劲仔食品（003000）：大单品增长稳健，全年盈利优化

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved revenue and net profit of 2.41 billion and 290 million respectively in 2024, representing year-on-year growth of 16.8% and 39.0% [5][6]. - The growth momentum is expected to continue into 2025, with a focus on new channels and product categories, alongside increased brand promotion efforts [5][6]. - The company plans to distribute a cash dividend of 3.0 yuan per 10 shares, resulting in a cumulative dividend payout ratio of 61.5% for the year [5]. Financial Performance - In 2024, the core product fish products generated revenue of 1.53 billion, up 18.8% year-on-year, while poultry products and soybean products also saw significant growth [5]. - The offline channel revenue grew by 22.6%, while online sales faced a slight decline of 6.2% [5]. - The overall gross margin improved to 30.5%, an increase of 2.3 percentage points year-on-year, driven by cost reductions and increased sales volume [5][12]. Future Outlook - The company is expected to continue expanding its channels and strengthening its supply chain, particularly in overseas fish resources [5][6]. - Earnings per share (EPS) estimates for 2025 and 2026 have been adjusted to 0.73 and 0.86 yuan respectively, with a price-to-earnings (PE) ratio of 16x for 2025 [6][7].