劲仔食品（003000）：公司年报点评：保持战略定力，鱼制品继续势能充沛

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9] Core Views - The report highlights that the company's revenue growth has slowed down in the third quarter, but it continues to maintain strong profitability [3][9] - The company is advancing its "big single product" strategy, focusing on health food development, particularly in fish products, which have shown robust growth [7][9] - The company has successfully expanded its international sales, achieving a 90.05% year-on-year growth in overseas revenue [9] Financial Data and Forecast - The company achieved a revenue of 24.12 billion yuan in 2024, representing a year-on-year growth of 16.79%, with a net profit of 2.91 billion yuan, up 39.01% year-on-year [7][9] - Revenue projections for 2025-2027 are 28.34 billion yuan, 33.17 billion yuan, and 39.07 billion yuan respectively, with corresponding net profits of 3.35 billion yuan, 4.20 billion yuan, and 5.21 billion yuan [9][13] - The gross profit margin is expected to improve from 30.5% in 2024 to 31.6% by 2027 [6][13] Product Performance - Fish products generated revenue of 15.33 billion yuan in 2024, growing by 18.76% year-on-year, maintaining the leading position in the leisure fish product sector [7][9] - The company has developed a strong product matrix including six major health product series, with significant growth in quail eggs and meat products as well [7][9] Channel Development - The company has achieved a 22.58% year-on-year growth in offline sales, totaling 20.21 billion yuan, while online sales faced a decline of 6.15% [8][9] - The number of distributors increased from 3,057 to 3,406, indicating a robust expansion in distribution channels [8][9] International Strategy - The company has expanded its international trade channels, exporting to nearly 40 countries and regions, with plans for further overseas market development [9]