安井食品(603345) /食品加工饮料 /公司点评 / 2024.05.01 2024Q1 开门红，龙头业绩稳定性强 证券研究报告 投资评级:买入(维持) 核心观点 ❖ 事件： 2023年实现营收140.45亿元，同比+15.29%；归母净利润14.78亿元， 基本数据 2024-04-30 同比+34.24%；2023Q4实现营收37.74亿元，同比-6.27%；归母净利润3.56亿 收盘价(元) 92.28 流通股本(亿股) 2.93 元，同比-13.41%；2024Q1实现营收37.55亿，同比+17.67%；归母净利润4.38 每股净资产(元) 44.46 亿，同比+21.25%。2023年分红率提升到53.17%。 总股本(亿股) 2.93 最近12月市场表现 ❖ 2024Q1速冻火锅料销售情况边际好转。2023年速冻面米制品/肉制品/鱼糜制 品 / 菜 肴 制 品 分 别 实 现 营 收 25.45/26.27/44.09/39.27 亿 元 ， 同 比 安井食品 沪深300 +5.40%/+10.22%/+11.76%/+29.84%。2024Q1 速冻面米制品/肉制品/鱼糜制品/ 上证指数 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients showed significant improvement in Q1 2024, with revenue growth rebounding from a decline in Q4 2023. The company maintained a leading position in the hot pot ingredient market, which contributed to its revenue growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a gross margin of 23.21%. In Q1 2024, the net profit margin further increased to 11.68% [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan and a net profit of 1.478 billion yuan. The revenue growth for 2024 is projected at 16 billion yuan, with net profit expected to reach 1.741 billion yuan [2][4] - The company’s gross margin improved to 23.21% in 2023, with a further increase to 26.55% in Q1 2024 [4][12] Revenue Breakdown - Revenue from various product categories in 2023 showed mixed results, with frozen noodle products growing by 5.4% and hot pot ingredients growing significantly faster than the industry average [3][4] - In Q1 2024, frozen noodle products and hot pot ingredients continued to show positive growth, indicating a recovery in demand [3] Profitability Metrics - The company’s net profit margin improved to 10.52% in 2023 and reached 11.68% in Q1 2024, reflecting strong operational efficiency [4][12] - The company’s operating expenses as a percentage of revenue showed slight increases, primarily due to stock incentive costs [4][12] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with corresponding net profits of 1.74 billion yuan, 2.06 billion yuan, and 2.38 billion yuan respectively [4][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients has significantly improved in Q1 2024, with a notable recovery from a 6.3% decline in revenue in Q4 2023 to a 17.7% increase in Q1 2024. The company has established a leading position in the hot pot ingredient market, which has contributed to its growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a further increase to 11.68% in Q1 2024. The gross profit margin also improved to 26.55% in Q1 2024 [4] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan. The net profit margin was 10.52%, and the gross profit margin was 23.21% [3][4] - For Q1 2024, the company reported revenue of 3.755 billion yuan and a net profit of 438 million yuan, with a net profit margin of 11.68% and a gross profit margin of 26.55% [4] Revenue and Profit Forecast - The company expects revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with year-on-year growth rates of 14%, 13%, and 12% respectively. The net profit is projected to be 1.74 billion yuan in 2024, 2.06 billion yuan in 2025, and 2.38 billion yuan in 2026, with growth rates of 17.8%, 18.6%, and 15.2% respectively [4][11] Market Position and Strategy - The company has a clear strategy focusing on three main product lines: rice and noodle products, hot pot ingredients, and grilled sausages. The hot pot ingredient segment is expected to continue outperforming the market due to the company's established leadership and product innovation [4][3]

安井食品集团股份有限公司 2023年年度股东大会会议资料 2024年5月 1 | | 2023年年度股东大会会议须知 3 | | --- | --- | | | 2023年年度股东大会会议议程 4 | | 议案一 | 2023年年度报告及其摘要 6 | | 议案二 | 2023年度董事会工作报告 7 | | 议案三 | 2023年度监事会工作报告 14 | | 议案四 | 2023年度独立董事述职报告 18 | | 议案五 | 2023年度财务决算报告 19 | | 议案六 | 2023年度利润分配预案的议案 24 | | 议案七 | 关于预计2024年度担保额度的议案 26 | | 议案八 | 关于预计2024年度日常关联交易的议案 27 | | 议案九 | 关于续聘2024年度会计师事务所的议案 28 | | 议案十 | 关于公司董事、监事、高级管理人员及其他领导班子成员2024年度薪酬方案的议案 29 | | 议案十一 | 关于修订《公司章程》部分条款的议案 30 | | 议案十二 | 关于制定公司未来三年(2024年-2026年)股东回报规划的议案 31 | | 议案十三 | 关于变更非公开发行股票部 ...

