劲仔食品2024年报点评：收入稳健，静待改革见效

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to focus on high-potential BC channels in offline sales for 2025, while actively promoting membership supermarket collaborations. The volume channel is anticipated to maintain high growth through SKU expansion. Online channels are expected to improve exposure through integrated product promotion, aiming to recover performance on platforms like Douyin [5][6] - For Q4 2024, the company achieved total revenue of 640 million yuan (up 11.9%) and a net profit attributable to shareholders of 77 million yuan (up 0.3%). The annual revenue for 2024 reached 2.412 billion yuan (up 16.8%), with a net profit of 291 million yuan (up 39.0%) [6][7] - The company’s gross margin for Q4 2024 was 30.99%, a year-on-year decrease of 1.6 percentage points, primarily due to a 5.6% increase in anchovy costs. The overall gross margin for 2024 improved due to cost reductions and economies of scale [6][7] Financial Performance Summary - The company’s revenue for 2024 was 2.412 billion yuan, with a year-on-year growth of 16.8%. The net profit attributable to shareholders was 291 million yuan, reflecting a 39.0% increase [9] - The projected revenues for 2025, 2026, and 2027 are 2.757 billion yuan, 3.127 billion yuan, and 3.518 billion yuan, respectively, with year-on-year growth rates of 14.3%, 13.4%, and 12.5% [7][9] - The projected net profits for the same years are 317 million yuan, 370 million yuan, and 431 million yuan, with growth rates of 8.8%, 16.6%, and 16.8% [7][9] - The company’s price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 17.20, 14.75, and 12.64, respectively [7][9]