劲仔食品：收入稳健，盈利向上

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company has shown robust revenue growth, achieving a year-on-year increase of 61.2% in revenue, with a net profit attributable to the parent company of 0.71 billion, reflecting a growth of 77.83% [1]. - The company has successfully expanded its product categories, with significant growth in key products such as fish products, poultry, and vegetable products, all achieving double-digit growth [1]. - The company is expected to maintain strong performance in the coming years, with projected revenues of 2.485 billion in 2024 and 3.318 billion in 2026, indicating a compound annual growth rate [1][2]. Financial Summary - Total revenue for 2022 was 1.462 billion, with a growth rate of 31.6%, and is projected to reach 2.065 billion in 2023, representing a growth rate of 41.3% [2]. - The net profit attributable to the parent company for 2022 was 125 million, with a year-on-year growth of 46.7%, expected to increase to 210 million in 2023, reflecting a growth of 68.2% [2]. - The gross margin improved to 28.2% in 2023 from 25.6% in 2022, with further increases projected in subsequent years [2]. - The company's earnings per share (EPS) is projected to grow from 0.28 in 2022 to 0.46 in 2023, and further to 0.66 in 2024 [2]. Market Position and Strategy - The company is recognized as a typical large single-product company, successfully launching major products like small fish and quail eggs, which are expected to drive long-term growth [1]. - The company is actively expanding its offline channels while adjusting its online strategies to enhance brand presence and sales performance [1].