Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations and clear strategic direction, with a focus on optimizing its business strategies for continued profitability improvement [7][8] - The company reported a total revenue of 151.27 billion yuan for 2024, reflecting a year-on-year growth of 7.70%, and a net profit attributable to shareholders of 14.85 billion yuan, which is a slight increase of 0.46% [7] - The company plans to distribute a dividend of 1.015 yuan per share, totaling 14.85 billion yuan [7] Financial Performance Summary - **Revenue Forecasts**: - 2024: 151.27 billion yuan (YoY +7.70%) - 2025E: 159.14 billion yuan (YoY +5.20%) - 2026E: 170.91 billion yuan (YoY +7.40%) - 2027E: 182.17 billion yuan (YoY +6.59%) [4][8] - **Net Profit Forecasts**: - 2024: 14.85 billion yuan (YoY +0.46%) - 2025E: 15.94 billion yuan (YoY +7.38%) - 2026E: 17.59 billion yuan (YoY +8.77%) - 2027E: 19.73 billion yuan (YoY +7.36%) [4][8] - **Earnings Per Share (EPS)**: - 2024: 5.06 yuan - 2025E: 5.44 yuan - 2026E: 6.00 yuan - 2027E: 6.73 yuan [4][8] - **Price-to-Earnings (P/E) Ratios**: - 2024: 15.30 - 2025E: 14.25 - 2026E: 12.91 - 2027E: 11.51 [4][8] Operational Insights - The company has 39 products generating over 1 billion yuan in revenue, contributing approximately 70% of total revenue, with four products exceeding 5 billion yuan [7] - The company’s gross margin remained stable at 23.30% for 2024, while the net margin slightly decreased to 10.01% [7] - The company is focusing on product strategy improvements, with a shift towards enhancing product quality and price competitiveness [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable operations and clear strategic direction, with a focus on optimizing its business strategies for continued profitability improvement [7][8] - The company reported a total revenue of 151.27 billion yuan for 2024, reflecting a year-on-year growth of 7.70%, and a net profit attributable to shareholders of 14.85 billion yuan, which is a slight increase of 0.46% [7] - The company plans to distribute a dividend of 1.015 yuan per share, totaling 14.85 billion yuan [7] Revenue and Profit Forecasts - The projected total revenue for 2025 is 159.14 billion yuan, with a year-on-year growth of 5.20% [4] - The net profit attributable to shareholders for 2025 is estimated at 15.94 billion yuan, representing a growth of 7.38% [4] - Earnings per share (EPS) for 2025 is forecasted to be 5.44 yuan, with a price-to-earnings (P/E) ratio of 14.25 [4] Product Performance - In 2024, the company had 39 products with revenue exceeding 100 million yuan, contributing approximately 70% of total revenue [7] - The revenue from prepared foods reached 78.39 billion yuan, growing by 11.41%, with a standout product, the vacuum-sealed packaging, expected to grow over 18% [7] - The revenue from dish products was 43.49 billion yuan, increasing by 10.76%, with the small crispy meat product expected to grow by 50% [7] Margin and Cost Analysis - The gross margin for 2024 was stable at 23.30%, while the net margin slightly decreased to 10.01% [7] - The company experienced an increase in management expenses due to stock incentive costs, which rose by 80 million yuan [7] - The expense ratio for 2024 was 10.03%, with a notable increase in management fees [7] Strategic Outlook - The company is focusing on product strategy improvements, with a B-end strategy emphasizing cost-effectiveness and a C-end strategy aimed at product upgrades [7] - The company plans to launch new products and enhance promotional efforts to drive sales growth [7] - The profit forecasts for 2025, 2026, and 2027 are adjusted to 15.94 billion yuan, 17.59 billion yuan, and 19.73 billion yuan respectively, with corresponding EPS of 5.44 yuan, 6.00 yuan, and 6.73 yuan [7][8]

证券代码：603345 证券简称：安井食品 公告编号：临 2025-024 为进一步加强与投资者的互动交流，安井食品集团股份有限公司（以下简称 "公司"）将参加由厦门证监局、厦门上市公司协会与深圳市全景网络有限公司 联合举办的"厦门辖区上市公司 2024 年年报业绩说明会暨投资者网上集体接待 日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 15 日（周四）15:40-17:00。届时公司高 管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告。 安井食品集团股份有限公司 董 事 会 2025 年 5 月 8 日 安井食品集团股份有限公司 关于参加厦门辖区上市公司2024年年报业绩说明会 暨投资者网上集体接待日活动的公告 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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1][2]. - The company plans to actively promote new products and embrace large B and new retail channels in 2025, with expectations for positive outcomes in the future [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 15.127 billion yuan, with a slight increase in net profit to 1.485 billion yuan. The first quarter of 2025 saw a revenue decline to 3.6 billion yuan, down 4.13% year-on-year, and a net profit decrease to 395 million yuan, down 10% year-on-year [1][3]. - The revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in 2024 was 7.84 billion yuan, 4.35 billion yuan, and 2.47 billion yuan respectively, with growth rates of 11.4%, 10.8%, and a decline of 3.1% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 23.3%, slightly up from the previous year, while the first quarter of 2025 saw a decline in gross margin to 23.32%, primarily due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with a selling expense ratio of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Future Projections - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.604 billion yuan and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The