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劲仔食品(003000):新品新渠道加速拓展,业绩短期承压

Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company is experiencing short-term pressure on revenue growth while benefiting from cost advantages [4][7] - The company reported a revenue of 1.124 billion yuan in H1 2025, a decrease of 0.50% year-on-year, and a net profit of 112 million yuan, down 21.86% year-on-year [7] - The company is focusing on health innovation and expanding its product matrix to drive growth [7] Financial Summary - Total shares outstanding: 450.89 million [2] - Market price: 13.32 yuan [2] - Market capitalization: 6,005.91 million yuan [2] - Revenue forecast for 2025: 2,649 million yuan, with a growth rate of 10% [5] - Net profit forecast for 2025: 278 million yuan, with a decrease of 5% year-on-year [5] - Earnings per share (EPS) forecast for 2025: 0.62 yuan [5] - Price-to-earnings (P/E) ratio for 2025: 21.6 [5] - Price-to-book (P/B) ratio for 2025: 3.7 [5] Revenue Breakdown - In H1 2025, revenue from fish products was 757 million yuan, showing a growth of 7.61% year-on-year [7] - Revenue from poultry products was 196 million yuan, down 24.00% year-on-year [7] - Revenue from bean products was 115 million yuan, up 3.61% year-on-year [7] - Revenue from vegetable products was 34 million yuan, down 10.69% year-on-year [7] - Online sales revenue was 185 million yuan, down 6.82% year-on-year, while offline sales revenue was 939 million yuan, up 0.85% year-on-year [7] Profitability Metrics - Gross margin in H1 2025 was 29.45%, a decrease of 0.95 percentage points year-on-year [7] - Net profit margin in H1 2025 was 9.96%, down 2.73 percentage points year-on-year [7] - The company is facing pressure on profitability due to increased costs associated with channel expansion and marketing [7]