Investment Rating - Strong Buy (Maintained) with a target price of 100 CNY [1] Core Views - The report focuses on the growth potential and bottom line of Anjoy Foods from a product category perspective, emphasizing the company's efficient business model and its ability to sustain growth through new product launches and category expansion [1] - Anjoy's growth is driven by a "1-3-6" golden growth curve, where new products contribute 30% to revenue growth, second-year products contribute 50-60%, and older products maintain a natural growth rate of 10-20% [13][15] - The company's main business has not yet reached its ceiling, with potential for further expansion in categories such as frozen food, particularly in family, barbecue, and catering markets [1][8] - Anjoy's product expansion strategy focuses on serialization, premiumization, and localization, with a conservative estimate of 1 billion CNY annual revenue growth in its main business [1][8] Category Perspective Frozen Food Growth Model - Anjoy's growth is driven by a "new product foundation, second-year product scaling, and old product natural growth" model, with a focus on efficient category management [13] - The company follows a "1-3-6" golden growth curve, where new products are introduced, scaled, and then maintained, ensuring stable growth for 2-3 years [13][15] - The scale of individual products is influenced by product attributes and channel breadth, with basic categories having higher ceilings, typically ranging from 100-500 million CNY, while 1 billion CNY products are rare [17][18] Market Potential and Expansion - Anjoy's main business has not yet reached its ceiling, with potential for further expansion in categories such as frozen food, particularly in family, barbecue, and catering markets [1][8] - The company's product expansion strategy focuses on serialization, premiumization, and localization, with a conservative estimate of 1 billion CNY annual revenue growth in its main business [1][8] - Anjoy's product categories are more concentrated compared to Japanese counterparts, with 39 products exceeding 100 million CNY in sales, accounting for over 70% of revenue, while Japanese companies have a more diversified product mix [1][8] Product Expansion Strategy - Anjoy's success is attributed to its differentiated product selection, cost leadership, and efficient market response, which have enabled it to build a platform advantage [8] - The company's product expansion strategy is divided into three tiers: - Tier 1: Focus on large-scale, high-end products such as sausages and shrimp paste, targeting the family and high-end markets [8] - Tier 2: Strengthen incremental sources with products like chicken-based prepared foods and hotpot ingredients, typically in the range of several billion CNY [8] - Tier 3: Explore potential categories such as processed aquatic products and regional specialty products, which lack mature development paths [8] Financial Projections - Revenue is projected to grow from 14,045 million CNY in 2023 to 18,885 million CNY in 2026, with a compound annual growth rate (CAGR) of 9.5% [2] - Net profit attributable to shareholders is expected to increase from 1,478 million CNY in 2023 to 1,803 million CNY in 2026, with a CAGR of 6.3% [2] - Earnings per share (EPS) are forecasted to rise from 5.04 CNY in 2023 to 6.15 CNY in 2026, with a corresponding price-to-earnings (PE) ratio decreasing from 13x to 11x [2] Key Product Categories Sausages - Sausages are a high-growth, large-scale product category with significant potential for structural upgrades and diversification [35] - The market size for sausages is estimated to be between 20-30 billion CNY, with major players like Shuanghui and Yuguang dominating the market [36][37] - Anjoy has strategically positioned sausages as a core product, with high investment in marketing and distribution, achieving rapid sales growth [43] Shrimp Paste - Shrimp paste has evolved from a niche product in hotpot restaurants to a mainstream product with a market size exceeding 10 billion CNY [44][45] - The industry is characterized by high gross margins and strong demand from both B2B and B2C channels, with significant potential for further expansion [45] - Anjoy plans to focus on shrimp paste as a key product category, with plans for in-house production and a series of new product launches [50] Chicken-Based Prepared Foods - Chicken-based prepared foods, such as crispy pork, have become a national-level product with a market size of nearly 6 billion CNY [51][52] - The product is versatile, with applications in various dining scenarios, including hotpot, snacks, and main dishes, making it a high-potential category [52] - Anjoy is expected to continue expanding its presence in this category, leveraging its existing strengths in product development and distribution [52]

证券代码：603345 证券简称：安井食品 安井食品集团股份有限公司 投资者调研记录表 | --- | --- | --- | |-----------------------|-------------------------------|-----------------------------------------------| | | □特定对象调研 | 分析师会议 | | 投资者关系 | □媒体采访 | 业绩说明会 | | 活动类别 | □新闻发布会 | 路演活动 | | | 现场参观 | 其他 | | 时间 | | 2024 年 8 月 | | 上市公司接 | 董事长：刘鸣鸣 | 总经理：张清苗 | | 待人员姓名 | 财务总监：唐奕 | 董事会秘书：梁晨 | | | | 1、请介绍一下公司上半年整体业绩的情况？ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 投资者关注 的主要问题 | | 9.56%、11.39%，主要系报告期内净利润增长所致。 | | | | | | | | | | | ...

