劲仔食品（003000）：收入增速转正，渠道夯实成长

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 690 million yuan in Q3 2025, representing a year-on-year growth of 6.55%, while the net profit attributable to the parent company was 61 million yuan, down 14.8% year-on-year [2][5] - The company has shown resilience as a typical large single-product company, with significant contributions from the snack wholesale channel [5] - The gross profit margin for Q3 2025 was 28.9%, a decrease of 1.1 percentage points year-on-year, but stable compared to the previous quarter [5] - The company is in a transitional phase between old and new product engines, with a focus on nurturing new large single products [5] Financial Summary - Total revenue is projected to grow from 2,065 million yuan in 2023 to 2,790 million yuan in 2027, with a compound annual growth rate of approximately 7.7% [4] - The net profit attributable to the parent company is expected to increase from 210 million yuan in 2023 to 325 million yuan in 2027 [4] - The gross profit margin is expected to stabilize around 30% in the coming years, with a slight dip in 2025 [4] - The earnings per share (EPS) is projected to rise from 0.46 yuan in 2023 to 0.72 yuan in 2027 [4] Revenue and Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 2,468 million yuan, 2,591 million yuan, and 2,790 million yuan respectively [4] - The net profit forecasts for the same years are 252 million yuan, 285 million yuan, and 325 million yuan respectively [4]