基于公司整体发展规划和战略布局，为进一步优化资源配置，由公司总经理 办公会决定，向全资子公司山东安井食品有限公司（以下简称"山东安井"）增 资25,500万元，增资后注册资本为 65,500万元；同时，变更山东安井法定代表 人为郁晓君。山东安井已于近日办理相关工商变更手续并获得由乐陵市行政审批 服务局换发的《营业执照》，相关信息如下： 一、山东安井食品有限公司 1、统一社会信用代码：91371481MA3WJDWB4X 证券代码：603345 证券简称：安井食品 公告编号：临2024-039 安井食品集团股份有限公司 关于全资子公司完成工商变更并换发营业执照的公告 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。 特此公告。 安井食品集团股份有限公司 董 事 会 2024年5月1日 2、名称：山东安井食品有限公司 3、类型：有限责任公司（非自然人投资或控股的法人独资） 4、住所：山东省德州市乐陵市星光大道519号 5、法定代表人：郁晓君 6、注册资本：陆亿伍仟伍佰万元整 7、成立日期：2021年04月02日 8、经营范围：许可项 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company has shown steady growth in operations, with total revenue reaching 14.045 billion yuan in 2023, a year-on-year increase of 15.29%. The net profit attributable to shareholders was 1.478 billion yuan, up 34.24% year-on-year [2]. - The company plans to distribute a cash dividend of 1.775 yuan per share (including tax), with a cumulative dividend payout ratio of 53.17% for 2023 [2]. - The frozen prepared food segment has demonstrated robust growth, particularly in the e-commerce channel, which saw a significant increase of 145.92% in revenue [2]. - The company’s gross margin and net margin have steadily improved, with a gross margin of 23.21% in 2023, up 1.25 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan, reflecting a year-on-year growth of 15.29% and 34.24%, respectively [2][3]. - The company’s revenue for Q1 2024 was 3.755 billion yuan, representing a 17.67% increase year-on-year, while net profit grew by 21.24% to 438 million yuan [2]. Product Segments - Revenue from traditional frozen prepared foods showed steady growth, with specific product categories such as frozen meat products and frozen dishes increasing by 10.22% and 29.84%, respectively [2]. - The company’s e-commerce channel has performed exceptionally well, contributing significantly to revenue growth [2]. Regional Performance - The East China region accounted for 43% of total revenue in 2023, with all regions showing steady growth. The North and Northwest regions exhibited the highest growth rates [2]. Profitability Metrics - The company’s gross margin improved to 23.21% in 2023, and the net margin reached 10.52%, both reflecting positive trends in profitability [2][3]. - For Q1 2024, the gross margin further increased to 26.55%, indicating continued improvement in operational efficiency [2]. Future Projections - The company is expected to achieve net profits of 1.688 billion yuan, 1.928 billion yuan, and 2.176 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 14.22%, 14.19%, and 12.86% [2][3].

证券研究报告：食品饮料 | 公司点评报告 2024年4月29日 股票投资评级 安井食品(603345) 买入|维持 主业增长显韧性，Q1 利润表现亮眼 个股表现 ⚫ 事件 公司2023年实现营业总收入/营业收入/归母净利润/扣非净利润 安井食品 食品饮料 140.45/140.45/14.78/13.65 亿 元 ， 同 比 -3% -9% 15.29%/15.29%/34.24%/36.8%。公司单Q4实现营业总收入/营业收入 -15% /归母净利润/扣非净利润 37.74/37.74/3.56/3.38 亿元，同比- -21% -27% 6.27%/-6.27%/-13.41%/-13.93%。公司 2024 年 Q1 实现营业总收入/ -33% -39% 营业收入/归母净利润/扣非净利润 37.55/37.55/4.38/4.2 亿元，同 -45% 比17.67%/17.67%/21.24%/21.56%。 -51% -57% 同时，公司发布利润分配方案公告和股东回报规划，分红意愿强 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 烈、未来将持续提升分红比 ...