基本数据 收盘价 ￥76.30 总市值(百万元) 22,378.35 总股本(百万股) 293.29 ——安井食品 2024 中报点评 安井食品(603345) 报告日期：2024 年 08 月 31 日 主业稳健，淡季显韧性 事件 【24H1】公司实现营业收入 75.4 亿元（同比+9.4%），归母净利润 8.0 亿元（同比 +9.2%），扣非归母净利润 7.7 亿元(同比+11.1%)。 【单 24Q2】公司实现营业收入 37.9 亿元(同比+2.3%)，归母净利润 3.6 亿元(同比 -2.5%)，扣非净利润 3.5 亿元(同比+0.8%）。 投资要点 ❑ 24Q2 主业收入稳健，商超渠道止跌回升，新零售渠道表现亮眼。 分产品来看，24H1 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/其他实现收入 38.3/22.1/12.9/1.9/0.0/0.2 亿元，同比 +21.9%/+0.4%/+1.4%/-27.1%/-94.5%/+69.0%； 24Q2 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/其他实现收入 17.8/12.5/6.5/0.9/0.0/0 ...

＃市场ma数rk据etData＃ 日期 2024-8-19 收盘价（元） 75.20 总股本（百万股） 293.29 流通股本（百万股） 293.29 净资产（百万元） 12909.63 总资产（百万元） 16719.16 每股净资产（元） 44.02 来源：WIND，兴业证券经济与金融研究院整理 ＃assAuthor＃ 请务必阅读正文之后的信息披露和重要声明 投资要点 ＃sum事ma件ry：＃ 公司公告 2024 年中报，24H1 公司实现营收/归母净利润/扣非归母净利润 75.44/8.03/7.72 亿元，同比+9.42%/+9.17%/+11.11%。24Q2 公司实现营收/归母净利润/扣非 归母净利润 37.89/3.64/3.52 亿元，同比+2.31%/-2.51%/+0.79%，业绩基本符合预期。24H1 基本 EPS 为 2.75 元。 H1 主业收入彰显韧性，小龙虾业务拖累较大。24H1 收入同比+9.42%，拆分如下：1）主 业：收入同比+16.6%，调制食品（鱼糜+肉制品）同比+21.9%，锁鲜同比+23.6%，快于主 业，预计贡献 7.3 亿，小厨同比增长超过 85%，贡献 2.6 ...

24H1 增长稳健，龙头韧性尽显 ——安井食品 2024 半年报业绩点评 ◼ 事件概述 公司发布 2024 年半年报，24H1 实现营收 75.4 亿元，同比增长 9.42%， 实现归母净利润 8.0 亿元，同比增长 9.17%；24Q2 实现营收 37.9 亿 元，同比增长 2.31%，实现归母净利润 3.6 亿元，同比减少 2.51%。 ◼ 核心观点 收入端，聚焦主业，营收稳健增长。24H1 分产品来看，速冻调制食品 / 速冻菜肴制品 / 速 冻 面 米 制 品 / 速 冻 农 副 产 品 分别实现营收 38.3/22.1/12.9/1.9 亿元，分别同比+21.86%/+0.40%/+1.37%/-27.08%； 24H1 分渠道来看，经销商/特通直营/商超/新零售/电商分别实现营收 61.1/5.2/4.3/3.3/1.5 亿 元 ， 分 别 同 比 +12.42%/-15.27%/- 3.03%/+27.32%/+7.28%。24 年行业需求偏弱，餐饮端相对承压，公司 聚焦主业发展，速冻调制食品增长势头良好。 利润端，费用率有所提升，净利率基本稳定。24H1 公司毛利率/净利 率分别为 23.91% ...

[Table_StockInfo] 2024 年 08 月 26 日 证券研究报告•2024 年半年报点评 买入 当前价：71.19 元 安井食品（603345）食品饮料 目标价：89.85 元（6 个月） H1 主业维持稳健增长，旺季表现值得期待 [Table_Summary 事件：公司发布] 2024 年半年报，上半年实现营收 75.4 亿元，同比+9.4%；实 现归母净利润 8亿元，同比+9.2%。其中 24Q2实现营收 37.9亿元，同比+2.3%； 实现归母净利润 3.6亿元，同比-2.5%，公司业绩符合市场预期。此外，公司拟 每股派发现金红利 1.38 元（含税） 主业维持稳健增长，小龙虾业务有所承压。分业务看，24H1 速冻调制食品/速 冻菜肴制品/速冻面米制品分别实现收入 38.3/22.1/12.9 亿元，同比分别 +21.9%/+0.4%/+1.4%；其中 24Q2对应增速分别为+13.6%/-7.1%/-1.4%。受益 于锁鲜装及烤肠等大单品的高速增长（24H1 锁鲜装增速约 20%+），速冻火锅 料业务增速稳健；菜肴业务有所承压主要系受新宏业及新柳伍旗下小龙虾业务 下滑拖累；但安井小厨 ...

