劲仔食品：公司事件点评报告：营收稳步增长，关注品类拓展-20250511

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company shows steady revenue growth with a focus on category expansion [5] - The first quarter of 2025 saw total revenue of 595 million yuan, a year-on-year increase of 10%, while net profit attributable to shareholders decreased by 8% to 68 million yuan [4][5] - The report highlights the company's ability to maintain gross margin stability despite rising raw material costs, with a gross margin of 29.91% in Q1 2025 [5] - The company is expected to benefit from scale effects, leading to improved profitability in the future [5][7] Summary by Sections Financial Performance - In Q1 2025, the company reported a gross margin decrease of 0.1 percentage points due to increased raw material costs, but efforts in technological upgrades and channel expansion are expected to stabilize margins [5] - The sales expense ratio and management expense ratio both increased by 0.2 percentage points to 13.36% and 4.05%, respectively, while the net profit margin decreased by 2 percentage points to 11.45% [5] Product and Channel Development - Revenue growth for fish and bean products exceeded 15% in Q1 2025, with opportunities for further channel expansion in fish products [6] - The company is leveraging health attributes of its products to achieve high repurchase rates, particularly in its short-shelf-life offerings [6] - Traditional e-commerce channels experienced double-digit growth, and the company is enhancing brand perception through e-commerce initiatives [6] Earnings Forecast - The company is expected to cultivate its major product advantages and continue expanding its product categories across channels, with projected EPS of 0.72, 0.87, and 1.03 yuan for 2025-2027 [7] - The current stock price corresponds to a PE ratio of 19, 16, and 13 times for the years 2025, 2026, and 2027, respectively [7] Key Financial Metrics - The report forecasts a main revenue growth rate of 14.9% for 2025, with net profit growth of 10.7% [11] - The projected ROE for 2025 is 20.2%, indicating strong profitability [11]