report anticipates a continued focus on large product strategies and new retail channels, with expectations for improved performance in the coming years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1]. - The company plans to distribute a cash dividend of 1.015 yuan per share for 2024, with a total dividend payout of 1.04 billion yuan, achieving a dividend rate of 70% [1]. - The company is focusing on its major product strategy and plans to actively launch new products and embrace new retail channels in 2025, anticipating positive results [4]. Summary by Sections Financial Performance - In 2024, revenue from frozen prepared foods, frozen dishes, frozen rice and noodle products, and agricultural products was 7.84 billion, 4.35 billion, 2.47 billion, and 0.45 billion yuan respectively, with year-on-year growth rates of +11.4%, +10.8%, -3.1%, and -11.7% [2]. - For Q1 2025, total revenue was 3.6 billion yuan, a year-on-year decline of 4.13%, with net profit attributable to shareholders at 395 million yuan, down 10.0% year-on-year [1][3]. Profitability and Cost Management - The gross profit margin for 2024 and Q1 2025 was 23.3% and 23.32% respectively, with a notable decline in Q1 2025 due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with selling expense ratios of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 1.604 billion and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 14, 13, and 12 for the years 2025, 2026, and 2027 respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company demonstrated resilience in maintaining its leading position despite high base effects, with a slight increase in revenue and net profit for 2024 [5]. - The company is focusing on a big product strategy, with significant contributions from key products like frozen fish and meat products, while facing challenges in certain categories due to competition [6]. - The management is prioritizing new product development and strategic partnerships with major retailers to enhance profitability and scale [6]. Financial Performance Summary - For 2024, the company reported revenue of 15.127 billion yuan, a year-on-year increase of 7.7%, and a net profit of 1.485 billion yuan, reflecting a slight increase of 0.46% [5][11]. - The first quarter of 2025 showed a decline in revenue to 3.6 billion yuan, down 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% [5]. - The gross margin for 2024 was 23.3%, with a net profit margin of 9.82%, indicating stable profitability despite rising costs [7][11]. Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 16.192 billion yuan and 17.560 billion yuan, respectively, with expected growth rates of 7.04% and 8.45% [9][11]. - The projected net profit for 2025 is 1.622 billion yuan, reflecting a growth of 9.25% compared to 2024 [9][11]. - Earnings per share (EPS) are expected to be 5.53 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 13.79 [9][11].

Investment Rating - The investment rating for the Chinese consumer staples sector is generally positive, with multiple companies rated as "Outperform" [1]. Core Insights - In April 2025, five out of eight tracked industries maintained positive growth, two experienced negative growth, and one remained flat. The sectors with single-digit growth include dairy, food and beverage, soft drinks, condiments, and frozen foods. The declining sectors are mass and below liquor and sub-high-end and above liquor, while the beer industry remained flat. Compared to the previous month, six industries showed improved growth rates, while two saw a deterioration. Overall demand has not significantly increased or decreased [10][34]. Summary by Category Liquor Industry - **Sub-high-end and above liquor**: In April, revenue was 26.4 billion yuan, down 1.5% year-on-year. Cumulative revenue for January to April was 167 billion yuan, up 0.3% year-on-year. Inventory levels increased as demand entered a low season [4][14]. - **Mass and below liquor**: Revenue in April was 15 billion yuan, down 10.7% year-on-year, marking 15 consecutive months of negative growth. Cumulative revenue for January to April was 75.2 billion yuan, down 13.9% year-on-year [16]. Beer Industry - Revenue in April was 14 billion yuan, flat compared to the same period last year. Cumulative revenue for January to April was 60.6 billion yuan, down 0.2% year-on-year. The industry is preparing for the upcoming sales season with low inventory levels [5][19]. Condiments - Revenue in April was 36.3 billion yuan, up 2.3% year-on-year, with cumulative revenue for January to April at 155.4 billion yuan, growing 1.3% year-on-year. The industry is experiencing weak sales due to external consumption pressures [21]. Dairy Products - Revenue in April was 33.6 billion yuan, up 3.4% year-on-year, while cumulative revenue for January to April was 156 billion yuan, down 0.6% year-on-year. The industry showed positive growth due to a low base effect from the previous year [23]. Frozen Foods - Revenue in April was 6.7 billion yuan, up 1.5% year-on-year, with cumulative revenue for January to April at 43.1 billion yuan, up 1.3% year-on-year. The industry faces challenges due to lower consumer spending and increased competition [25]. Soft Drinks - Revenue in April was 50 billion yuan, up 2.7% year-on-year, with cumulative revenue for January to April at 235.6 billion yuan, up 2.3% year-on-year. The industry is entering its peak season with intensified competition [27]. Restaurant Sector - Revenue for listed restaurant companies in April was 13.4 billion yuan, up 3.1% year-on-year, with cumulative revenue for January to April at 57.1 billion yuan, up 2.6% year-on-year. The sector is seeing recovery, particularly in tea and Western fast food segments [29].