劲仔食品：线下基本盘稳健，全品类延续增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [6]. Core Insights - The company reported a revenue of 1.772 billion yuan for the first three quarters of 2024, representing an 18.65% year-on-year growth, and a net profit of 214 million yuan, which is a 61.20% increase year-on-year [1]. - The company’s three main product categories—snack fish products, poultry products, and bean products—have all shown growth, with poultry products leading at a 27% increase in sales [1]. - The company is expected to launch a new product, the "soft-boiled quail egg," in Q4 2024, which is anticipated to contribute additional revenue [1]. - The online sales channels are being optimized while maintaining controllable sales expense ratios, and the offline channels have shown robust performance with a 25% year-on-year revenue growth [1]. - The gross margin improved by 3.17 percentage points to 30.06% in Q3 2024, driven by a decrease in raw material prices [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 299 million yuan, 365 million yuan, and 420 million yuan, respectively, reflecting year-on-year growth rates of 43%, 22%, and 15% [2]. - The earnings per share (EPS) are expected to increase from 0.46 yuan in 2023 to 0.93 yuan in 2026 [2]. - The price-to-earnings (P/E) ratio is projected to decrease from 27.1 in 2023 to 13.5 in 2026, indicating an improving valuation [2].