Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, reflecting year-on-year growth of 7.7%, 0.5%, and a slight decline of 0.5% [1][4] - The company is focusing on internal improvements during the off-season to prepare for the peak season, as competition in the frozen food industry has eased compared to the second half of 2024 [1][4] Summary by Sections Financial Performance - In 2024, the company's revenue from frozen noodles, prepared foods, and dishes was 2.46 billion, 7.84 billion, and 4.35 billion RMB, showing a year-on-year change of -3.1%, +11.4%, and +10.8% respectively [2] - The gross profit margin for 2024 was 23.3%, with a slight increase of 0.1 percentage points year-on-year, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] Strategic Developments - The company is advancing its strategic products, such as the "lock-fresh" packaging, which generated over 1.5 billion RMB in revenue in 2024, marking an increase of over 18% year-on-year [2] - The company plans to enhance its relationships with major supermarkets like Yonghui and Walmart in 2025, aiming for customized offerings [2] Earnings Forecast - The earnings per share (EPS) for 2025 and 2026 are projected to be 5.47 RMB and 6.05 RMB, respectively, with an introduction of a 2027 EPS forecast of 6.88 RMB [4][6] - The company’s estimated revenue for 2025 is 16.16 billion RMB, reflecting a growth rate of 6.83% [6]

Core Insights - The company reported a revenue of 15.127 billion yuan for 2024, a year-on-year increase of 7.70%, and a net profit attributable to shareholders of 1.485 billion yuan, a slight increase of 0.46% [1] - The company proposed a cash dividend of 1.015 yuan per share (tax included) to all shareholders [1] - For Q1 2025, the company achieved a revenue of 3.6 billion yuan, a decrease of 4.13%, and a net profit of 395 million yuan, down 10.01% year-on-year [1] Financial Performance - The gross margin remained stable at 23.30%, with a slight increase of 0.09 percentage points year-on-year; the net profit margin decreased by 0.68 percentage points to 10.01% [2] - The company’s operating expenses showed mixed results, with sales expenses at 6.52% (down 0.07 percentage points), management expenses at 3.34% (up 0.60 percentage points), and financial expenses at a negative 0.47% (up 0.17 percentage points) [2] - The company’s non-recurring net profit was 1.36 billion yuan, a decrease of 0.45% year-on-year [1][2] Product Performance - The company’s product matrix is diverse, with frozen prepared foods generating 7.839 billion yuan in revenue, an increase of 11.41% year-on-year; frozen dishes generated 4.349 billion yuan, up 10.76%; while frozen noodles and rice products saw a revenue of 2.465 billion yuan, down 3.14% [2] - Revenue from leisure foods was 949,700 yuan, a significant decline of 80.44%, primarily due to structural adjustments in the product line of the subsidiary Kungfu Foods [2] Sales Channels - The company experienced growth in its distribution channels, with revenue from distributors reaching 12.382 billion yuan, an increase of 8.91%; however, direct sales and supermarket channels saw declines of 4.54% and 2.35%, respectively [3] - New retail channels showed significant growth, with revenue of 582 million yuan, up 32.97%, attributed to the expansion of new customers and increased sales from existing customers [3] - E-commerce channels generated 313 million yuan, a decrease of 2.29% [3] Regional Performance - The company maintained a strong position in East China, generating 6.48 billion yuan in revenue, a growth of 6.36%; North China and Central China also saw increases of 5.36% and 7.44%, respectively [3] - The company’s overseas revenue reached 168 million yuan, a notable increase of 30.76%, driven by growth in subsidiaries [3] Financial Valuation and Forecast - The company’s profitability forecast has been adjusted downward, with expected net profits for 2025-2027 at 1.58 billion yuan, 1.732 billion yuan, and 1.892 billion yuan, respectively [4] - The expected earnings per share (EPS) for the same period are projected at 5.39, 5.91, and 6.45 yuan, corresponding to price-to-earnings (PE) ratios of 13.7, 12.5, and 11.4 times based on the closing price on April 28 [4] - The company is positioned in the high-growth frozen food sector, supported by strong management, stable distributors, and accumulating scale advantages [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, representing year-on-year growth of 7.7%, 0.5%, and -0.5% [1] - The company is focusing on internal improvements during the off-season to prepare for the peak season in the second half of the year [1] - The company has made strategic acquisitions, such as acquiring 70% of Dingwei Thai, to enhance channel synergies [2] Revenue and Profitability - In 2024, the company's gross margin increased by 0.1 percentage points to 23.3%, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] - The company expects to maintain revenue forecasts but has adjusted profit forecasts upwards due to the contribution from Dingwei Thai and strong expense management capabilities [4] Financial Projections - The company forecasts revenue growth from 15.13 billion RMB in 2024 to 16.16 billion RMB in 2025, with a projected net profit of 1.60 billion RMB in 2025 [6] - The expected EPS for 2025 is 5.47 RMB, with a projected PE ratio of 19x [4][6] Market Position and Strategy - The company is focusing on the sales of strategic products such as "lock-fresh" packaging, which achieved over 1.5 billion RMB in revenue in 2024, growing by over 18% year-on-year [2] - The company plans to embrace customization in supermarkets and strengthen partnerships with major retailers like Yonghui and Walmart [2]

