华福证券 食品饮料 2024年04月29日 公 司 安井食品（603345.SH） 买入（维持评级） 研 究 Q1 开门红业绩超预期，务实经营未来增长无虞 当前价格： 83.99元 事件：公司发布2023年报及2024年一季报，2023年公司实现营收140.45 目标价格： 132.49元 亿元，同比+15.29%；归母净利润14.78亿元，同比+34.24%。其中，23Q4 基本数据 实现营收37.74亿元，同比-6.27%；归母净利润3.56亿元，同比-13.41%。 总股本/流通股本(百万股) 293.29/293.29 公司24Q1实现营收37.55亿元，同比+17.67%；归母净利润4.38亿元，同 流通A股市值(百万元) 24,633.78 比+21.24%。年报收入业绩符合预期，一季报超预期。此外，公司拟向全体 每股净资产(元) 44.46 资产负债率(%) 23.21 股东派发红利1.775元/股（含税），累计全年分红7.86亿元（含税），占全 一年内最高/最低价(元) 171.30/68.57 年归母净利润53.17%，且规划未来三年分红比例不低于可分配利润40%。 一年内股价相对走势  ...

Investment Rating - The report maintains a "Recommend" rating for Anjoy Foods (603345) [1] Core Views - Anjoy Foods achieved robust revenue growth in 2023, with total revenue reaching 14.05 billion yuan (+15.3% YoY) and net profit attributable to shareholders of 1.48 billion yuan (+34.2% YoY) [1] - In Q1 2024, the company's revenue grew by 17.7% YoY to 3.75 billion yuan, with net profit attributable to shareholders increasing by 21.2% YoY to 440 million yuan [1] - The company's gross margin has improved for four consecutive quarters, reaching 26.6% in Q1 2024 (+1.8 ppts YoY), driven by product structure optimization and lower raw material costs [1] Business Performance Product Breakdown - In 2023, revenue from staple foods/meat products/fish products grew by +5.4%/+10.2%/+11.8% respectively, while frozen dishes surged by +29.8% [1] - 39 products achieved annual sales exceeding 100 million yuan [1] - In Q1 2024, revenue from staple foods/meat products/fish products/dishes grew by +4.4%/+27.7%/+31.5%/+12.3% respectively [1] Regional Performance - Northeast/North China/East China/South China/Central China/Northwest/Southwest/Overseas markets grew by +16.6%/+30.7%/+8.4%/+11.7%/+18.4%/+28.1%/+21.2%/+18.4% respectively in 2023 [1] Channel Performance - In 2023, distributor/supermarket/special channel/new retail/e-commerce revenue grew by +16.0%/-13.4%/+28.9%/-0.3%/+145.9% respectively [1] - The number of distributors reached 1,964 (+7.0% YoY) [1] Financial Performance Profitability - 2023 gross margin reached 23.2% (+1.3 ppts YoY), with net profit margin at 10.5% (+1.5 ppts YoY) [1] - Q1 2024 net profit margin reached 11.7% (+0.3 ppts YoY) [1] Cost Structure - 2023 sales expense ratio decreased to 6.6% (-0.6 ppts YoY) [1] - 2023 management expense ratio remained stable at 2.7% (-0.1 ppts YoY) [1] Future Outlook - The company has released a 2024-2026 shareholder return plan, raising the minimum dividend payout ratio to 40% [1] - Expected net profit for 2024-2026 is 1.74/1.99/2.28 billion yuan, representing YoY growth of +17.6%/+14.6%/+14.6% [1] - EPS for 2024-2026 is projected at 5.9/6.8/7.8 yuan, with corresponding P/E ratios of 14/12/11X [1] Financial Projections Income Statement - 2024-2026 revenue is projected at 15.90/18.17/20.74 billion yuan, with growth rates of +13.2%/+14.3%/+14.1% [2] - 2024-2026 net profit is projected at 1.74/1.99/2.28 billion yuan, with growth rates of +17.6%/+14.6%/+14.6% [2] Balance Sheet - Total assets are expected to grow from 17.30 billion yuan in 2023 to 25.39 billion yuan in 2026 [3] - Shareholders' equity is projected to increase from 12.63 billion yuan in 2023 to 18.67 billion yuan in 2026 [3] Cash Flow - Operating cash flow is expected to grow from 1.96 billion yuan in 2023 to 2.84 billion yuan in 2026 [3] - Capital expenditures are projected to remain stable at around 1.37 billion yuan annually from 2024-2026 [3]

