| --- | --- | --- | |-----------------------|-----------------------------------------|--------------| | 2024 | 年 10 月 27 日 | 公司研究 | | 研究所： 证券分析师： | 刘洁铭 S0350521110006 liujm@ghzq.com.cn | | | 证券分析师： | 秦一方 S0350523120001 qinyf@ghzq.com.cn | ——劲仔食品（ | 评级：买入(维持) 最近一年走势 | --- | --- | --- | --- | --- | --- | |------------------|--------------------|-------|-------|-------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 642 million yuan in Q3 2024, representing a year-on-year growth of 12.94%, while the net profit reached 71 million yuan, up 42.58% year-on-year [1] - For the first three quarters of 2024, the company achieved a total revenue of 1.772 billion yuan, a year-on-year increase of 18.65%, and a net profit of 215 million yuan, reflecting a growth of 61.20% [1] - The report highlights that the revenue growth rate has slowed down in Q3 2024 compared to Q2 2024, but the net profit continues to show high growth due to lower raw material costs and improved profitability [1][2] Financial Performance Summary - Q3 2024 revenue growth slowed to 12.94% from 20.90% in Q2 2024, while the net profit growth accelerated to 77.83% from 64.28% in Q2 2024 [1] - The gross margin and net margin for Q3 2024 were 30.06% and 11.17%, respectively, both showing year-on-year increases of 3.26 percentage points and 2.17 percentage points [1] - The company maintains a stable expense structure with sales, management, financial, and R&D expense ratios of 12.24%, 3.40%, -0.28%, and 1.99%, respectively [1] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.540 billion yuan, 3.132 billion yuan, and 3.871 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.00%, 23.28%, and 23.61% [2] - The forecasted net profits for the same years are 303 million yuan, 384 million yuan, and 487 million yuan, with growth rates of 44.71%, 26.50%, and 26.90% [2] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 18.8X, 14.8X, and 11.7X, respectively, indicating a favorable outlook compared to peer companies [2][3]

Investment Rating - The report maintains an "Accumulate - A" rating for the company [1] Core Views - The company has shown steady growth in offline channels and optimized costs leading to significant profit increases. In the first three quarters of 2024, the company achieved revenue of 1.772 billion yuan, a year-on-year increase of 18.65%, and a net profit attributable to shareholders of 215 million yuan, up 61.20% year-on-year [1] - The revenue growth in Q3 2024 was 12.94% year-on-year, with net profit increasing by 42.58% year-on-year, indicating strong performance despite a slight slowdown in growth [1] - The company is focusing on product innovation and channel expansion, particularly in the snack food sector, which is expected to support continued growth [1] Revenue Analysis - The company reported a revenue of 1.772 billion yuan for the first three quarters of 2024, with a year-on-year growth of 18.65%. Q3 growth was 12.94%, reflecting a slowdown attributed to weak market consumption and slightly weaker online sales [1] - Key product categories such as snack fish products, poultry products, bean products, and vegetable products all achieved double-digit stable growth [1] - The company has successfully expanded its offline distribution channels, covering over 100 clients and 30,000 stores, with major products performing well [1] Profit Analysis - The gross profit margin for Q3 2024 was 30.06%, an increase of 3.26 percentage points year-on-year, driven by scale effects and supply chain optimization [1] - The company maintained controllable sales expenses despite an increase in brand promotion costs, with a sales expense ratio of 12.24% [1] - The net profit margin for Q3 2024 was 11.17%, up 2.17 percentage points year-on-year, indicating improved profitability [1] Future Outlook - The company is committed to a strategy focused on major products and multi-channel development, enhancing brand strength and market competitiveness [1] - The company plans to continue strengthening product innovation and supply chain management to adapt to different channel developments [1] Financial Data and Valuation - The projected revenue for 2024-2026 is adjusted to 2.467 billion yuan, 2.995 billion yuan, and 3.593 billion yuan, with year-on-year growth rates of 19.4%, 21.4%, and 20.0% respectively [2][3] - The net profit attributable to shareholders is projected to be 299 million yuan, 374 million yuan, and 457 million yuan for the same period, with growth rates of 42.5%, 25.2%, and 22.2% respectively [2][3] - The company’s gross margin is expected to improve to 30.9% in 2024, with a net margin of 12.1% [2][3]

