公司报告 | 公司点评 收购背景与意义： 此前安井通过收购新宏业、新柳伍等企业，已展现出强大的产业链整合能力， 此次收购鼎味泰将进一步巩固其在速冻食品领域的龙头地位，预计未来将继续 受益于内生增长与外延并购的双轮驱动，有望实现业绩持续增长。 投资建议：我们认为，公司在收并购方面展现出高效产业链整合能力，不断稳 固行业龙头地位。除此之外，公司有望凭借产品、渠道及产业链把控优势实现 市占率稳步提升。我们预计，随着公司第二成长曲线发力，及餐饮行业估值修 复，有望迎来戴维斯双击！我们预计 2024-2026 年公司归母净利润 17.15/19.28/21.44 亿元，同比增长 16.00%/12.43%/11.24%，维持"买入"评级。 拟收购鼎味泰 70%股权，推动公司产品扩张及产业整合 事件：安井食品与鼎味泰实控人、控股股东以及员工持股平台等主体就收购鼎 味泰 70%股份正式签订了股份收购协议，本次拟以 4.445亿元收购鼎味泰 70% 股权。 收购标的情况： 鼎味泰主营高端速冻和冷冻烘焙产品，23 年销售额突破 5 个亿，2022 年鼎味 泰扩建了产能，全部投产后将实现年产 6 万吨高端海洋食品产品的规模。①速 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The acquisition of a 70% stake in Dingwei Thai for 444.5 million yuan is expected to enhance the company's product expansion and industry integration [1][3] - Dingwei Thai specializes in high-end frozen and baked products, achieving sales exceeding 500 million yuan in 2023, with a production capacity of 60,000 tons of high-end marine food products anticipated after capacity expansion [2][3] - The company has demonstrated strong capabilities in industry chain integration through previous acquisitions, which will further solidify its leading position in the frozen food sector [3] Summary by Sections Acquisition Target Overview - Dingwei Thai's main products include frozen and baked goods, with distribution channels including premium supermarkets and convenience stores [2] - The company has expanded its production capacity and is set to enhance its market presence through strategic acquisitions [2] Background and Significance of the Acquisition - The acquisition is seen as a strategic move to strengthen the company's leadership in the frozen food market, benefiting from both organic growth and external mergers [3] - The report anticipates continued performance growth driven by the company's effective integration strategies and market share expansion [3] Financial Projections - The company is projected to achieve net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 16.00%, 12.43%, and 11.24% [5][3] - Revenue is expected to grow from 14.045 billion yuan in 2023 to 20.288 billion yuan by 2026, with a compound annual growth rate of approximately 11.32% [5][3]

Investment Rating - The report maintains a "Buy" rating for the company [5][3]. Core Views - The acquisition of a 70% stake in Dingwei Thai for 444.5 million yuan is expected to enhance the company's product expansion and industry integration [1][3]. - Dingwei Thai specializes in high-end frozen and baked products, achieving sales exceeding 500 million yuan in 2023, with a projected annual production capacity of 60,000 tons of high-end marine food products [2][3]. - The company has demonstrated strong capabilities in industry chain integration through previous acquisitions, which will further solidify its leading position in the frozen food sector [3]. Summary by Sections Acquisition Target Overview - Dingwei Thai's main products include frozen and baked goods, with distribution channels including premium supermarkets and convenience stores [2]. - The company has expanded its production capacity and is set to enhance its market presence through strategic acquisitions [2]. Background and Significance of the Acquisition - The acquisition is seen as a strategic move to strengthen the company's market position and is expected to drive sustained performance growth through both organic growth and mergers [3]. - The report anticipates a "Davis Double" effect as the company capitalizes on its product, channel, and supply chain advantages [3]. Financial Projections - The company is projected to achieve net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 16.00%, 12.43%, and 11.24% [5][3]. - Revenue is expected to grow from 12.183 billion yuan in 2022 to 20.288 billion yuan by 2026, with a compound annual growth rate of approximately 11.32% [5][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a share purchase agreement to acquire 70% of Jiangsu Dingwei Thai Food Co., Ltd. for 444.5 million yuan, which is expected to enhance its product and channel synergies [7] - The acquisition target complements the company's existing product lines and distribution channels, particularly in high-end hot pot ingredients and frozen baked goods [7] - The company's fundamentals are stabilizing, and its valuation has reached a bottom, with the acquisition acting as a catalyst for future growth [7] - The earnings forecast remains unchanged, with projected net profits for 2024, 2025, and 2026 at 1.43 billion, 1.62 billion, and 1.83 billion yuan respectively, reflecting a year-on-year growth of -3.0%, +13.3%, and +12.6% [7] Financial Summary - Total revenue is projected to grow from 14.05 billion yuan in 2023 to 17.96 billion yuan in 2026, with a compound annual growth rate of approximately 8.93% [1][8] - The company's