公 司 研 证券研究报告 究 速冻食品 ＃investSuggestion＃ 安井食品 （ 603345 ） 增持 ( 维持 ） 基本 面企稳， Q1 主 业盈 利创新高 ＃ ＃ 2024年 4月 28日 投资要点 公 市场数据  事件：公 司公告 2023 年报和 24Q1 季报，2023 年公司实现营收/归母净利润/扣非归母净利润 司 140.45/14.78/13.65亿元，同比+15.29%/+34.24%/+36.80%。23Q4公司实现营收/归母净利润/扣非 日期 2024-4-26 归母净利润37.74/3.56/3.38 亿元，同比-6.27%/-13.41%/-13.93%。24Q1 公司实现营收/归母净利 点 收盘价（元） 83.99 润 23Q/扣 4+非 24归 Q母 1收净 入利 同润 比3 +7 4.5 .35 1/4 %.3 ，8/ 归4.2 母0 净亿 利元 润， 同同 比比 ++ 21 .87 0.6 %7 ，%/ 基+2 本1. 符24 合%/ 预+2 期1.5 。6% ，24Q1 略超预期， 评 总股本（百万股） 293.29  全年主业量级单品驱动收入稳增，Q4旺季 ...

[Table_Page] 年报点评|食品饮料 证券研究报告 [安Table_井Title] 食品（603345.SH） [公Tab司le_I评nves级t] 买入 当前价格 83.99元 Q1 业绩表现亮眼，全年稳健发展可期 合理价值 123.65元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司发布2023年报及2024一季报。2023年实现营收140.45亿元， [相Tab对le_P市icQ场uote表] 现 同比+15.29%；归母净利14.78亿元，同比+34.24%；扣非归母净利润 13.65亿，同比+36.80%。2024Q1实现营收37.55亿，同比+17.67%； 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 归母净利4.38亿，同比+21%；扣非归母净利4.20亿，同比+21.56%。 -10% -23% ⚫ 主业经营韧性强劲，巩固行业龙头地位。（1）分产品：2023年面米制 -35% 品/肉制品/鱼糜制品/菜肴业务分别实现营收25.5/26.3/44.1/39.3亿元， -48% 同比 ...

[Table_Main] 证券研究报告 | 公司点评 安井食品(603345.SH) 2024年04月28日 买入（维持） 安井食品（603345.SH）：Q1 主 所属行业：食品饮料/食品加工 业稳健增长，净利率再创新高 当前价格(元)：83.99 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度与2024年第一季度业绩报告。公司2023年实现营  邮箱：xiongpeng＠tebon.com.cn 收140.45亿元，同比+15.29%；归母净利润14.78亿元，同比+34.24%；扣非归 韦香怡 母净利润13.65亿元，同比+36.80%。其中，2023Q4实现营收37.74亿元，同比 资格编号：S0120522080002 -6.27%；归母净利润3.56亿元，同比-13.41%；扣非归母净利润3.38亿元，同比 邮箱：weixy＠tebon.com.cn -13.93%。2024Q1实现营收37.55亿元，同比+17.67%；归母净利润4.38亿元， 同比+21.24%；扣非归母净利润4.20亿元，同比+21.56%。 市场表现 主业营收稳健增长，核 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a strong start in Q1 2024, with a significant increase in dividends to shareholders. The 2023 annual report and Q1 2024 report indicate robust growth in the core business despite overall weak consumer demand [1][4] - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit of 1.478 billion yuan, up 34.24% year-on-year [3][4] - The company is expected to maintain a high cash dividend payout ratio, increasing from 30% in 2022 to 53.17% in 2023, with a minimum cash dividend ratio set to rise from 20% to 40% [5] Summary by Sections Financial Performance - 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 gross profit margin for 2023 was 23.21%, with significant improvements in Q4 2023 and Q1 2024, reaching 26.34% and 26.55% respectively [2][4] - The company’s net profit margin for 2023 was 10.52%, increasing to 11.68% in Q1 2024 [2][4] Business Segments - The company’s main products, fish paste and meat products, generated revenues of 4.4 billion yuan and 2.6 billion yuan respectively in 2023, with year-on-year growth of 11.8% and 10.2% [4] - The company’s revenue from the catering sector showed strong recovery, contributing to overall growth despite challenges in the market [4] Market Position and Strategy - The company is positioned as a leader in the frozen food industry, with strong channel and product barriers. It aims to enhance market share through targeted product development and localized production strategies [5][6] - The company plans to continue expanding its e-commerce presence and strengthen brand promotion through various channels, including new product launches and increased online marketing efforts [4][5] Future Outlook - Revenue projections for 2024-2026 are set at 16.063 billion yuan, 18.016 billion yuan, and 19.981 billion yuan, with expected growth rates of 14%, 12%, and 11% respectively [6][7] - The company’s net profit is forecasted to reach 1.724 billion yuan in 2024, with a growth rate of 17% [6][7]

