Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company's revenue for Q3 2024 reached 35.33 billion yuan, a year-on-year increase of 4.63%, while the net profit attributable to shareholders was 2.44 billion yuan, a decrease of 36.76% year-on-year [2][3]. - The company is experiencing pressure on profitability due to declining gross margins and rising expenses, with a gross margin of 19.93% in Q3 2024, down 2.04 percentage points year-on-year [3]. - The company is expected to benefit from a recovery in demand following the Chinese New Year, supported by macroeconomic policies and improved consumer cash flow [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 110.77 billion yuan, up 7.84% year-on-year, while the net profit attributable to shareholders was 10.47 billion yuan, down 6.65% year-on-year [2]. - The company’s revenue breakdown for Q3 2024 shows significant growth in the new retail channel, which increased by 95.93% year-on-year, while the traditional distribution channels experienced mixed results [2]. - The company’s net profit forecast for 2024-2026 has been revised downwards, with expected net profits of 14.62 billion yuan, 17.03 billion yuan, and 19.32 billion yuan for the respective years [4]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18x for 2024, 16x for 2025, and 14x for 2026 [4]. - The earnings per share (EPS) are projected to be 4.98 yuan, 5.80 yuan, and 6.59 yuan for 2024, 2025, and 2026 respectively [5].

Investment Rating - The report maintains a "Recommended" rating for Anjoy Food [2][7] Core Views - Despite demand-side disturbances, the main business of Anjoy Food shows resilience [2] - The company achieved a revenue of 11.077 billion yuan in the first three quarters of 2024, a year-on-year increase of 7.84%, while the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [3][4] - The company continues to focus on developing 3-5 strategic big products each year, optimizing product structure, and increasing the proportion of mid-to-high-end products [5] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.533 billion yuan, a year-on-year increase of 4.63%, but the net profit attributable to shareholders fell by 36.76% to 244 million yuan [3][4] - The gross margin for Q1-Q3 2024 was 22.64%, up 0.58 percentage points year-on-year, while the net margin decreased by 1.51 percentage points to 9.59% [4] - The company’s revenue from frozen prepared foods, frozen dishes, and other product categories showed varied growth, with frozen prepared foods increasing by 13.88% [5] Sales Channel Performance - The new retail channel saw significant growth, with revenue increasing by 41.95% year-on-year, while the direct sales channel experienced a decline of 14.53% [5][7] - The company’s revenue from the domestic market was primarily driven by the East China region, which generated 4.750 billion yuan, a year-on-year increase of 7.58% [7] Financial Forecast and Valuation - The profit forecast for 2024-2026 has been adjusted downwards, with expected net profits of 1.499 billion yuan, 1.656 billion yuan, and 1.806 billion yuan respectively [7] - The estimated EPS for 2024, 2025, and 2026 are 5.11 yuan, 5.64 yuan, and 6.16 yuan, corresponding to P/E ratios of 18.0, 16.3, and 14.9 [7][10]

Investment Rating - The investment rating for the company is maintained as "Buy" [3] Core Views - The company reported a revenue of 11.08 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.8%, while the net profit attributable to shareholders decreased by 6.65% to 1.05 billion yuan [3] - The third quarter of 2024 saw a revenue of 3.53 billion yuan, a year-on-year increase of 4.6%, but the net profit dropped by 36.76% to 244 million yuan [3] - The report highlights a balanced development strategy focusing on "BC integration" and "three-pronged approach" for long-term growth [3] Financial Summary - Total revenue for 2024 is projected to be 15.31 billion yuan, with a year-on-year growth rate of 9.0% [4] - The net profit for 2024 is estimated at 1.46 billion yuan, reflecting a slight decline of 1.1% compared to the previous