劲仔食品：线下强劲、线上略拖累，静待新渠道放量

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company achieved total revenue of 1.772 billion yuan and net profit attributable to shareholders of 215 million yuan in the first three quarters of 2024, reflecting year-on-year growth of 18.65% and 61.2% respectively [3] - Online sales are experiencing a slight decline, while fish products continue to show double-digit growth. The company is addressing the underperformance in e-commerce by enhancing its team and product strategy, expecting better results in Q4 [3][4] - The gross margin for the first three quarters of 2024 was 30.28%, an increase of 3.81 percentage points year-on-year, indicating strong cost management [4] Financial Performance Summary - Revenue projections for 2024-2026 are maintained at 24.97 billion, 31.46 billion, and 38.65 billion yuan, with year-on-year growth rates of 20.91%, 25.98%, and 22.85% respectively [5][6] - The net profit attributable to shareholders is forecasted to be 291 million, 370 million, and 459 million yuan for 2024-2026, with growth rates of 38.80%, 27.10%, and 24.03% respectively [5][6] - The earnings per share (EPS) for the next three years are projected to be 0.65, 0.82, and 1.02 yuan, corresponding to price-to-earnings (P/E) ratios of 20, 15, and 12 times [5][6]