JINZAI FOOD GROUP CO.(SZ:003000) 光大证券研究·2025-03-26 09:07Core Viewpoint - The company reported a strong financial performance for 2024, with significant growth in both revenue and net profit, indicating a positive outlook for the business [2]. Financial Performance - In 2024, the company achieved a revenue of 2.412 billion yuan, representing a year-on-year increase of 16.79% - The net profit attributable to shareholders was 291 million yuan, up 39.01% year-on-year - The net profit excluding non-recurring items was 261 million yuan, reflecting a growth of 39.91% [2]. Product and Channel Performance - Fish products showed strong performance, with revenue from fish products reaching 1.533 billion yuan, a year-on-year increase of 18.76% - The company expanded its offline channels actively, with revenue from offline channels growing by 22.58% to 2.021 billion yuan - Online channel revenue decreased by 6.15% to 391 million yuan due to ongoing adjustments in the e-commerce sector [3]. Cost and Expense Analysis - The overall gross margin for 2024 was 30.47%, with a slight decrease in Q4 to 30.99%, primarily due to rising raw material costs - Selling expense ratio for 2024 was 11.97%, with an increase in Q4 to 10.61% as the company invested more in brand building - The management expense ratio decreased to 3.76% for the year, indicating improved scale efficiency [4].