year [4] - The earnings per share for 2024 is forecasted to be 4.98 yuan [4] - The gross margin for 2024 is expected to be 22.8% [4] - The return on equity (ROE) for 2024 is projected at 10.8% [4] Revenue Breakdown - In Q3 2024, revenue from frozen prepared foods was 1.79 billion yuan, a slight decrease of 0.1% year-on-year [3] - Revenue from dish products reached 1.13 billion yuan, showing a significant increase of 24% year-on-year [3] - Revenue from rice and flour products was 530 million yuan, down 9.5% year-on-year due to intensified competition [3] Channel Performance - Revenue from distributors, supermarkets, special channels, e-commerce, and new retail in Q3 2024 showed varied performance, with supermarkets increasing by 15.1% year-on-year [3] - New retail revenue surged by 95.9% year-on-year, attributed to enhanced collaboration with Hema [3]

财务摘要 安井食品(603345) 报告日期：2024 年 10 月 29 日 主业新品表现良好，适度竞争盈利阶段性承压 ——安井食品 2024 三季报点评 事件 【24Q1-Q3】公司实现营业收入 110.8 亿元（+7.8%），归母净利润 10.5 亿元（ - 6.7%），扣非归母净利润 10.0 亿元(-2.5%)。 【单 24Q3】公司实现营业收入 35.3亿元( +4.6%)，归母净利润 2.4亿元(-36.8%)， 扣非归母净利润 2.3 亿元(-30.9%）。 投资要点 ❑ 24Q3 主业新品表现良好，新零售渠道表现亮眼，特通渠道下滑 分产品来看， 24 年前三季度速冻调制食品/速冻菜肴制品/速冻面米制品/速 冻农副产品/休闲食品/其他产品分别实现营业收入 56.3/33.4/18.2/2.7/0.0/0.2 亿 元，同比+13.9%/+7.3%/-2.1%/-20.9%/-79.3%/+25.5%。24 年单三季度速冻调制食 品/速冻菜肴制品/速冻面米制品/速冻农副产品/休闲食品/其他产品分别实现营业 收入 17.9/11.3/5.3/0.8/0.0/0.0 亿元，同比-0.1%/+24.1% ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan, while the current price is 91.79 yuan [1]. Core Views - The company reported a revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.84%, while the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to shareholders fell by 36.76% to 244 million yuan [1]. - The report highlights that despite weak demand and intensified competition, the company’s new products and dish products showed good growth, driving single-digit revenue growth in Q3 [1]. - The company is shifting its pricing strategy from "high quality, mid-high price" to "high quality, mid-price" to adapt to the competitive environment, which may lead to short-term profit margin declines but is expected to benefit long-term market positioning [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s revenue was 11.077 billion yuan, with a year-on-year growth of 7.84%, while the net profit attributable to shareholders was 1.047 billion yuan, down 6.65% [1]. - The gross profit margin for Q3 2024 was 19.9%, a decrease of 2.0 percentage points year-on-year, primarily due to increased promotional efforts for mid-to-low-end products and a higher proportion of low-margin new products [1]. - The report projects the company’s total revenue for 2024 to be 15.446 billion yuan, with a year-on-year growth rate of 10.0%, and a net profit of 1.406 billion yuan, reflecting a decrease of 4.9% [2]. Business Segment Analysis - In Q3 2024, the company’s frozen prepared products and rice and flour products saw declines of 0.1% and 9.5% year-on-year, respectively, indicating significant pressure on the main business due to external factors [1]. - The report notes that the company’s dish products, particularly from the "Little Chef" and "Frozen Products" brands, experienced substantial growth, contributing to the overall revenue increase [1]. - The company’s distribution channels showed varied performance, with new retail and e-commerce channels growing by 95.9% and 0.4% year-on-year, respectively, while traditional channels like special channels saw a decline of 12.4% [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a solid performance in new products, although profitability experienced short-term disturbances [1] - Q3 revenue reached 3.53 billion yuan, an increase of 4.6% year-on-year, while net profit attributable to shareholders was 240 million yuan, a decrease of 36.8% [1] - The company expects to benefit from seasonal demand in Q4 and the recovery of the restaurant chain, with new product iterations and strong channel capabilities anticipated to drive growth [1] Revenue Analysis - Q3 revenue breakdown by product categories showed frozen prepared foods and frozen dishes