Investment Rating - Buy/Maintain with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - The company's operations continue to improve, with profitability reaching new highs [1] - The company is expected to maintain steady growth driven by new and secondary products, with a focus on regional and national product strategies [3] - The company aims to exceed equity incentive targets, with a focus on product upgrades and market expansion [3] Financial Performance - 2023 revenue reached 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% [2] - 2024 Q1 revenue was 3.755 billion CNY, up 17.67% year-on-year, with net profit attributable to shareholders of 438 million CNY, up 13% [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, with a net profit margin of 10.3%, up 1.9 percentage points [2] - 2024 Q1 gross profit margin rose to 26.6%, driven by lower raw material costs and seasonal scale effects [2] Product Performance - Frozen fish paste products, meat products, and prepared dishes showed steady growth, with prepared dishes achieving a 29.8% year-on-year increase in revenue [2] - The company's "Lock Fresh" series and new products contributed significantly to revenue growth, with frozen fish paste products and meat products growing by 31.5% and 27.7% respectively in Q1 2024 [2] Regional Performance - Except for a slight decline in Central China due to the impact of new acquisitions, other regions experienced rapid growth in Q1 2024 [2] Future Projections - Revenue is expected to reach 15.907 billion CNY in 2024, 18.032 billion CNY in 2025, and 20.521 billion CNY in 2026, with year-on-year growth rates of 13.25%, 13.36%, and 13.81% respectively [4] - Net profit attributable to shareholders is projected to be 1.629 billion CNY in 2024, 1.831 billion CNY in 2025, and 2.032 billion CNY in 2026, with growth rates of 10.23%, 12.37%, and 10.99% respectively [4] - The company's PE ratio is expected to be 15.12X in 2024, 13.45X in 2025, and 12.12X in 2026 [4] Strategic Focus - The company will continue to focus on product innovation, regional market penetration, and national product expansion [3] - Upgrades to the "Lock Fresh" series and increased promotion of sausage products are key strategies for future growth [3]

Investment Rating - Buy/Maintain rating for Anjoy Foods (603345) with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - Anjoy Foods' operations continue to improve, with profitability reaching new highs [1] - The company's 2023 revenue was 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% year-on-year [2] - In 2024Q1, revenue reached 3.755 billion CNY, a year-on-year increase of 17.67%, with net profit attributable to shareholders of 438 million CNY, up 13% year-on-year [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, and further increased to 26.6% in 2024Q1 [2] - The company's net profit margin reached a historical high of 11.8% in 2024Q1 [2] Financial Performance - 2023 revenue breakdown: frozen fish paste products (4.41 billion CNY, +11.8% YoY), frozen rice products (2.55 billion CNY, +5.4% YoY), frozen meat products (2.63 billion CNY, +10.2% YoY), and frozen vegetable products (3.93 billion CNY, +29.8% YoY) [2] - 2024-2026 revenue forecasts: 15.907 billion CNY (+13.25% YoY), 18.032 billion CNY (+13.36% YoY), and 20.521 billion CNY (+13.81% YoY) [4] - 2024-2026 net profit forecasts: 1.629 billion CNY (+10.23% YoY), 1.831 billion CNY (+12.37% YoY), and 2.032 billion CNY (+10.99% YoY) [4] - 2024-2026 EPS forecasts: 5.56 CNY, 6.24 CNY, and 6.93 CNY [4] Business Strategy - The company plans to focus on regional localized product development and national product launches to drive growth [3] - The company will continue to promote its premium product lines, such as the Suoxianzhuang series, and expand its sausage product offerings [3] - The company aims to achieve revenue and profit growth above the equity incentive targets [3] Industry Outlook - The company's strong performance is driven by its competitive advantages in the frozen food industry, including its product portfolio and cost control measures [2] - The company's profitability is expected to continue improving due to its optimized product structure and efficient cost management [2]

证 券 2024 年 04 月 30 日 研 究 盈利能力提升，主业势能延续 报 告 —安井食品（603345.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 26 日，安井食品发布 2023 年年度报告与 2024 sunss@cfsc.com.cn 年一季度报告。 投资要点 基本数据 2024-04-29 ▌业绩增速稳健，分红比例大幅提升 当前股价（元） 91.29 总市值（亿元） 268 公 司 2023/2023Q4/2024Q1 总 营 收 分 别 为 总股本（百万股） 293 140.45/37.74/37.55 亿元，分别同比+15%/-6%/+18%，归母 净利润分别为 14.78/3.56/4.38 亿元，分别同比+34%/- 流通股本（百万股） 293 13%/+21%，2024Q1 丸之尊/锁鲜装快速放量，扩大营收规模 52周价格范围（元） 70.32-167.22 的同时拉升利润表现。盈利端，得益于高毛利速冻鱼糜制品 日均成交额（百万元） 354.98 快速增长，2023/2024Q1 公司毛利率分别为 23.21%/26 ...