Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% against the market benchmark within the next six months [4][14]. Core Views - The company reported a revenue of 7.604 billion yuan for the first half of 2025, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 676 million yuan, a decrease of 15.79% year-on-year [1]. - The company is experiencing phase-specific pressure on profitability, primarily due to rising raw material costs, particularly for key products like crayfish and fish paste [3]. - The new retail channel is showing significant growth, with a year-on-year increase of 35.15% in the second quarter of 2025, indicating a successful strategic shift [2]. Financial Performance Summary - For Q2 2025, the company achieved a revenue of 4.005 billion yuan, up 5.69% year-on-year, but the net profit decreased by 22.74% to 281 million yuan [1][2]. - The gross margin for the first half of 2025 was 20.52%, down 3.39 percentage points year-on-year, while the gross margin for Q2 was 18.00%, down 3.29 percentage points year-on-year [3]. - The company plans to distribute an interim dividend of 1.425 yuan per share, totaling 473 million yuan, which represents 70.02% of the net profit for the first half of 2025 [1]. Sales Performance - In Q2 2025, the company’s sales by category were as follows: frozen prepared foods 1.750 billion yuan, dishes 1.580 billion yuan, noodles and rice 583 million yuan, and agricultural products 87 million yuan, with the dishes segment showing a significant increase driven by crayfish sales [2]. - By channel, the revenue from distributors, direct sales, supermarkets, and new retail/e-commerce was 3.134 billion yuan, 328 million yuan, 152 million yuan, and 391 million yuan respectively, with new retail and e-commerce channels benefiting from strategic focus [2]. Future Outlook - The company is expected to benefit from seasonal demand recovery in the second half of the year, alongside the integration of acquisitions that will enhance its market presence in premium supermarkets and convenience stores [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 1.416 billion yuan, 1.659 billion yuan, and 1.859 billion yuan respectively, reflecting a year-on-year decrease of 5% in 2025 but growth in subsequent years [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][4][7] Core Views - The company reported a revenue of 76.04 billion yuan for the first half of 2025, representing a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 6.76 billion yuan, a decrease of 15.79% year-on-year [5] - The company aims to strengthen product-driven strategies and explore channel potential, focusing on new product development and customized offerings for retail partners [5] - Future revenue projections for 2025-2027 are set at 157.32 billion, 167.04 billion, and 176.46 billion yuan, with expected growth rates of 4%, 6%, and 6% respectively [5] Financial Summary - Total shares outstanding are 333.29 million, with a market price of 77.06 yuan, leading to a market capitalization of 25,683.25 million yuan [2] - The company's revenue forecast for 2023A, 2024A, 2025E, 2026E, and 2027E is 14,045 million, 15,127 million, 15,732 million, 16,704 million, and 17,646 million yuan respectively, with growth rates of 15%, 8%, 4%, 6%, and 6% [4][6] - The net profit attributable to shareholders for the same years is projected at 1,478 million, 1,485 million, 1,361 million, 1,493 million, and 1,617 million yuan, with growth rates of 34%, 0%, -8%, 10%, and 8% [4][6]

格隆汇8月26日｜平安证券研报指出，安井食品上半年实现营业收入76.04亿元，同比增长0.80%；归母 净利润6.76亿元，同比下降15.79%。原材料价格上涨，盈利能力承压。分产品来看，2025H1公司速冻 调制食品实现营收37.59亿元，同比下降1.94%；速冻菜肴制品实现营收24.16亿元，同比增长9.40%；速 冻面米制品实现营收12.41亿元，同比下降3.89%；农副产品及其他实现营收1.81亿元，同比下降 4.57%，仅速冻菜肴制品录得正增长。2025年7月，公司完成对江苏鼎味泰食品股份有限公司70%股权及 鼎益丰食品（太仓）有限公司100%股权的收购，逐步切入行业规模、增长速度兼具较好成长空间的冷 冻烘焙赛道，并将两家公司纳入合并报表范围。公司将深度整合鼎味泰在高端鳕鱼糜制品领域、关东煮 细分品类的综合优势以及在冷冻烘焙赛道的产业布局，未来的协同作用值得期待。公司优质的管理层、 稳定的经销商和不断积累的规模优势共筑壁垒，看好其在速冻食品和预制菜肴领域的持续发力。维 持"推荐"评级。 ...