2024 年 08 月 20 日 公司点评 买入/维持 安井食品(603345) 目标价: 108.8 昨收盘:75.20 安井食品：主业收入韧性增长，Q2 业绩符合预期 走势比较 (50%) (38%) (26%) (14%) (2%) 10% 23/8/2123/11/124/1/1224/3/2424/6/424/8/15 安井食品 沪深300 股票数据 总股本/流通(亿股) 2.93/2.93 总市值/流通(亿元) 220.56/220.56 12 个月内最高/最低价 (元) 140.5/68.57 相关研究报告 <<安井食品：经营持续向上，盈利水 平再创新高>>--2024-05-07 <<安井食品：经营持续向上，盈利水 平再创新高>>--2024-04-30 <<安井食品：主业稳健增长，Q3 盈利 水平再创新高>>--2023-10-30 证券分析师：郭梦婕 电话： E-MAIL：guomj@tpyzq.com 分析师登记编号：S1190523080002 证券分析师：肖依琳 电话： E-MAIL：xiaoyl@tpyzq.com 分析师登记编号：S1190523100003 事件：公司发布 20 ...

安井食品（603345.SH）：小龙虾及 水产短期承压，主业依旧稳健 2024 年 8 月 22 日 强烈推荐/维持 安井食品 公司报告 事件： 公司 2024H1 实现营业收入 75.44 亿元，同比+9.42%；实现归母净利 8.03 亿 元，同比+9.17%，扣非归母净利润 7.72 亿元，同比+11.11%。其中，24Q2 营收 37.89 亿元，同比+2.31%；归母净利润 3.64 亿元，同比-2.51%；扣非归 母净利润 3.52 亿元，同比+0.79%。公司披露半年度利润分配方案，拟每股派 发现金红利 1.38 元（含税），24H1 现金分红和回购金额合计 4.6 亿元（含税）， 约占公司 2024 年半年度归母净利润 57.50%，现金分红重视股东回报，彰显 企业长期信心。 速冻调制食品稳健增长，短时间受餐饮及小龙虾拖累。分产品来看，公司上半 年速冻调制食品/菜肴制品/速冻面米制品/农副产品/休闲食品收入分别为 38.33/22.08/12.91/1.90/0.0015 亿 元 ， 分 别 同 比 +21.86%/+0.40%/+1.37%/-27.08%/-94.48%。其中，Q2 公司将 ...

[Table_Reportdate] 2024年08月22日 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn | --- | --- | |-------------------------|--------------| | 数据日期 Table_cominfo] | 2024/08/21 | | 收盘价 | 72.16 | | 总股本(万股) | 29,329 | | 流通A股/B股(万股) | 29,329/0 | | 资产负债率(%) | 20.98% | | 市净率(倍) | 1.60 | | 净资产收益率(加权) | 6.21 | | 12个月内最高/最低价 | 140.50/68.57 | [Table_QuotePic] -58% -48% -38% -27% -17% -7% 3% 13% 23-08 23-11 24-02 24-05 安井食品 沪深300 [相关研究 Table_Report] 《安井 ...

2024 年 8 月 21 日 公司研究 主业稳健增长，龙头韧性较强 ——安井食品（603345.SH）2024 年中报点评 要点 事件：安井食品发布 2024 年中报，24H1 实现营业总收入 75.44 亿元，同比增 长 9.42%，归母净利润 8.03 亿元，同比增长 9.17%，Q2 单季营收 37.89 亿元， 同比增长 2.31%，归母净利润 3.64 亿元，同比下降 2.51%，扣非归母净利润 3.52 亿元，同比增长 0.79%，公司公告拟每股派发现金红利 1.38 元（含税）。 Q2 主业收入稳健增长，小龙虾业务有所拖累。1）分产品看，24Q2 速冻调制食 品（鱼糜制品及肉制品合计）/速冻菜肴制品/速冻米面制品营收分别为 17.75/12.54/6.53 亿元，同比+13.64%/-7.0%/-1.44%。Q2 主业营收稳健增长， 菜肴制品收入同比下降主要受到小龙虾业务影响，米面制品市场竞争相对激烈、 营收同比有所承压。2）分渠道看，24Q2 经销商/特通直营/商超/新零售/电商渠 道收入分别为 30.84/2.75/1.40/2.54/0.35 亿元，同比 +3.9%/-25.3%/+4. ...