劲仔食品2024Q3点评：盈利弹性兑现

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%, and a net profit attributable to shareholders of 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%, with a net profit attributable to shareholders of 215 million yuan, reflecting a growth of 61.20% year-on-year [1] - The report indicates that offline channels are performing steadily, while online channels are expected to see a double-digit year-on-year decline in Q3 2024 due to adjustments and high base effects [1] - The company plans to launch a new product, soft-boiled quail eggs, in November to further increase market share [1] Revenue and Profit Analysis - The company's gross margin improved by 3.26 percentage points year-on-year to 30.06% in Q3 2024, attributed to cost improvements and economies of scale [1] - The net profit margin increased by 2.17 percentage points year-on-year to 11.17% in Q3 2024, continuing an upward trend [1] - The company expects to achieve total revenues of 2.466 billion yuan, 2.976 billion yuan, and 3.583 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 19.4%, 20.7%, and 20.4% [2][3] Financial Forecasts - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 290 million yuan, 368 million yuan, and 460 million yuan respectively, with year-on-year growth rates of 38.3%, 26.9%, and 25.0% [2][3] - The company's price-to-earnings (P/E) ratios for the next three years are projected to be 19.62, 15.47, and 12.37 respectively [2][3]