JINZAI FOOD GROUP CO.(SZ:003000) Soochow Securities·2025-03-25 02:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a stable conclusion in 2024 with improved profitability, reporting a revenue of 2.412 billion yuan, a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39% year-on-year [7] - The growth in revenue was driven by fish products, which saw a revenue increase of 18.8%, while quail egg sales are expected to reach around 400 million yuan for the year, with a slight slowdown in growth in the second half of 2024 due to a high base [7] - The company is focusing on strengthening its quail egg brand and expanding new channels, including member-based supermarkets and adjusting online channel strategies to avoid disrupting pricing [7] Financial Summary - The total revenue forecast for 2024 is 2.412 billion yuan, with a projected growth rate of 16.79% for 2025 and 13.50% for 2026 [1][8] - The net profit attributable to shareholders is expected to be 291 million yuan in 2024, with growth rates of 39.01% for 2025 and 6.85% for 2026 [1][8] - The earnings per share (EPS) is projected to be 0.65 yuan for 2024, increasing to 0.69 yuan in 2025 and 0.82 yuan in 2026 [1][8] - The company’s price-to-earnings (P/E) ratio is forecasted to be 19.04 for 2024, decreasing to 17.82 in 2025 and 14.98 in 2026 [1][8]