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 achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].

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 has shown a pragmatic adjustment in its operations and is actively building momentum for future growth. Despite short-term pressures, the strategic optimization and new product launches are expected to gradually improve the company's fundamentals [1][6]. Financial Performance Summary - In 2024, the company achieved a total revenue of 15.127 billion yuan, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, with a year-on-year growth of 7.3%, and the net profit for the same quarter was 438 million yuan, reflecting a significant increase of 22.8% year-on-year [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year [6][7]. - The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. Product and Channel Performance - The company’s revenue from various product categories in 2024 showed mixed results: - Noodle and rice products decreased by 3.1% - Frozen prepared foods increased by 11.4% - Dishes grew by 10.7% - Agricultural and sideline products fell by 11.7% [6][7]. - In terms of distribution channels, revenue from distributors increased by 8.9%, while supermarkets, direct sales, and e-commerce saw declines of 2.4%, 4.5%, and 2.3% respectively. The new retail channel showed significant growth at 33% [6][7]. Regional Performance - Revenue growth varied across regions in 2024, with the following year-on-year increases: - Northeast: +7.0% - North China: +5.4% - East China: +6.4% - South China: +9.1% - Central China: +7.4% - Northwest: +13.5% - Southwest: +14.4% [6][7]. Profitability Metrics - The company maintained a gross margin of 23.3% in 2024, a slight increase of 0.1 percentage points year-on-year. The net profit margin for the year was 9.8%, down 0.7 percentage points year-on-year [6][7]. - In Q1 2025, the gross margin remained at 23.3%, but the net profit margin was 11.0%, reflecting a decrease of 0.7 percentage points year-on-year due to increased promotional efforts and a decline in average sales prices [6][7]. Future Outlook - The company is expected to recover growth through new products and channels, despite ongoing external demand pressures. The introduction of high-quality, mid-priced products for B-end customers and premium products for C-end customers is anticipated to drive revenue recovery [6][7]. - The EPS forecast for 2025-2027 has been adjusted to 5.19, 5.71, and 6.39 yuan respectively, with corresponding PE ratios of 14, 13, and 12 times [6][7].

