劲仔食品：积极调整，蓄势待发

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected investment return exceeding 15% compared to the CSI 300 index [1][10]. Core Insights - The company has shown strong revenue growth, with a 18.65% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.772 billion yuan, and a 61.20% increase in net profit to 215 million yuan [4][6]. - The company maintains a robust growth strategy focused on core products, with a significant emphasis on its "big single product" strategy, which has led to stable growth in key product categories [5][7]. - The company is expected to continue its growth trajectory, with projected revenues of 2.473 billion yuan in 2024, 2.956 billion yuan in 2025, and 3.490 billion yuan in 2026, reflecting year-on-year growth rates of 19.75%, 19.53%, and 18.05% respectively [8][7]. Financial Performance Summary - The company achieved a gross margin of 30.06% in Q3, with a net profit margin of 11.17%, reflecting improvements in cost management and operational efficiency [6]. - The earnings per share (EPS) is projected to increase from 0.66 yuan in 2024 to 0.93 yuan in 2026, indicating strong profitability growth [8][7]. - The price-to-earnings (P/E) ratio is expected to decrease from 19.27 in 2024 to 13.72 in 2026, suggesting an attractive valuation as earnings grow [8][7].