net profit is expected to increase from 1.48 billion yuan in 2023 to 1.83 billion yuan in 2026, with a notable growth in 2025 [1][8] - The earnings per share (EPS) is forecasted to rise from 5.04 yuan in 2024 to 6.23 yuan in 2026 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 16.46 in 2023 to 13.31 in 2026, indicating an improving valuation [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a share purchase agreement to acquire 70% of Jiangsu Dingwei Thai Food Co., Ltd. for 444.5 million yuan, which is expected to enhance its product and channel synergies [7] - The acquisition target complements the company's existing product lines and distribution channels, particularly in high-end hot pot ingredients and frozen baked goods [7] - The company's fundamentals are stabilizing, and its valuation has reached a bottom, with expectations of resilience in performance despite high base comparisons in 2024 [7] - The report forecasts net profits for 2024-2026 to be 1.43 billion, 1.62 billion, and 1.83 billion yuan respectively, with corresponding P/E ratios of 17, 15, and 13 [7] Financial Summary - Total revenue is projected to grow from 14.05 billion yuan in 2023 to 17.96 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 8.93% [1][8] - The net profit attributable to the parent company is expected to decrease by 3.04% in 2024, followed by growth of 13.28% and 12.61% in 2025 and 2026 respectively [1][8] - The latest diluted EPS is forecasted to be 5.04 yuan in 2024, 5.54 yuan in 2025, and 6.23 yuan in 2026 [1][8] - The company's asset-liability ratio is projected to decrease from 25.43% in 2023 to 23.51% in 2026, indicating improved financial stability [8]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][15]. Core Insights - The report highlights that Anjuke Foods is strategically expanding into the frozen baking sector and enhancing its supply chain collaboration through the acquisition of a 70% stake in Dingweitai for 444.5 million RMB. This acquisition aims to fill the high-end seafood gap, supplement the frozen baking segment, deepen B-end channel cooperation, and support international expansion [5][7]. Summary by Sections Company Overview - Anjuke Foods (603345) is positioned as a leading player in the frozen food industry, with a market capitalization of 23.141 billion RMB and a recent closing price of 78.9 RMB [2]. Historical Performance - The company's stock performance has shown fluctuations, with a historical decline of 23% over the past year compared to the CSI 300 index [3]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 155.91 billion RMB, 176.14 billion RMB, and 199.46 billion RMB, respectively, reflecting year-on-year growth rates of 11.01%, 12.98%, and 13.24% [7][10]. - Expected net profits for the same years are 14.97 billion RMB, 16.78 billion RMB, and 19.19 billion RMB, with growth rates of 1.29%, 12.07%, and 14.40% [7][10]. Strategic Initiatives - The acquisition of Dingweitai is seen as a pivotal move to enhance Anjuke's product offerings and market reach, particularly in high-end seafood and frozen baked goods, while also leveraging existing B-end customer relationships [5][6].

安井食品（603345.SH）事件点评 拟收购鼎味泰 70%股权，产业整合加速推进 2025 年 03 月 13 日 ➢ 事件：公司官媒发布消息，安井食品与鼎味泰实际控制人谭国林、其控股股 东上海海鳕润食品有限公司以及员工持股平台连云港莱卡尔咨询管理合伙企业 （有限合伙）等主体就收购鼎味泰 70%股份正式签订了股份收购协议，本次拟以 4.445 亿元收购鼎味泰 70%股权。 ➢ 拟收购鼎味泰 70%股权，产品扩张、产业整合再进一步。3 月 12 日公司官 媒发布消息，安井食品拟以 4.445 亿元收购江苏鼎味泰 70%股权，以期实现产 品、渠道和品牌的优势互补、赋能增效。本次收购落地后有望继续做强安井速冻 主业、推进品牌中高端化路线、丰富完善销售渠道，产品扩张、产业整合再进一 步。 ➢ 国内鳕鱼制品龙头，23 年销售额 5.12 亿元，达产年产能 6 万吨。鼎味泰系 国内鳕鱼制品及速冻食品头部企业，主营高端速冻关东煮产品和速冻火锅料产 品，渠道覆盖山姆超市、盒马超市等精品商超，海底捞、凑凑、左庭右院等连锁 餐饮以及 7-11、罗森、全家等便利店渠道。鼎味泰成立于 2009 年，主营阿拉斯 加狭鳕鱼为原料的鱼糜 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Viewpoints - The company plans to acquire 70% of Dingwei Thai for 444.5 million yuan, aiming to enhance product expansion and industry integration [1] - The acquisition is expected to strengthen the company's frozen food business, promote brand mid-to-high-end positioning, and enrich sales channels [1] - Dingwei Thai is a leading domestic cod fish product company with a 2023 sales revenue of 512 million yuan and an annual production capacity of 60,000 tons [2] - The company has a diverse channel layout covering restaurants, supermarkets, convenience stores, and exports, with partnerships with major brands [3] - Revenue projections for 2024-2026 are 15.239 billion, 17.120 billion, and 19.005 billion yuan, with corresponding net profits of 1.441 billion, 1.615 billion, and 1.792 billion yuan [3][5] Financial Forecasts - The company’s total revenue for 2023 is projected at 14.045 billion yuan, with a growth rate of 15.3% [5] - The net profit attributable to the parent company for 2023 is estimated at 1.478 billion yuan, reflecting a growth rate of 34.2% [5] - Earnings per share are forecasted to be 5.04 yuan for 2023, with a price-to-earnings ratio of 16 [5][11]

