劲仔食品（003000）：传统渠道表现弱势，静待下半年逐季改善

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Views - The company experienced a decline in revenue and net profit in the first half of 2025, with revenue at 1.12 billion yuan, down 21.86% year-on-year, and net profit at 0.87 billion yuan, down 28.94% year-on-year [4][5]. - The sales team is undergoing adjustments and reforming the assessment mechanism, leading to internal operational challenges [5]. - The company is focusing on channel construction while maintaining product category integrity and health-oriented initiatives, aiming for positive revenue growth in the second half of the year [7][9]. Company Overview - Latest closing price: 13.32 yuan - Total shares: 4.51 billion, circulating shares: 3.00 billion - Total market value: 60 billion yuan, circulating market value: 40 billion yuan - 52-week high/low: 15.65/10.19 yuan - Debt-to-asset ratio: 34.0% - Price-to-earnings ratio: 20.34 [3]. Financial Performance - In H1 2025, revenue from various product categories showed mixed results: fish products increased by 7.61% to 7.57 billion yuan, while quail egg products decreased by 24% to 1.96 billion yuan [5]. - The company's gross margin and net profit margin for H1 2025 were 29.45% and 9.96%, respectively, showing a decline compared to the previous year [6]. - The company has adjusted its revenue forecasts for 2025-2027, now projecting revenues of 24.37 billion, 27.02 billion, and 30.91 billion yuan, respectively, with corresponding net profits of 2.44 billion, 3.12 billion, and 3.75 billion yuan [10][12]. Strategic Focus - The company is prioritizing channel development and responding efficiently to channel demands, with a strategy to enhance the coverage of terminal outlets through refined channel operations [7]. - New product launches, particularly in the konjac category, have received positive feedback, indicating potential for growth in this segment [5].