with revenue changes of -0.1% and +24.1% respectively, with standout performances from fresh-keeping packaging, grilled sausages, and crayfish [1] - Regional revenue growth in Q3 varied, with East China and South China showing positive growth of +0.9% and +11.8% respectively, while North China and Southwest China experienced declines of -5.4% and -4.8% [1] Profitability Metrics - Q3 gross margin decreased by 2.0 percentage points to 19.9%, primarily due to increased promotional activities and a higher proportion of lower-margin frozen dishes [1] - The net profit margin for Q3 fell by 4.5 percentage points to 6.9% [1] Financial Forecast - The company forecasts revenue for 2024-2026 to be 15.2 billion, 16.8 billion, and 18.5 billion yuan respectively, with year-on-year growth rates of +8.0%, +10.6%, and +10.2% [2] - Net profit attributable to shareholders is projected to be 1.45 billion, 1.67 billion, and 1.90 billion yuan for the same period, with expected year-on-year growth rates of -2.0%, +15.0%, and +14.2% [2] Valuation Metrics - The current price-to-earnings (P/E) ratios for the forecasted years are 20.76, 18.58, and 16.15, indicating that the stock is trading at historical low valuation levels [2] - The price-to-book (P/B) ratios are projected to be 2.43, 2.00, and 1.89 for the next three years [2]

上海市方达律师事务所 法律意见书 FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: 86-21-2208-1166 邮政编码：200041 传 真 Fax: 86-21-5298-5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai 200041, PRC 上海市方达律师事务所 关于安井食品集团股份有限公司 2023 年股票期权激励计划相关事项的 法律意见书 致：安井食品集团股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据安井食品集团股份有限公司（以下简称"安井食品" 或"公司"）与本所签订的法律顾问协议，本所担任安井食品 2023 年股票期权激 励计划（以下简称"本次激励计划"）的特聘专项法律顾问，就调整本次激励计划 行权价格（以下简称"本次价格调整"）、本次激励计划首次授 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 3.53 billion, a year-on-year increase of 4.63%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 244.43 million, a year-on-year decrease of 36.76%[2] - Revenue for the first three quarters of 2024 reached RMB 11,076,641,900.27, a 7.84% increase compared to RMB 10,271,047,112.32 in the same period of 2023[12] - Net profit for the first three quarters of 2024 was RMB 1,062,008,612.30, a 6.87% decrease from RMB 1,140,310,850.62 in the same period of 2023[12] - The decrease in net profit was mainly due to a reduction in government subsidies compared to the same period last year[5] Cash Flow and Operating Activities - Operating cash flow for the first nine months of the year was RMB 1.59 billion, a year-on-year increase of 32.06%[2] - The increase in operating cash flow was primarily due to higher cash received from sales and services and lower cash paid for goods and services[5] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 1,587,285,548.13, a 32.05% increase from RMB 1,201,914,842.74 in the same period of 2023[14] - Cash received from sales of goods and services for the first three quarters of 2024 was RMB 12,019,039,326.22, a 2.93% increase compared to RMB 11,676,696,099.32 in the same period of 2023[14] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 16.49 billion, a year-on-year decrease of 4.66%[3] - Total assets decreased to RMB 16.49 billion from RMB 17.30 billion compared to the end of 2023[10] - Current assets decreased to RMB 9.54 billion from RMB 10.43 billion compared to the end of 2023[10] - Non-current assets increased to RMB 6.96 billion from RMB 6.87 billion compared to the end of 2023[10] - Total liabilities decreased to RMB 3.42 billion from RMB 4.40 billion compared to the end of 2023[11] - Current liabilities decreased to RMB 3.04 billion from RMB 4.01 billion compared to the end of 2023[11] - Non-current liabilities decreased to RMB 379.75 million from RMB 393.78 million compared to the end of 2023[11] - Total equity increased to RMB 13.08 billion from RMB 12.90 billion compared to the end of 2023[11] - The company's equity attributable to shareholders of the listed company increased by 1.16% compared to the end of the previous year[3] Earnings Per Share and Non-Recurring Items - Basic earnings per share for