JINZAI FOOD GROUP CO.(SZ:003000) Soochow Securities·2024-04-25 02:30Investment Rating - The report maintains a "Buy" rating for the company, with a three-year revenue doubling target unchanged [1][6]. Core Views - The company is expected to achieve revenues of 2.69 billion, 3.39 billion, and 4.08 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth of 30%, 26%, and 20% [1][6]. - The net profit attributable to the parent company is projected to be 305.31 million, 398.63 million, and 496.65 million yuan for the same years, with growth rates of 45.68%, 30.56%, and 24.59% [6][7]. - The earnings per share (EPS) are forecasted to be 0.68, 0.88, and 1.10 yuan, corresponding to price-to-earnings (PE) ratios of 22.63x, 17.34x, and 13.91x [6][7]. Revenue and Profitability - In Q1 2024, the company achieved revenue of 540 million yuan, a year-on-year increase of 23.58%, and a net profit of 74.52 million yuan, up 89.42% year-on-year [7][8]. - The gross profit margin for Q1 2024 was 30.02%, an increase of 4.04 percentage points year-on-year, attributed to lower raw material prices and economies of scale [8][9]. - The net profit margin for Q1 2024 was 13.63%, up 4.66 percentage points year-on-year, while the non-recurring net profit margin was 10.82%, up 3.28 percentage points [8][9]. Market Position and Strategy - The report highlights that the quail egg category has not reached its ceiling, aligning with health consumption trends, and the company aims to expand its channels to achieve its three-year doubling target [9][10]. - The company plans to introduce large-packaged quail eggs to online channels in Q2 2024, expecting to improve online sales performance [7][9].