劲仔食品（003000）：业绩稳健增长，直营渠道红利释放

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 2.412 billion yuan in 2024, representing a year-on-year growth of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% year-on-year [2] - The growth in fish products remains strong, with revenue from fish products, poultry products, and other categories showing positive year-on-year growth [3][4] - The company benefits from the expansion of direct sales channels, which have significantly contributed to revenue growth [4] - The overall industry is experiencing channel benefits, with expectations for continued growth in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 2.412 billion yuan, with a net profit of 291 million yuan, and a non-recurring net profit of 261 million yuan, reflecting year-on-year growth rates of 39.0% and 39.91% respectively [2] - The company's gross margin for 2024 was 30.5%, an increase of 2.30 percentage points year-on-year, driven by a decrease in raw material prices [5] - The company’s net profit margin for 2024 was 12.08%, up 1.93 percentage points year-on-year [5] Revenue Breakdown - Revenue from fish products reached 1.533 billion yuan, poultry products 509 million yuan, and other categories also showed growth, with significant increases in gift box sales contributing to overall revenue [3] - By region, the company saw substantial revenue growth in East China, with a year-on-year increase of 32.84% [3] Channel Performance - The company’s revenue from direct sales channels grew by 46.35% year-on-year, while distribution channels saw a more modest growth of 9.70% [4] - The direct sales model has proven effective, particularly in the snack specialty channel [4] Future Outlook - The company has adjusted its revenue forecasts for 2025 and 2026 to 2.758 billion yuan and 3.132 billion yuan respectively, with an expected EPS of 0.75 yuan for 2025 [8] - The company is well-positioned to leverage the ongoing channel benefits in the snack food industry, with a diverse product matrix that aligns well with market demands [6]