证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 Q2 阶段性承压，长期战略坚定 事件：劲仔食品 25H1 实现营收 11.2 亿元，同比-0.5%，归母净利润 1.1 亿元，同比-21.9%，扣非归母净利润 0.9 亿元，同比-28.9%。其中 25Q2 营收 5.3 亿元，同比-10.4%，归母净利润 0.4 亿元，同比-36.3%，扣非归 母净利润 0.3 亿元，同比-47.5%。拟中期分红 4472.9 万元，分红率 39.9%。 鹌鹑蛋缩量影响短期成长性，扩品拓渠坚定长期发展方向。25H1 劲仔食 品营收同比-0.5%至 11.2 亿元。产品维度看，25H1 鱼制品营收同比+7.6% 至 7.6 亿元，公司加强深海鳀鱼产品宣传及品牌传播，赋能终端网点拓展 覆盖，牵引鱼制品营收持续扩容；禽类制品营收同比-24.0%至 2.0 亿元， 预计与鹌鹑蛋行业竞争加剧相关，但劲仔首创"溏心鹌鹑蛋"拓展品类边 界；豆制品营收同比+3.6%至 1.1 亿元，预计与公司加大周鲜鲜等新品推 广及铺市相关；蔬菜制品营收同比-10.7%至 3404.7 万元，预计与成本压 力及魔芋品 ...

基础数据 | 总股本（百万股） | 451 | | --- | --- | | 已上市流通股（百万股） | 300 | | 总市值（十亿元） | 6.0 | | 流通市值（十亿元） | 4.0 | | 每股净资产（MRQ） | 3.1 | | ROE（TTM） | 18.4 | | 资产负债率 | 33.7% | | 主要股东 | 周劲松 | | 主要股东持股比例 | 38.22% | 证券研究报告 | 公司点评报告 2025 年 08 月 26 日 劲仔食品（003000.SZ） 经营表现承压，期待 H2 改善 消费品/食品饮料 公司发布 2025 年半年报，公司Q2 收入/利润分别同比-10.4%/-36.3%，Q2 受 需求偏弱、竞争加剧影响，加上公司产品调整，经营表现承压。25H1 线上/ 线下渠道分别同比-6.8%/+0.9%。展望 H2，公司继续发力鱼干、豆制品等新 品创新，加快推进蛋类品牌"七个博士"品牌线下推广，鱼干类加快鳀鱼产品 推广与多渠道覆盖，成本端目前原材料价格相对谨慎，期待 H2 营收与利润率 端环比改善。我们预计 25-27 年归母净利润分别为 2.6 亿/3.0 亿/3.5 亿， ...

Core Viewpoint - Jinzhai Food, known as the "first stock of fish snacks," has announced a share repurchase plan to boost market confidence, with a total repurchase amount between 50 million and 100 million yuan, at a price not exceeding 16 yuan per share [1][2] Share Repurchase and Dividends - The company plans to use its own funds and special loan funds for stock repurchase, aiming to enhance investor confidence and maintain company value [2] - This marks the third share repurchase by the company in 2023, with the upper limit of the repurchase amount increased [2] - Since its IPO in 2020, Jinzhai Food has distributed a total of 593 million yuan in dividends, which is 3.73 times the net amount raised during the IPO, indicating strong shareholder returns [3] Financial Performance - In 2024, the company achieved revenue of 2.412 billion yuan, a year-on-year increase of 16.79%, and net profit of 291 million yuan, up 39.01% from 2020 [4] - The company reported a record high quarterly net profit of 76.62 million yuan in Q4 2024 [4] - In Q1 2025, revenue reached 595 million yuan, a 10.27% increase, while net profit was 67.55 million yuan, down 8.21% due to fluctuations in foreign exchange losses [4] Channel Development and International Expansion - Jinzhai Food is building a comprehensive channel system focusing on offline, online, and overseas expansion, collaborating with over 100 snack specialty systems covering approximately 30,000 terminal stores [4] - The company has seen significant growth in overseas sales, reaching 34.6 million yuan in 2024, a 90.50% increase year-on-year, with products sold in nearly 40 countries and regions [5] Research and Development Investment - The company has steadily increased its R&D investment, with total R&D expenses reaching 152 million yuan from 2020 to 2024, and a 19.56% year-on-year increase in Q1 2025 [5]

Group 1 - The establishment of the Beihai Leisure Food Smart Industrial Park marks an important step in the national industrial layout of Jinzhai Food, injecting new momentum into the food industry development in Beihai and Guangxi [2] - The project has a total planned investment of 280 million yuan and is expected to create approximately 1,000 jobs [2] - The park will primarily produce leisure fish products, poultry and egg products, and leisure vegetarian food, aiming to create a modern leisure food base integrating R&D, production, and sales [2][3] Group 2 - Jinzhai Food has achieved its first "three-year doubling" development goal post-listing in 2023, with revenue and net profit both doubling compared to 2020 [3] - In 2024, the company is projected to achieve revenue of 2.412 billion yuan and a net profit of 291 million yuan, maintaining a growth rate among the top in the A-share leisure food sector [3] - The smart industrial park aims to become a leading research and production hub for leisure food, focusing on high-quality protein health products and promoting the transformation of production towards informatization, intelligence, and health [3]