公 司 研 究 | --- | --- | --- | --- | |-----------|-------|-----------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2024 年 | 日 | 24 | | | | | | | | | | 公司点评 | | | | | 买入/维持 | | 劲仔食品(003000) 目标价: 16.02 昨收盘:13.81 劲仔食品：线下渠道保持稳健，线上略有承压 ◼ 走势比较 (10%) 6% 22% 38% 54% 70% 23/10/2324/1/424/3/1724/5/2924/8/1024/10/22 劲仔食品 沪深300 ◼ 股票数据 总股本/流通(亿股) 4.51/3.04 总市值/流通(亿元) 62.28/42 12 个月内最高/最低价 (元) 16.01/10.14 相关研究报告 <<劲仔食品：业绩符合预期，鹌鹑蛋 增长亮眼>>--2024-08-22 <<收入稳健增长，净利率持续改 善>>--2024-04-26 <<顺利完成三年倍增目标，四季度净 ...

[Table_MainInfo] 公司研究/食品 证券研究报告 劲仔食品（003000）公司季报点评 2024 年 10 月 25 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | --- | |---------------------------------------------------------------|-------------|-------| | 股票数据 | | | | 10 [ Table_StockInfo 月 25 日收盘价（元） ] | 12.65 | | | 52 周股价波动（元） | 10.14-16.01 | | | 总股本 / 流通 A 股（百万股） | 451/304 | | | 总市值 / 流通市值（百万元） | 5705/3847 | | | 相关研究 | | | | [Table_ReportInfo] 《全品类稳健成长，单二季度盈利能力继续大 | | | | 幅提升》 2024.08.23 | | | | 《收入较快成长，盈利表现亮眼》 | 2024.04.28 | | | 《四季度利润大幅增长，完成三年倍增目标 ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has achieved steady revenue growth with a 18.7% year-on-year increase in revenue for the first three quarters of 2024, reaching 1.77 billion yuan, while net profit attributable to shareholders grew by 61.2% to 210 million yuan [2][3] - The third quarter of 2024 saw a revenue of 640 million yuan, reflecting a 12.9% year-on-year growth, with net profit increasing by 42.6% to 71 million yuan [2][4] - The company maintains its profit forecast, expecting net profits of 310 million, 390 million, and 480 million yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 46.5%, 26.1%, and 22.9% [2] Revenue Growth - The company focuses on core products and develops across all channels, enhancing brand building and improving service levels for distributors [3] - Continuous investment in modern distribution networks and traditional channels has improved overall distribution rates [3] Product Development - The company is advancing new products, particularly in the leisure fish, poultry, and bean products segments, with innovations in quail egg products [3] Profitability - The gross margin for Q3 2024 reached 30.1%, up 3.3 percentage points year-on-year, primarily due to a decrease in raw material prices [4] - The net profit margin for Q3 2024 was 11.2%, an increase of 2.2 percentage points year-on-year, indicating strong profit performance [4] Financial Summary - Revenue projections for 2024-2026 are 2.63 billion, 3.29 billion, and 4.07 billion yuan, with year-on-year growth rates of 27.4%, 24.9%, and 23.7% respectively [4] - The company’s net profit for the same period is projected to be 307 million, 387 million, and 476 million yuan, with growth rates of 46.5%, 26.1%, and 22.9% [4]

证 2024 年 10 月 25 日 研 报 告 基本数据 2024-10-24 当前股价（元） 12.61 总市值（亿元） 57 总股本（百万股） 451 流通股本（百万股） 304 52 周价格范围（元） 10.19-15.89 日均成交额（百万元） 92.61 公 司 研 究 线上渠道延续调整，品类迭代打开盈利空间 —劲仔食品（003000.SZ）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 市场表现 -20 -10 0 10 20 30 40 50 60 (%) 劲仔食品 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《劲仔食品（003000）：利润延 续高增，产品渠道持续发力》2024- 10-15 2、《劲仔食品（003000）：盈利能 力改善，零食渠道表现亮眼》2024- 08-22 3、《劲仔食品（003000）：业绩延 续高增，推新打造健康品牌认知》 2024-07-12 2024 年 10 月 23 日，劲仔食品发布 2024 年三季度报告。 投资要点 ▌营收保持稳健增速，成本下降利好盈利 公司 202 ...