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% within the next six months [9][15]. Core Insights - The company has demonstrated resilience in maintaining its leading position despite high base effects, with a slight increase in revenue and net profit for 2024 [5]. - The company is focusing on a big product strategy, with significant contributions from key products like frozen fish and meat products, while facing challenges in certain segments due to competition and market dynamics [6]. - The management is prioritizing new product development and strategic partnerships with major retailers to enhance profitability and scale [6][8]. Financial Performance Summary - For 2024, the company reported revenues of 15.127 billion yuan, a year-on-year increase of 7.7%, with net profit slightly up by 0.46% [5][11]. - The first quarter of 2025 showed a decline in revenue and net profit, indicating a need for strategic adjustments [5]. - The gross profit margin for 2024 was 23.3%, with a net profit margin of 9.82%, reflecting stable profitability despite rising costs [7][11]. Revenue and Profit Forecast - Revenue projections for 2025 and 2026 have been adjusted to 16.192 billion yuan and 17.560 billion yuan, respectively, with expected growth rates of 7.04% and 8.45% [9][11]. - The forecast for net profit in 2025 is set at 1.622 billion yuan, representing a growth of 9.25% compared to the previous year [9][11]. - Earnings per share (EPS) are projected to increase to 5.53 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 13.79 [9][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is actively adjusting its operational strategy in response to weakened industry demand, focusing on high-quality mid-priced products for B-end and high-quality mid-to-high-priced products for C-end, while continuously optimizing its product matrix and expanding revenue growth points [11] - The company is pushing for deeper channel penetration and embracing new retail channels to enhance market share, indicating a positive long-term development trend [11] Financial Performance Summary - For Q1 2025, the company reported revenue of 3.6 billion yuan, a decrease of 4.1%, and a net profit attributable to shareholders of 395 million yuan, down 10.0% [10] - In Q4 2024, revenue was 4.05 billion yuan, an increase of 7.3%, with a net profit of 438 million yuan, up 22.8% [10] - For the full year 2024, revenue reached 15.127 billion yuan, a growth of 7.7%, while net profit was 1.485 billion yuan, a slight increase of 0.5% [10] - The company’s gross margin for Q1 2025 decreased by 3.2 percentage points to 23.3%, primarily due to increased promotional efforts and weakened scale effects [10] - The company’s long-term revenue projections for 2025-2027 are 16.266 billion yuan, 17.619 billion yuan, and 19.211 billion yuan, reflecting year-on-year growth rates of 7.5%, 8.3%, and 9.0% respectively [11] Profitability Metrics - The projected net profit for 2025-2027 is 1.593 billion yuan, 1.772 billion yuan, and 1.988 billion yuan, with corresponding growth rates of 7.3%, 11.2%, and 12.2% [11] - The company’s price-to-earnings ratio (P/E) is projected to be 14, 13, and 11 for the years 2025, 2026, and 2027 respectively [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is actively adjusting its business strategy in response to weakened industry demand, focusing on high-quality mid-priced products for B-end and high-quality mid-to-high-priced products for C-end, while continuously optimizing its product matrix and expanding revenue growth points [11] - The company is pushing for channel penetration and exploring channel potential, fully embracing large B and new retail channels to continuously increase market share [11] - The long-term development trend of the company remains positive despite current challenges [11] Financial Performance Summary - For Q1 2025, the company reported revenue of 3.6 billion yuan (down 4.1%) and a net profit attributable to shareholders of 395 million yuan (down 10.0%) [10] - In Q4 2024, revenue was 4.05 billion yuan (up 7.3%) with a net profit of 438 million yuan (up 22.8%) [10] - For the full year 2024, revenue reached 15.127 billion yuan (up 7.7%) and net profit was 1.485 billion yuan (up 0.5%) [10] - The company’s gross margin for Q1 2025 decreased by 3.2 percentage points to 23.3%, primarily due to increased promotional efforts and weakened scale effects [10] - The company’s net profit margin for Q1 2025 decreased by 0.7 percentage points to 11.0% [10] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 16.266 billion yuan, 17.619 billion yuan, and 19.211 billion yuan, representing year-on-year growth of 7.5%, 8.3%, and 9.0% respectively [11] - Net profit forecasts for the same period are 1.593 billion yuan, 1.772 billion yuan, and 1.988 billion yuan, with year-on-year growth of 7.3%, 11.2%, and 12.2% respectively [11] - The current stock price corresponds to a price-to-earnings ratio of 14, 13, and 11 for the years 2025, 2026, and 2027 respectively [11]