Core Viewpoint - The company, Jinzhai Food, has decided to withdraw from the investment fund "Yueyang Caijin Taiyou Industrial Investment Partnership" and significantly reduce its investment in another fund, focusing on its core business amidst slowing revenue growth and rising advertising costs [1][6][10]. Investment Fund Withdrawal - Jinzhai Food announced its exit from the "Yueyang Caijin Taiyou Industrial Fund," which it co-established in September 2021 with a total fund size of 500 million yuan, where Jinzhai's planned contribution was 20 million yuan [2][4]. - The company also reduced its stake in the "Xiangxinli Private Equity Fund" from 19.60% to 6.86% by transferring an unfulfilled contribution of 65 million yuan to another company [5][6]. Focus on Core Business - The decision to withdraw from these funds is part of Jinzhai Food's strategy to concentrate on its main operations, optimize asset structure, and ensure sustainable development [6][7]. - The company aims to double its revenue and net profit by 2026 compared to 2023, despite facing challenges such as a decline in net profit in the first quarter of 2024 [11]. Financial Performance - Jinzhai Food has experienced steady revenue growth over the past three years, with revenues of 1.462 billion yuan, 2.065 billion yuan, and 2.412 billion yuan from 2022 to 2024, and net profits of 125 million yuan, 210 million yuan, and 291.3 million yuan respectively [10]. - However, advertising expenses surged by 180% in the last year, leading to a noticeable slowdown in revenue growth, with a revenue growth rate of 16.79% in 2024 compared to 41.26% in 2023 [10][11].

Core 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].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company achieved a revenue of 2.41 billion yuan in 2024, representing a year-on-year increase of 16.8%, and a net profit attributable to shareholders of 291 million yuan, up 39.0% year-on-year [1][2] - The company plans to distribute a cash dividend of 3 yuan for every 10 shares, with a total cash dividend of 180 million yuan for 2024, resulting in a dividend payout ratio of 61.5% [1] - The company is focusing on expanding its product lines and channels, particularly in the snack food sector, which is expected to support continued strong performance [4] Revenue and Profit Analysis - In 2024, the offline channel generated 2.02 billion yuan in revenue, a year-on-year increase of 22.6%, with significant growth in the snack store segment [2] - The online channel saw a revenue decline of 6.2% to 390 million yuan, attributed to intense price competition [2] - The company’s net profit margin improved to 12.1%, up 1.9 percentage points year-on-year, driven by cost benefits and scale effects [3] Product and Channel Development - The company is enhancing its global supply chain to ensure stable raw material supply and is increasing brand promotion through entertainment marketing, which has raised expense ratios [3] - The company is expanding its distribution channels, with a net increase of 349 distributors, bringing the total to 3,406 by the end of 2024 [2] - The company is focusing on health-oriented snack products, with fish products generating 1.53 billion yuan in revenue, up 18.8% year-on-year [2] Future Growth Projections - Revenue is projected to grow by 17.7%, 14.7%, and 13.3% in 2025, 2026, and 2027, respectively, reaching 2.84 billion, 3.26 billion, and 3.69 billion yuan [4] - Net profit is expected to increase by 14.1%, 16.5%, and 13.7% in the same period, reaching 332 million, 387 million, and 440 million yuan [4] - The company is well-positioned for future growth due to its product and channel expansion strategies [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company's brand influence continues to rise, with a focus on breakthroughs in new channels [1] - The company achieved a revenue of 2.412 billion yuan in 2024, representing a year-on-year growth of 16.79%, and a net profit of 291 million yuan, up 39.01% year-on-year [7] - The report emphasizes the company's strategic clarity and commitment to product quality, focusing on fish, egg, and bean categories, while expanding modern channels through large packaging upgrades [7] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2023: 2.065 billion yuan, 2024: 2.412 billion yuan, 2025E: 2.788 billion yuan, 2026E: 3.207 billion yuan, 2027E: 3.687 billion yuan, with respective year-on-year growth rates of 41.3%, 16.8%, 15.6%, 15.1%, and 15.0% [6][8] - The net profit forecast for 2025 is 331 million yuan, with a year-on-year growth of 13.6% [6][8] - The report indicates a projected PE ratio of 16x for 2025, 14x for 2026, and 11x for 2027, reflecting the company's long-term growth potential [7] Product and Channel Performance - In 2024, the revenue breakdown by product category was as follows: fish products: 1.533 billion yuan (up 18.8%), poultry products: 509 million yuan (up 12.7%), bean products: 247 million yuan (up 13.9%), and vegetable products: 79 million yuan (up 9.6%) [7] - The company plans to enhance its offline distribution channel advantages and improve brand strength, particularly focusing on high-end products like deep-sea fish [7] - The report notes that online channel revenue decreased by 6.2% year-on-year, accounting for 16.2% of total revenue in 2024 [7] Cost and Profitability - The company achieved a gross margin of 30.47% in 2024, an increase of 2.3 percentage points year-on-year, primarily due to cost reductions and scale advantages [7] - The net profit margin for 2024 was 12.17%, up 1.9 percentage points year-on-year [7] - The report anticipates short-term pressure on profitability in 2025, but expects an overall improvement later in the year based on cost trends and revenue performance [7]