劲仔食品20250520

Summary of the Conference Call for Jin Zai Food Industry Overview - The snack industry remains vibrant, with mainstream snack companies projected to maintain over 20% revenue and profit growth in 2025, indicating overall industry health [4][5] - The industry is entering a quality improvement phase, with new channels and product categories providing investment opportunities [4][7] Company Insights: Jin Zai Food - Jin Zai Food is positioned as a leading player in the leisure snack sector, with a relatively low valuation and potential for performance improvement [2][6] - The company has a clear growth path for its major products, including flavored fish products, quail eggs, tofu, and konjac, which are expected to drive revenue and profit growth through new channels [2][6] Key Product Performances - Flavored Fish Products: Achieved double-digit growth in Q1 2025, with expectations for further growth through product upgrades and channel expansion [2][8] - Quail Eggs: As the second-largest category, product upgrades like selenium-enriched and soft-boiled quail eggs are performing well, with improved profitability expected as competition eases in 2025 [2][10] - Tofu: The market potential is significant, with Jin Zai leveraging 35 years of production experience to introduce innovative short-shelf-life products, aiming for rapid growth in 2025 [2][11] - Konjac: While not as large as competitors, it is expected to grow quickly due to category benefits and new flavor introductions [2][11][20] Financial Projections - Revenue forecasts for Jin Zai Food from 2025 to 2027 are projected at 2.89 billion, 3.434 billion, and 4.1 billion yuan, reflecting year-on-year growth rates of 19.82%, 19%, and 20% respectively [3][21] - The company is expected to achieve a profit growth rate of around 18% in 2025, surpassing market expectations of 13% [21] Strategic Initiatives - Jin Zai Food is adopting an omnichannel strategy, with significant potential for offline channel expansion, including entry into membership-based supermarkets like Sam's Club [2][12] - The company aims for a revenue growth rate of approximately 20% in 2025, with continuous improvement in profitability [12][13] Investment Rationale - Jin Zai Food is recommended due to its low valuation and potential for performance improvement, supported by a clear growth path for major products and expansion into new channels [6][22] - The company is expected to leverage high-potential channels and premium membership supermarkets to enhance revenue, with a target price of 19 to 23 yuan based on a PE ratio of 25 to 30 times [3][21] Conclusion - The investment logic for Jin Zai Food centers on growth driven by new channels and significant potential in product categories, positioning it as a compelling investment opportunity in the snack industry [22]