Investment Rating - The industry investment rating is "Recommended" [3][29] Core Insights - The demand recovery post-Spring Festival is relatively weak, aligning with expectations. The feedback from the Spring Festival indicates a nearly 10% year-on-year decline in the sales of liquor, despite a noticeable improvement in the month-on-month performance. The liquor sector is entering a low season, and with companies like Wuliangye and Jinshiyuan halting shipments to maintain prices, the fundamental outlook is unlikely to improve significantly in the short term. The consumer goods sector shows a continued recovery, but the feedback from the Spring Festival is weak, particularly in the restaurant supply chain, which is expected to face short-term pressure. The condiment sector is showing a steady recovery, while dairy products are expected to decline year-on-year. The absolute growth rate of snack foods remains high, but growth is expected to cool due to a high base. Overall, the sector is likely to remain weak in the short term, but a gradual recovery is anticipated throughout the year, making it a good candidate for medium to long-term investment [4][6][10]. Summary by Sections Liquor Sector - The feedback from the Spring Festival indicates a continuation of the decline in the liquor industry, with an expected drop of nearly 10%. Post-holiday, the price of Moutai has stabilized and slightly increased, while Wuliangye's price has rebounded significantly after halting shipments. The first half of 2025 is expected to remain weak, but medium-term prospects may improve as domestic policies take effect. High-end liquor is recommended for long-term investment, with specific companies such as Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao highlighted [6][7]. Consumer Goods Sector - The consumer goods sector shows a slight recovery in sales post-Spring Festival, but overall performance remains weak. The restaurant supply chain continues to struggle, while the condiment sector is experiencing a steady recovery. Dairy products are expected to decline year-on-year, and the growth rate of snack foods is anticipated to decrease due to a high base. The sector is characterized by essential demand, and performance may exceed that of the liquor sector. Companies such as Yili, Tianwei, Anjixin, Qianwei Central Kitchen, and Haitian Flavoring are recommended for medium to long-term investment [6][7]. Market Performance - The sector has experienced a slight pullback in the first three trading days post-holiday, primarily due to weak fundamental feedback. The overall decline for the sector in 2025 is 6.9%, attributed to systemic adjustments and weak fundamental performance [10][11].

Investment Rating - The industry investment rating is "Recommended" [3][26] Core Views - The sector experienced a rebound of 2.3% this week, primarily due to a systematic market rebound, although the fundamental feedback remains subdued [4][9] - The liquor sector has seen a relatively smooth landing during the Spring Festival, but it is now entering a low season with both demand and inventory under pressure, making it unlikely for the fundamentals to improve significantly [4][6] - The consumer goods sector continues to recover, with policies like "consumption vouchers" in cities like Shanghai potentially benefiting the restaurant supply chain [4][6] - The overall sector may lack short-term catalysts and is expected to remain relatively weak, but there is potential for gradual improvement throughout the year [4][6] Summary by Sections Liquor Sector - The Spring Festival sales were relatively stable, but the industry is now entering a low season with weak demand, leading manufacturers to control supply and maintain prices [6] - The price of Moutai remains stable at around 2250 yuan per bottle, while Wuliangye is around 930 yuan per bottle [11] - The sector's fundamentals are becoming less influential on market trends, with a growing sensitivity to macroeconomic policies and capital changes [6] Consumer Goods Sector - The introduction of "consumption vouchers" in Shanghai is expected to have a marginally positive impact on consumer goods [6] - Sales during the Spring Festival showed a slight recovery, particularly in condiments and snacks, although overall performance remains relatively weak [6] - Raw material prices, such as milk and sugar, are on a downward trend, which is favorable for profit margins [6][17] Recommended Companies - Recommended companies include Moutai, Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Tianwei Food, Anjui Food, Yili, Haitian Flavoring, Qianwei Central Kitchen, and Yanjing Beer [4][6]