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劲仔食品:大单品壁垒稳固,静待新渠道潜力释放-20250506

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Insights - The company achieved Q1 2025 revenue of 5.95 billion yuan, with a year-on-year growth of 10.27%. However, the net profit attributable to shareholders decreased by 8.21% to 0.68 billion yuan [4][5]. - The company focuses on its leading fish products and stable growth in snack channels, with significant investments in brand development, R&D, and channel expansion [5]. - The gross margin for Q1 2025 was 29.91%, with a net profit margin of 11.34%, reflecting a slight decrease compared to the previous year [5]. Financial Projections - Revenue forecasts for 2025-2027 are set at 28.30 billion, 33.56 billion, and 38.77 billion yuan, representing year-on-year growth rates of 17.33%, 18.59%, and 15.52% respectively [6][9]. - The net profit attributable to shareholders is projected to reach 3.25 billion, 3.99 billion, and 4.81 billion yuan for the same period, with growth rates of 11.45%, 23.0%, and 20.51% respectively [6][9]. - The earnings per share (EPS) are expected to be 0.72, 0.89, and 1.07 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (P/E) ratios of 18, 15, and 12 times [6][9].