劲仔食品：利润延续高增，渠道持续扩张

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 640 million in Q3 2024, representing a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 70 million, up 42.6% year-on-year [1] - The growth is attributed to the continuous development and optimization of distributors, terminal market construction, and new product promotions [1] - The company has established three main product categories: fish products, poultry products, and bean products, with its leisure fish products maintaining the industry's leading position [1] - The introduction of new products, such as the "Egg Round" quail egg product, is expected to enhance product scale and quality [1] - The company is focusing on channel expansion through a combination of bulk packaging and loose sales, aiming to strengthen its market position [1] Financial Performance - The company forecasts revenue growth of 21.4%, 18.6%, and 14.8% for 2024, 2025, and 2026, respectively, reaching 2.51 billion, 2.97 billion, and 3.41 billion [2] - Net profit is expected to grow by 47.2%, 22.8%, and 18.6% for the same years, reaching 310 million, 380 million, and 450 million [2] - The net profit margin for Q3 2024 was 11.1%, an increase of 2.3 percentage points year-on-year, continuing the improvement trend since Q4 2023 [1] - The gross profit margin increased by 3.3 percentage points to 30.1% in Q3 2024, primarily due to scale effects and cost benefits from quail egg products and fish products [1] Market Position and Strategy - The company is committed to a full-channel development strategy, enhancing traditional distribution channels while investing in modern channels to increase brand presence [1] - The report highlights the potential of the company's product and channel expansion strategy, particularly in the context of a slowing market [1] - The company is expected to benefit from cost advantages and scale effects, which will improve profitability [1]