劲仔食品23年报点评：新品放量，成本改善

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Views - The company is expected to achieve total revenue of 26.53 billion, 33.25 billion, and 40.89 billion from 2024 to 2026, representing year-on-year growth of +28.5%, +25.3%, and +23.0% respectively. The net profit attributable to the parent company is projected to be 2.91 billion, 3.66 billion, and 4.85 billion, with year-on-year growth of +39.1%, +25.7%, and +32.4% respectively. The current stock price corresponds to P/E ratios of 22.28, 17.73, and 13.40 for the respective years [7][13]. Financial Performance Summary - In 2023, the company reported revenue of 20.65 billion, a year-on-year increase of 41.3%, and a net profit of 2.10 billion, up 68.2% year-on-year. The net profit margin for 2023 was 10.15%, an increase of 1.62 percentage points year-on-year [12][13]. - The company achieved a significant increase in sales from new products, particularly quail eggs and konjac, with revenue from fish products, poultry products, bean products, and vegetable products growing by 25.9%, 147.6%, 18.7%, and 88.2% respectively [12][13]. - The gross profit margin for 2023 was 28.17%, an increase of 2.54 percentage points year-on-year, with the fourth quarter achieving a record high gross margin of 32.61% [12][13]. Revenue and Profit Forecast - The forecast for 2024 to 2026 indicates a steady growth trajectory, with revenue expected to reach 26.53 billion in 2024, 33.25 billion in 2025, and 40.89 billion in 2026, alongside net profits of 2.91 billion, 3.66 billion, and 4.85 billion respectively [13]. - The company is focusing on expanding its product lines, with the goal of achieving "billion-level" sales for key products like quail eggs and konjac [12][13].