证券代码：603345 证券简称：安井食品 公告编号：临 2025-023 本次会计政策变更无需提交公司董事会和股东会审议。 一、 本次会计政策变更概述 （一）会计政策变更的原因 2023 年 8 月 1 日，财政部发布了《企业数据资源相关会计处理暂行规定》（财 会〔2023〕11 号），适用于符合企业会计准则相关规定确认为无形资产或存货等 资产的数据资源，以及企业合法拥有或控制的、预期会给企业带来经济利益的、 但不满足资产确认条件而未予确认的数据资源的相关会计处理，并对数据资源的 披露提出了具体要求。该规定自 2024 年 1 月 1 日起施行。 2024 年 12 月 6 日，财政部发布《企业会计准则解释第 18 号》（财会〔2024〕 24 号），明确了对不属于单项履约义务的保证类质量保证金的会计处理，应当根 据《企业会计准则第 13 号——或有事项》规定，在确认预计负债的同时，将相 关金额计入营业成本，并根据流动性列示预计负债，该解释规定自印发之日起施 行，允许企业自发布年度提前执行。公司自 2024 年 12 月 6 日起执行上述会计准 则。 （二）变更前公司采用的会计政策 安井食品集团股份有限公司 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-022 安井食品集团股份有限公司 关于召开2024年年度股东会的通知 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。 重要内容提示： 股东会召开日期：2025 年 5 月 21 日 本次股东会采用的网络投票系统：上海证券交易所股东大会网络投票系 统 一、 召开会议的基本情况 (一) 股东会类型和届次 2024年年度股东会 (二) 股东会召集人：董事会 至2025 年 5 月 21 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东会召开当日的 9:15-15:00。 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 21 日 14 点 00 分 召开地点：福建省厦门市同安区观洲路 7 号，厦门特房波特曼 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-012 安井食品集团股份有限公司 第五届监事会第十五次会议决议公告 本公司监事会及全体监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"）第五届监事会第十五次会议 于 2025 年 4 月 25 日以现场加通讯的方式召开，会议由监事会主席张光玺主持， 会议应出席监事 3 人，实际出席 3 人。会议的通知、召开及审议程序符合《中华 人民共和国公司法》等法律法规及《公司章程》的规定，所作决议合法有效。 经与会监事一致同意，形成决议如下： 一、审议通过《公司 2024 年年度报告及其摘要》 公司监事会认为《公司 2024 年年度报告及其摘要》编制和审核程序符合相 关法律法规，内容真实、准确、完整，符合中国证监会及上海证券交易所规定， 所包含的信息能够从各个方面真实地反映公司当年度的经营管理和财务状况等 事项；公司监事会目前未发现参与公司 2024 年年度报告编制和审议的人员有违 反保密规定的行为。 具体详见公司同日在上海证券交易所网站（http ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-011 安井食品集团股份有限公司 第五届董事会第十八次会议决议公告 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"）于 2025 年 4 月 25 日在公 司会议室以现场加通讯的方式召开第五届董事会第十八次会议。公司于召开会议 前依法通知了全体董事，会议通知的时间及方式符合国家有关法律、法规及公司 章程的规定。会议由董事长刘鸣鸣主持，应出席董事 9 名，实际出席董事 9 名。 经董事一致同意，形成决议如下： 一、审议通过《公司 2024 年年度报告及其摘要》 本议案已经公司董事会审计委员会审议通过，一致同意提交公司董事会审议。 具体详见公司同日在上海证券交易所网站（http://www.sse.com.cn）发布的 《安井食品 2024 年年度报告》及其摘要。 表决结果：9 票赞成；0 票反对；0 票弃权。 本议案尚需提交公司 2024 年年度股东会审议。 二、审议通过《公司 2024 年度董事会工作报告》 根据《公 ...

证券代码：603345 证券简称：安井食品 公告编号：临 2025-013 安井食品集团股份有限公司 2024 年度利润分配预案 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。 重要内容提示： 每股分配比例：A 股每股派发现金红利 1.015 元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本扣减回购专用证 券账户股份为基数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本或回购专用证券账户中的股 份数量发生变动的，公司拟维持每股分配比例不变，相应调整分配总额，并将在 相关公告中披露。 不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》（以下简 称《股票上市规则》）第 9.8.1 条第一款第（八）项规定的可能被实施其他风险 警示的情形。 一、利润分配方案内容 （一）2024 年年度利润分配方案 根据《上海证券交易所上市公司自律监管指引第 7 号—回购股份》第八条规 定，上市公司以现金为对价，采用集中竞价方式、要约方式回购股份的，当年已 实施的股份回购金额视同现金分红金额，纳 ...