劲仔食品：品牌影响力持续提升，关注新渠道突破-20250326

Investment Rating - The investment rating for the company is maintained as "Buy" [7] Core Views - The report highlights the continuous improvement in brand influence and the focus on breakthroughs in new channels as key drivers for growth [5][7] - The company is expected to benefit from the expansion of offline distribution channels and the enhancement of brand strength, particularly through high-end products [7] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,065 million in 2023 to 3,687 million by 2027, with a compound annual growth rate (CAGR) of approximately 15% [6][8] - Net profit is expected to increase from 210 million in 2023 to 483 million by 2027, reflecting a growth rate of 22.5% in 2027 [6][8] - The gross margin is anticipated to improve from 28.2% in 2023 to 31.0% in 2027, driven by cost reductions and scale advantages [6][8] - The report notes a significant increase in the company's return on equity (ROE), projected to reach 21.9% by 2027 [6][8] Product Performance - In 2024, revenue from fish products, poultry products, bean products, and vegetable products is expected to be 1,533 million, 509 million, 247 million, and 79 million respectively, with year-on-year growth rates of 18.8%, 12.7%, 13.9%, and 9.6% [7] - The company achieved a fish product sales volume of 33,000 tons in 2024, a 20% increase year-on-year, indicating a strong market presence and brand influence [7] Cost and Profitability - The company achieved a gross margin of 30.47% in 2024, an increase of 2.3 percentage points year-on-year, primarily due to cost reductions and scale advantages [7] - The net profit margin for 2024 is reported at 12.17%, up 1.9 percentage points from the previous year, although a slight decline is expected in the fourth quarter [7]