JINZAI FOOD GROUP CO.(SZ:003000) Haitong Securities International·2025-11-04 08:11Investment Rating - The report maintains an "Outperform" rating for the company, expecting a relative performance exceeding the benchmark index by over 10% in the next 12-18 months [4][10]. Core Insights - The company has successfully achieved revenue growth in Q3 2025, with a year-on-year increase of 2.05%, and a net profit attributable to shareholders of RMB 173 million, although this reflects a decline of 19.51% year-on-year [11]. - The company is actively expanding its market presence, focusing on deepening cooperation with wholesale channels and introducing differentiated new products to enhance brand value and sales [13]. Financial Summary - Total revenue for 2025 is projected to be RMB 2.523 billion, with a growth rate of 4.6% compared to 2024. Net profit attributable to shareholders is expected to be RMB 248 million, reflecting a decline of 14.9% [3]. - The earnings per share (EPS) forecast for 2025-2027 is RMB 0.55, 0.69, and 0.82 respectively, with a target price set at RMB 15.87 based on a 23X PE for 2026 [4][10]. - The gross profit margin for Q3 2025 is reported at 28.9%, down 1.1 percentage points year-on-year, indicating stabilization despite pressures from raw material costs and competition [12]. Revenue and Profit Trends - For the first three quarters of 2025, the company reported revenue of RMB 1.81 billion, with Q3 alone contributing RMB 685 million, marking a 6.55% increase year-on-year [11]. - The net profit margin for Q3 2025 is recorded at 8.9%, down 2.2 percentage points year-on-year, reflecting the impact of increased expenses and competitive pressures [12]. Market Strategy - The company is focusing on expanding its product offerings in the wholesale snack channel, with an emphasis on health-oriented marketing strategies and the introduction of popular products to drive sales growth [13].