劲仔食品2024Q3预告点评：盈利弹性如期兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 0.65-0.80 billion yuan in Q3 2024, representing a year-on-year growth of 30.0%-60.0% [1] - The company's revenue is projected to grow by 20% year-on-year in Q3 2024, with offline channels expected to contribute approximately 25-30% growth [1] - The company anticipates a net profit margin of 10.63% in Q3 2024, an increase of 3.36 percentage points year-on-year, driven by cost reduction and operational efficiency [1] Financial Performance Summary - For the first three quarters of 2024, the company expects a net profit attributable to shareholders of 2.08-2.23 billion yuan, reflecting a year-on-year growth of 61.1%-101.1% [1] - The company forecasts total revenue for 2024 to be 2065 million yuan, with a year-on-year growth of 41.3% [2] - The projected net profit for 2024 is 292 million yuan, indicating a year-on-year increase of 39.2% [2] - The gross profit margin is expected to be 30.1% in 2024, up from 28.2% in 2023 [2] Future Outlook - The company plans to enhance its product offerings, particularly in quail eggs, which are expected to strengthen market share [1] - The online channel is undergoing adjustments, with expectations for improved operations and revenue contributions in the future [1] - The company aims to maintain a strong growth trajectory, with revenue projections of 2549 million yuan in 2025 and 3136 million yuan in 2026, reflecting year-on-year growth rates of 23.4% and 23.0% respectively [2]