劲仔食品：线下稳健增长，成本优化利润高增

Investment Rating - The report maintains an "Accumulate - A" rating for the company [1] Core Views - The company has shown steady growth in offline channels and optimized costs leading to significant profit increases. In the first three quarters of 2024, the company achieved revenue of 1.772 billion yuan, a year-on-year increase of 18.65%, and a net profit attributable to shareholders of 215 million yuan, up 61.20% year-on-year [1] - The revenue growth in Q3 2024 was 12.94% year-on-year, with net profit increasing by 42.58% year-on-year, indicating strong performance despite a slight slowdown in growth [1] - The company is focusing on product innovation and channel expansion, particularly in the snack food sector, which is expected to support continued growth [1] Revenue Analysis - The company reported a revenue of 1.772 billion yuan for the first three quarters of 2024, with a year-on-year growth of 18.65%. Q3 growth was 12.94%, reflecting a slowdown attributed to weak market consumption and slightly weaker online sales [1] - Key product categories such as snack fish products, poultry products, bean products, and vegetable products all achieved double-digit stable growth [1] - The company has successfully expanded its offline distribution channels, covering over 100 clients and 30,000 stores, with major products performing well [1] Profit Analysis - The gross profit margin for Q3 2024 was 30.06%, an increase of 3.26 percentage points year-on-year, driven by scale effects and supply chain optimization [1] - The company maintained controllable sales expenses despite an increase in brand promotion costs, with a sales expense ratio of 12.24% [1] - The net profit margin for Q3 2024 was 11.17%, up 2.17 percentage points year-on-year, indicating improved profitability [1] Future Outlook - The company is committed to a strategy focused on major products and multi-channel development, enhancing brand strength and market competitiveness [1] - The company plans to continue strengthening product innovation and supply chain management to adapt to different channel developments [1] Financial Data and Valuation - The projected revenue for 2024-2026 is adjusted to 2.467 billion yuan, 2.995 billion yuan, and 3.593 billion yuan, with year-on-year growth rates of 19.4%, 21.4%, and 20.0% respectively [2][3] - The net profit attributable to shareholders is projected to be 299 million yuan, 374 million yuan, and 457 million yuan for the same period, with growth rates of 42.5%, 25.2%, and 22.2% respectively [2][3] - The company’s gross margin is expected to improve to 30.9% in 2024, with a net margin of 12.1% [2][3]