劲仔食品2024年一季报点评：利润高增，营收潜力待释放

Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price of 17.90, unchanged from the previous rating [5][11]. Core Views - The company has shown significant profit growth with a net profit increase of 87.73% in Q1 2024, aligning with performance guidance. However, revenue growth of 23.58% fell short of expectations, primarily due to adjustments in online channels [11][12]. - The report highlights that the company's revenue potential is expected to be released following the completion of online adjustments and the introduction of new products [12]. - The improvement in profitability is attributed to a decrease in costs and the scale effect of individual products, with a notable increase in net profit margin to 13.6% [12]. Summary by Sections Investment Recommendation - The report suggests maintaining the "Accumulate" rating and profit forecasts for 2024-2026, with expected EPS of 0.75, 1.08, and 1.40 respectively [11]. Financial Performance - In Q1 2024, the company achieved revenue of 540 million and a net profit of 74 million, reflecting year-on-year increases of 23.58% and 87.73% respectively [11]. - The company's gross margin decreased by 4.0 percentage points, influenced by the cost reduction of fish products and the scale effect of quail egg and bean products [12]. - The report anticipates continued revenue growth driven by the expansion of offline channels and the introduction of new product categories [12]. Market Position and Outlook - The company is positioned to benefit from the ongoing channel and product category expansion, with expectations for revenue growth to continue as online channel adjustments are completed [12]. - The report emphasizes the company's strong performance in the fish product segment and the potential for breakthroughs in the bean product category [12].