劲仔食品集团股份有限公司 投资者关系活动记录表 证券代码： 003000 证券简称：劲仔食品 编号：2024-007 | --- | --- | --- | |-------------------------|--------------------------------------------|----------------------------------------------------------| | | □特定对象调研 □ | 分析师会议 | | 投资者关系活 | □媒体采访 □ | 业绩说明会 | | 动类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | ☑ 其他（电话会议） | | | 参与单位名称 及人员姓名 | 详见附件 | | | 时间 | 2024 年 10 月 24 日 | | | 地点 | 线上电话会议 | | | 上市公司接待 | 董事、副总经理、董事会秘书 | 丰文姬 | | 人员姓名 | 副总经理、财务总监 康厚峰 | | | | 证券事务代表 涂卓 | | | | 一、请介绍公司 2024 | 年三季度的经营情况？ | | | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [6]. Core Views - The company reported a revenue of 642 million yuan in Q3 2024, representing a year-on-year increase of 12.94% and a net profit of 71 million yuan, which is a 42.58% increase year-on-year [2][3]. - Despite a slight slowdown in revenue growth due to intensified market competition and the diversion of traditional offline channels, the overall revenue for the first three quarters of 2024 reached 1.772 billion yuan, with a year-on-year growth rate of 18.65% [2][3]. - The company benefits from cost advantages, leading to a significant improvement in profitability, with a gross margin of 30.06% in Q3 2024, up 3.26 percentage points year-on-year [2][3]. - The company is expected to continue its growth trajectory through new product launches and channel expansion, particularly focusing on quail eggs as a second growth curve [2][3]. Summary by Sections Financial Performance - Q3 2024 revenue: 642 million yuan, year-on-year growth of 12.94% [2][3]. - Q3 2024 net profit: 71 million yuan, year-on-year growth of 42.58% [2][3]. - Gross margin in Q3 2024: 30.06%, up 3.26 percentage points year-on-year [2][3]. - Revenue for the first three quarters of 2024: 1.772 billion yuan, year-on-year growth of 18.65% [2][3]. Future Projections - Revenue forecasts for 2024-2026: 2.482 billion yuan (2024), 3.002 billion yuan (2025), and 3.605 billion yuan (2026) [3]. - Net profit forecasts for 2024-2026: 304 million yuan (2024), 374 million yuan (2025), and 454 million yuan (2026) [3]. Valuation Metrics - P/E ratio for 2024: 18.7, down from 27.1 in 2023 [3]. - P/B ratio for 2024: 3.7, down from 4.4 in 2023 [3]. - Expected EPS for 2024: 0.67 yuan, up from 0.46 yuan in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a revenue of 640 million in Q3 2024, representing a year-on-year increase of 12.9%, and a net profit attributable to shareholders of 70 million, up 42.6% year-on-year [1] - The growth is attributed to the continuous development and optimization of distributors, terminal market construction, and new product promotions [1] - The company has established three main product categories: fish products, poultry products, and bean products, with its leisure fish products maintaining the industry's leading position [1] - The introduction of new products, such as the "Egg Round" quail egg product, is expected to enhance product scale and quality [1] - The company is focusing on channel expansion through a combination of bulk packaging and loose sales, aiming to strengthen its market position [1] Financial Performance - The company forecasts revenue growth of 21.4%, 18.6%, and 14.8% for 2024, 2025, and 2026, respectively, reaching 2.51 billion, 2.97 billion, and 3.41 billion [2] - Net profit is expected to grow by 47.2%, 22.8%, and 18.6% for the same years, reaching 310 million, 380 million, and 450 million [2] - The net profit margin for Q3 2024 was 11.1%, an increase of 2.3 percentage points year-on-year, continuing the improvement trend since Q4 2023 [1] - The gross profit margin increased by 3.3 percentage points to 30.1% in Q3 2024, primarily due to scale effects and cost benefits from quail egg products and fish products [1] Market Position and Strategy - The company is committed to a full-channel development strategy, enhancing traditional distribution channels while investing in modern channels to increase brand presence [1] - The report highlights the potential of the company's product and channel expansion strategy, particularly in the context of a slowing market [1] - The company is expected to benefit from cost advantages and scale effects, which will improve profitability [1]