花旗将2025至2027年净利润预测下调10%至14%，以反映毛利率预测被下调。尽管餐饮行业逆风持续， 安井食品凭借其强大的产品组合及渠道拓展举措仍具吸引力。该行维持对其"买入"评级，目标价从75港 元微降至74.8港元。 花旗发表研报指，安井食品第二季收入按年增长6%，符合预期；净利润按年降23%，逊预期，因原材 料与制造成本上升及折扣力度加大导致毛利率低于预期。按产品分类，肉类、鱼浆制品及面食及米制品 销售下降，而菜品销售增长，特别是小龙虾因价格回升实现双位数增长。股息支付比率进一步提高至 70%。 ...

证券研究报告·公司点评报告·食品加工 安井食品（603345） 2025 年中报点评：Q2 盈利端压力集中释放， 关注旺季产品渠道增量 执业证书：S0600524110002 liyinqi@dwzq.com.cn 股价走势 -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 2024/8/26 2024/12/25 2025/4/25 2025/8/24 安井食品 沪深300 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 14,045 | 15,127 | 15,716 | 16,748 | 17,591 | | 同比（%） | 15.29 | 7.70 | 3.90 | 6.56 | 5.04 | | 归母净利润（百万元） | 1,478 | 1,485 | 1,428 | 1,622 | 1,905 | | 同比（%） | 34.24 | 0.46 | (3.86) | 1 ...

| 主要会计数据 | 本报告期 | 上年同期 | | --- | --- | --- | | | (1-6月) | | | 营业收入 | 7,604,440,456.71 | 7.543.812.558.89 | | 利润总额 | 886,314,036.22 | 1.061.528.794.83 | | 归属于上市公司股东的净利润 | 675,939,959.13 | 802.646.608.22 | | 归属于上市公司股东的扣除非经常性 损益的净利润 | 603.315.082.42 | 772,020,955.38 | | 经营活动产生的现金流量净额 | -162,921,190.81 | 509,122,492.66 | | | 本报告期末 | 上年度末 | | 归属于上市公司股东的净资产 | 13,338,388,119.59 | 12.952.529.210.53 | 以8月25日收盘价计算，安井食品目前市盈率（TTM）约为18.91倍，市净率（LF）约1.93倍，市销率（TTM）约1.69倍。 市盈率(TTM)历史分位(%) 100 96.03 95,21 ହ୍ର ୨୦ 8797 87-09 8 ...

