劲仔食品（003000）：2025年三季报点评：营收顺利转正，环比逐步改善

Investment Rating - The investment rating for the company is "Accumulate" [7][21]. Core Insights - The company has successfully achieved positive revenue growth in Q3 2025, with a year-on-year increase of 2.05%, and a narrowing decline in net profit, indicating a trend of gradual improvement [3][13]. - The company is deepening cooperation with volume retail channels and gradually launching new products, which is expected to sustain the improving trend [3][13]. - The target price has been adjusted to 15.87 CNY, reflecting a valuation based on comparable companies and anticipated performance improvements [13][7]. Financial Summary - Total revenue for 2025 is projected at 2,523 million CNY, with a year-on-year growth of 4.6% [6]. - Net profit attributable to the parent company is expected to be 248 million CNY in 2025, reflecting a decline of 14.9% compared to the previous year [6]. - Earnings per share (EPS) for 2025 is forecasted at 0.55 CNY, down from previous estimates [13]. - The company’s gross profit margin for Q3 2025 is 28.9%, showing a slight year-on-year decrease of 1.1 percentage points [13]. Market Performance - The current stock price is 11.81 CNY, with a 52-week price range of 11.44 to 15.65 CNY [8]. - The company has a total market capitalization of 5,325 million CNY [8]. - The price-to-earnings (P/E) ratio is projected to be 21.48 for 2025 [6]. Strategic Developments - The company is focusing on expanding its product offerings in the volume retail snack channel, which is expected to contribute to revenue growth [13]. - New product development is centered around differentiated offerings in fish products, quail eggs, and bean products, emphasizing health marketing concepts [13]. - The company is also actively promoting popular products in the market, which is anticipated to gradually boost performance [13].