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 1.83 percentage points year-on-year, driven by cost reductions [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, with 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] Profitability Analysis - The company is expected to maintain its previous profit forecasts, with net profits projected to reach 2.92 billion yuan in 2024, 3.75 billion yuan in 2025, and 4.70 billion yuan in 2026 [2][3] - The net profit margin is expected to improve due to cost benefits and operational efficiencies [1] - The company plans to enhance its market share in quail eggs and expects to launch new products to drive growth [1]