经营调整阶段，积极调整应对 消费品/食品饮料 公司发布 2025 年半年报，公司Q2 收入/利润分别同比+5.7%/-22.7%，公司重 点发力商超定制化产品创新，全面拥抱大 B 特通客户和新零售客户，与沃尔玛、 麦德龙、大润发等商超开展定制化合作。展望 H2，加快新零售等新渠道导入， 预计动销较 6-7 月有所改善，利润端今年因促销加大、折旧成本增加及新车间 基础投入较高，盈利能力略有压力。我们预计 25-27 年归母净利润分别为 14.95 亿/17.05 亿/19.23 亿，25-27 年 EPS 为 4.49、5.12、5.77 元，对应 26 年 15x， 维持"增持"评级。 证券研究报告 | 公司点评报告 2025 年 08 月 26 日 安井食品（603345.SH） 当前股价：77.06 元 基础数据 % 1m 6m 12m 绝对表现 2 -0 9 相对表现 -4 -10 -24 资料来源：公司数据、招商证券 -10 0 10 20 30 40 50 Aug/24 Dec/24 Apr/25 Aug/25 (%) 安井食品 沪深300 增持（维持） 相关报告 1、《安井食品（603345）—经 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company is currently under pressure but is strategically positioning itself for recovery. The report highlights that despite short-term challenges, there is potential for improvement in the latter half of the year, particularly with new product launches and channel expansions [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenue for 2024 is 15,127 million yuan, increasing to 15,778 million yuan in 2025, with a growth rate of 7.7% and 4.3% respectively [2][11]. - **Net Profit Forecasts**: Expected net profit for 2024 is 1,485 million yuan, decreasing to 1,411 million yuan in 2025, reflecting a growth rate of 0.5% and a decline of 5.0% respectively [2][11]. - **Earnings Per Share (EPS)**: EPS is projected to be 4.46 yuan in 2024, dropping to 4.23 yuan in 2025, and then increasing to 4.62 yuan in 2026 [2][11]. - **Profitability Ratios**: The report indicates a net profit margin of 7.0% for Q2 2025, down 2.6 percentage points year-on-year, with a gross margin of 18.0% [6][7]. Market Performance - The company's stock price as of August 25, 2025, was 77.06 yuan, with a market capitalization of approximately 256.83 billion yuan [3][6]. - The report notes that the company has experienced a significant increase in sales through new retail and e-commerce channels, with double-digit growth in these areas [6][7]. Product and Channel Insights - The company has seen varied performance across its product lines, with notable growth in new products such as small lobster products exceeding 1 billion yuan in revenue and a significant increase in sales of grilled sausages [6][7]. - The report emphasizes the importance of adapting to market demands and enhancing product offerings to improve revenue streams [6][7].

事件：公司披露2025 半年报，25H1 实现营业收入76.04 亿元，同比+0.80%，实现归母净利润6.76 亿 元，同比-15.79%，实现扣非净利润6.03亿元，同比-21.85%。其中25Q2 实现营业总收入40.05 亿元，同 比+5.69%，实现归母净利润2.81 亿元，同比-22.74%，实现扣非净利润2.60亿元，同比-26.11%。 产品矩阵丰富，并购收购驱动业务多元化。25H1 公司速冻调制食品/速冻菜肴制品/速冻面米制品/速冻 农副产品实现营收37.59/24.16/12.41/1.81亿元，同比-1.94%/+9.40%/-3.89%/-4.57%。其中25Q2 公司速冻 调制食品/速冻菜肴制品/速冻面米制品/速冻农副产品实现营收17.50/15.80/5.83/0.87 亿元，同 比-1.40%/+26.05%/-10.78%/-4.85%。公司坚持每年聚焦培养3-5 个"战略大单品"，同时不断迭代升级产 品抢占行业制高点。2024 年，单品年营收超过人民币1 亿元的产品有39 种，其中有4 种产品超过人民币 5 亿元，彰显了公司在产品研发、成本领先和市场推广方面的综合实力。202 ...

Group 1 - The core viewpoint of the news is that Anjii Food (603345.SH) has reported its semi-annual results for 2025, highlighting significant institutional investor holdings and changes in share ownership [1] Group 2 - As of August 25, 2025, a total of 69 institutional investors hold shares in Anjii Food, with a combined holding of 138 million shares, representing 47.16% of the total share capital [1] - The top ten institutional investors account for 41.30% of the total shares, with a decrease of 1.00 percentage points compared to the previous quarter [1] Group 3 - In the public fund sector, 8 funds increased their holdings, while 24 funds decreased their holdings, with the latter accounting for a reduction of 1.07% [2] - A total of 26 new public funds were disclosed this period, while another 26 funds were not disclosed compared to the previous quarter [2] Group 4 - From the perspective of social security funds, one fund increased its holdings, while another decreased, with the latter showing a reduction of 0.33% [2] Group 5 - In the pension fund category, one fund decreased its holdings slightly, indicating a minor decline [3]