The controlling shareholder has committed not to sell shares for 12 months following the IPO, reflecting confidence in the company's future [1]. - The company has announced a share repurchase plan of 20 to 40 million yuan to support employee incentive programs [1]. Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 300 million yuan, 380 million yuan, and 470 million yuan, respectively, with corresponding EPS of 0.66 yuan, 0.85 yuan, and 1.05 yuan [2]. - The dynamic PE ratios for the same years are expected to be 16 times, 12 times, and 10 times [2].