公司研 究 证 券研究 报 告 速冻食品 2024年04月28日 安 井食品（603345）2023年报和 2024年一季报点评 强 推 （维持） 目标价：114元 经营好于预期，分红凸显价值 当前价：83.99元 华创证券研究所 事项：  公司发布2023年报和2024年一季报，2023全年实现收入140.45亿元，同比 证券分析师：欧阳予 +15.3%；归母净利润14.78亿元，同比+34.2%；单Q4实现收入37.74元，同 邮箱：ouyangyu@hcyjs.com 比-6.27%；归母净利润 3.56 亿元，同比-13.41%。2024 年 Q1 实现收入 37.55 执业编号：S0360520070001 亿元，同比+17.67%；归母净利润4.38亿元，同比+21.2%。 证券分析师：彭俊霖  公司拟年末每股派发现金1.775元（含税），2023年公司累计分红7.86亿（含 税），占公司净利润比例为53.17%，此外公司公告未来3年每年分红比例不低 邮箱：pengjunlin@hcyjs.com 于当年实现利润的40%。 执业编号：S0360521080003 评论： 证券分析师：董广阳  ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 28 日 安 井食品(603345.SH) 证券研究报告 主业稳步放量，盈利持续向上 速冻食品 投资评级 买入-A 事件： 维持评级 安井食品发布2023年年报及2024年一季报。2023年实现营收/归母 6个月目标价 113.92元 净利/扣非归母净利 140.45/14.78/13.65 亿元，同比+15.29%/ 股价 (2024-04-26) 83.99元 34.24%/36.80%。23Q4 实现营收/归母净利/扣非归母净利 37.74/ 3.56/3.38 亿元，同比-6.27%/-13.41%/-13.93%。24Q1 实现营收/归 交易数据 母净利/扣非归母净利37.55/4.38/4.20 亿元，同比+17.67%/21.24%/ 总市值(百万元) 24,633.78 21.56%。23Q4+24Q1营收同比+4.3%，归母净利润同比+2.8%。 流通市值(百万元) 24,633.78 总股本(百万股) 293.29 23Q4 受暖冬及春节错期影响，24Q1 速冻火锅料表现亮眼 流通股本(百万股) 293 ...

股 票 研 究 [Table_industryInfo] 食品饮料/必需消费 [ Table_Main[安ITnaf 井bol]e 食_Ti品tle]( 603345) [评Tab级le_：Inv est] 增持 上次评级： 增持 主业稳健，价值凸显 目标价格： 118.00 上次预测： 155.00 公 ——2023年报&24 年一季报点评 当前价格： 83.99 司 訾猛(分析师) 陈力宇(分析师) 2024.04.27 更 021-38676442 021-38677618 [交Ta易bl数e_M据a rket] 新 zimeng@gtjas.com chenliyu@gtjas.com 证书编号 S0880513120002 S0880522090005 52周内股价区间（元） 70.32-171.60 报 总市值（百万元） 24,634 告 本报告导读： 总股本/流通A股（百万股） 293/293 流通 B股/H股（百万股） 0/0 公司24Q1锁鲜装等中高端产品放量带动下，主业增速及盈利情况均表现较好，后续 流通股比例 100% 期待区域大单品接续发力、新品有望持续开拓。 日均成交量（百万股） 4 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3]. Core Views - The company achieved a total revenue of 14.05 billion yuan in 2023, representing a year-on-year growth of 15.3%. The net profit attributable to the parent company was 1.478 billion yuan, with a year-on-year increase of 34.2% [1][2]. - The company is expected to continue its growth trajectory, with projected revenues of 16.19 billion yuan in 2024, 18.36 billion yuan in 2025, and 20.49 billion yuan in 2026, reflecting growth rates of 15%, 13%, and 12% respectively [1][2]. - The company plans to enhance its product development and channel strategies, focusing on new product launches and expanding into lower-tier markets [1][2]. Financial Performance Summary - **Revenue Forecast**: - 2023: 14,045 million yuan - 2024E: 16,188 million yuan - 2025E: 18,358 million yuan - 2026E: 20,489 million yuan - Growth Rates: 2023: 15%, 2024: 15%, 2025: 13%, 2026: 12% [1][2]. - **Net Profit Forecast**: - 2023: 1,478 million yuan - 2024E: 1,718 million yuan - 2025E: 2,073 million yuan - 2026E: 2,385 million yuan - Growth Rates: 2023: 34%, 2024: 16%, 2025: 21%, 2026: 15% [1][2]. - **Earnings Per Share (EPS)**: - 2024E: 5.04 yuan - 2025E: 5.86 yuan - 2026E: 7.07 yuan [1][2]. - **Return on Equity (ROE)**: - 2023: 11.5% - 2024E: 11.8% - 2025E: 12.5% - 2026E: 12.6% [1][2]. Strategic Outlook - The company aims to implement a "Research and Development Generation, Production Generation, and Reserve Generation" strategy for new products, focusing on timely follow-ups and continuous improvements [1][2]. - The channel strategy emphasizes "full-channel efforts," targeting both new and existing markets to enhance market share [1][2].