劲仔食品（003000）：2024年报和2025一季报点评：经营基本盘稳健，静待品类增势回升

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Insights - The company has shown a robust operational foundation, with expectations for category growth to rebound [2][8]. - In 2024, the company achieved a revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and a net profit attributable to shareholders of 291 million yuan, up 39.01% [4]. - For Q1 2025, the company reported a revenue of 595 million yuan, a year-on-year increase of 10.27%, but a net profit decline of 8.21% [4][8]. Financial Performance Summary - 2024 Annual Report: Revenue reached 2.412 billion yuan, with a net profit of 291 million yuan, reflecting strong growth in fish products [4][9]. - 2025 Q1 Report: Revenue was 595 million yuan, with a net profit of 68 million yuan, indicating a decline in profitability [4][8]. - Revenue Breakdown: In 2024, fish products generated 1.533 billion yuan, poultry products 509 million yuan, and vegetable products 79 million yuan, with fish products showing the fastest growth [6][8]. Market Position and Strategy - The company is a leader in the leisure fish product sector and is expanding its product matrix to include quail eggs and other potential items [8][9]. - The company is actively enhancing its distribution channels, with offline sales growing significantly, while online sales faced challenges [6][8]. - The company aims to leverage product differentiation and expand into high-end membership stores and overseas markets for future growth [8][9]. Earnings Forecast - Projected revenues for 2025, 2026, and 2027 are 2.807 billion yuan, 3.229 billion yuan, and 3.696 billion yuan, respectively, with net profits expected to be 328 million yuan, 400 million yuan, and 469 million yuan [9][10].