the third quarter were RMB 0.83, a year-on-year decrease of 37.12%[2] - Basic earnings per share for the first three quarters of 2024 were RMB 3.58, a 6.53% decrease from RMB 3.83 in the same period of 2023[13] - Non-recurring gains and losses for the period amounted to RMB 15.38 million[4] Expenses and Costs - Operating costs for the first three quarters of 2024 were RMB 9,737,256,806.71, an 8.87% increase compared to RMB 8,944,099,751.28 in the same period of 2023[12] - Sales expenses for the first three quarters of 2024 were RMB 689,734,748.95, a 10.56% increase compared to RMB 623,850,587.20 in the same period of 2023[12] - R&D expenses for the first three quarters of 2024 were RMB 71,329,761.69, a 5.77% increase compared to RMB 67,436,970.10 in the same period of 2023[12] - Income tax expenses for the first three quarters of 2024 were RMB 327,683,368.91, a 5.59% increase compared to RMB 310,319,943.27 in the same period of 2023[12] Investment and Financing Activities - Net cash inflow from investment activities for the first three quarters of 2024 was RMB 5,627,235,451.18, an 18.72% increase compared to RMB 4,739,864,478.06 in the same period of 2023[14] - Cash outflow for investment activities in Q3 2024 was RMB 8.54 billion, compared to RMB 3.79 billion in the same period last year[15] - Net cash flow from investment activities in Q3 2024 was negative RMB 2.91 billion, compared to positive RMB 946.67 million in the same period last year[15] - Cash inflow from financing activities in Q3 2024 was RMB 499 million, compared to RMB 548.28 million in the same period last year[15] - Net cash flow from financing activities in Q3 2024 was negative RMB 1.19 billion, compared to negative RMB 328.47 million in the same period last year[15] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets in Q3 2024 was RMB 729.69 million, compared to RMB 940.97 million in the same period last year[15] - Cash outflow for investments in Q3 2024 was RMB 7.81 billion, compared to RMB 2.85 billion in the same period last year[15] - Cash outflow for debt repayment in Q3 2024 was RMB 697.74 million, compared to RMB 530.43 million in the same period last year[15] - Cash outflow for dividends, profit distribution, and interest payments in Q3 2024 was RMB 928.81 million, compared to RMB 343.36 million in the same period last year[15] - Net increase in cash and cash equivalents in Q3 2024 was negative RMB 2.51 billion, compared to positive RMB 1.82 billion in the same period last year[15] - Ending cash and cash equivalents balance in Q3 2024 was RMB 2.01 billion, compared to RMB 4.88 billion in the same period last year[15] Shareholder Information - The top shareholder, Fujian Guoli Minsheng Technology Development Co., Ltd., holds 25.00% of the shares[6] Monetary Funds and Inventory - Monetary funds decreased to RMB 2.57 billion from RMB 4.98 billion compared to the end of 2023[10] - Inventory decreased to RMB 2.80 billion from RMB 3.57 billion compared to the end of 2023[10] - Accounts receivable increased to RMB 694.85 million from RMB 569.36 million compared to the end of 2023[10]

证券代码：603345 证券简称：安井食品 公告编号：临 2024-081 安井食品集团股份有限公司 2024年前三季度与行业相关的定期经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露> 第十四号—食品制造》的相关要求，现将安井食品集团股份有限公司（以下简称 "公司"）2024 年前三季度与行业相关的主要经营数据（未经审计）披露如下： 一、报告期经营情况 单位：万元 币种：人民币 报告期内营业收入按产品分项分 产品分项 2024 年 1-9 月 2023 年 1-9 月 变动情况（%） 速冻调制食品 562,513.71 493,949.58 13.88 速冻菜肴制品 333,672.23 310,853.59 7.34 速冻面米制品 182,396.36 186,234.20 -2.06 速冻农副产品 26,827.85 33,904.17 -20.87 休闲食品 91.23 440.24 -79.28 其他 2,162.81 1,722 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2024- 083 安井食品集团股份有限公司 关于注销 2023 年股票期权激励计划部分 已获授但尚未行权的股票期权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 安井食品集团股份有限公司（以下简称"公司"或"安井食品"）于 2024 年 10 月 25 日召开第五届董事会第十五次会议及第五届监事会第十二次会议，审议 通过了《关于注销 2023 年股票期权激励计划部分已获授但尚未行权的股票期权 的议案》，同意公司注销部分激励对象已获授但尚未行权的 19.98 万份股票期权。 一、公司 2023 年股票期权激励计划（以下简称"本激励计划"）已履行的相 关审批程序和信息披露情况 1、2023 年 9 月 27 日，公司召开第五届董事会第五次会议、第五届监事会 第五次会议，审议并通过《关于<安井食品集团股份有限公司 2023 年股票期权激 励计划（草案）>及其摘要的议案》等相关议案，并于 2023 年 9 月 28 日在上海 证券交易所网站（www.sse.com.c ...