JINZAI FOOD GROUP CO.(003000) 中原证券·2024-12-05 10:41Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1] Core Views - The company has shown enhanced profitability with a continuous high growth in revenue, although the growth rate has narrowed due to a high base effect [1] - In the third quarter of 2024, the company's revenue reached 642 million yuan, representing a year-on-year growth of 12.94% [1] - The gross profit margin improved to 30.28%, an increase of 3.81 percentage points year-on-year, driven by a decrease in costs [1] - The net profit margin also increased, reflecting effective cost control despite a rise in sales expenses [1] Financial Performance Summary - The company recorded a revenue of 1,772 million yuan for the first three quarters of 2024, with a year-on-year growth of 18.65% [1] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62 yuan, 0.84 yuan, and 1.01 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 23.56, 17.29, and 14.44 [4][1] - The company’s net profit for 2024 is expected to be 278 million yuan, with a growth rate of 32.53% [4] - The operating cash flow for 2024 is projected to be 282 million yuan, indicating strong cash generation capabilities [7] Market Position and Strategy - The company has successfully differentiated its product matrix, particularly in the deep-sea fish snack segment, achieving a market-leading position with a single product exceeding 1 billion yuan in sales [1] - The introduction of new products, such as small packaged quail eggs, is expected to contribute to future revenue growth [1]