收入稳健增长，净利率持续改善

Investment Rating - The report maintains a "Buy" rating for Jinzai Food with a target price of 17.64 yuan [4] Core Views - Jinzai Food achieved robust revenue growth and significant improvement in net profit margin in Q1 2024 [4] - The company's net profit in Q1 2024 reached 74 million yuan, up 87.73% year-on-year, with revenue increasing by 23.58% to 540 million yuan [4] - The gross profit margin in Q1 2024 was 30.02%, up 4.04 percentage points year-on-year, driven by lower raw material costs and improved supply chain efficiency [4] - The net profit margin reached 13.80%, up 4.80 percentage points year-on-year, supported by cost reductions and operational efficiency [4] Financial Performance - Revenue for 2023 was 2,065 million yuan, with a growth rate of 41.26% [5] - Net profit for 2023 was 210 million yuan, up 68.17% year-on-year [5] - Revenue is expected to grow to 2,642 million yuan in 2024, with a growth rate of 27.94% [5] - Net profit is projected to reach 285 million yuan in 2024, up 35.94% year-on-year [5] Product and Channel Performance - The small fish product maintained double-digit growth, while quail egg sales remained at a high level [4] - New quail egg production capacity is expected to start in Q2 2024, with quail egg prices declining year-on-year and quarter-on-quarter [4] - The company launched new short-shelf-life tofu products, which are expected to contribute to revenue growth [4] - Offline channels maintained rapid growth, while e-commerce growth slowed due to price control and reduced marketing spending [4] Future Outlook - The company aims to expand its product portfolio with "large packaging + bulk sales" and improve its channel coverage [4] - Quail egg sales are expected to reach 1 billion yuan, driven by new production capacity and product innovation [4] - The company plans to increase the penetration of large packaging and bulk products in existing retail outlets [4] Valuation and Projections - The EPS for 2024-2026 is projected to be 0.63/0.81/1.01 yuan, with corresponding P/E ratios of 24x/19x/15x [4] - The target price of 17.64 yuan is based on a 28x P/E ratio for 2024 earnings [4]