Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrated resilient growth in its core business, with a total revenue of 75.44 billion yuan for the first half of 2024, reflecting a year-on-year increase of 9.42% [2] - The net profit attributable to shareholders reached 8.03 billion yuan, up 9.17% year-on-year, although the second quarter saw a slight decline in net profit [2][3] - The company is focusing on strategic products like meat rolls and grilled sausages to drive growth, despite external consumption pressures [3] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 37.89 billion yuan, a year-on-year increase of 2.31%, while net profit was 3.64 billion yuan, down 2.51% [2] - The sales gross margin improved to 21.29%, an increase of 1.43 percentage points year-on-year, attributed to lower raw material costs and economies of scale [2] - The company plans to distribute a cash dividend of 1.38 yuan per share (before tax) [2] Product and Channel Analysis - Revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in Q2 2024 was 17.75 billion, 12.54 billion, and 6.53 billion yuan respectively, with growth rates of +13.64%, -7.0%, and -1.44% year-on-year [2] - The decline in dish product revenue was mainly due to the impact of the crayfish business, while competition in the rice and noodle market has intensified [2] - Revenue from various channels showed mixed results, with significant growth in new retail channels, particularly from the expansion into Hema [2] Profitability and Forecast - The report forecasts a slight downward adjustment in net profit estimates for 2024-2026, now projected at 16.3 billion, 18.3 billion, and 20.2 billion yuan respectively [3] - The current stock price corresponds to a P/E ratio of 13, 12, and 11 for 2024-2026, indicating strong growth potential in the frozen food industry [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][8][10] Core Views - The company reported a revenue growth of 9.42% year-on-year for the first half of 2024, achieving a total revenue of 7.544 billion yuan [5][8] - The second quarter revenue showed a modest growth of 2.31% year-on-year, with a total of 3.789 billion yuan [5][8] - The company maintains a stable core business operation despite declines in specific channels such as special channels and e-commerce [5][8] - The management emphasizes shareholder returns with a mid-term dividend plan amounting to 460 million yuan, representing 57.5% of the net profit for the first half of 2024 [5][8] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a net profit of 803 million yuan, up 9.17% year-on-year, and a non-recurring net profit of 772 million yuan, up 11.11% [5][8] - The gross margin for the second quarter was 21.3%, reflecting a year-on-year increase of 1.3 percentage points, attributed to a decline in raw material prices [5][8] - The company’s accounts receivable increased by 28% year-on-year, indicating a strategic decision to ease sales pressure through extended credit [5][8] Revenue Breakdown - In the second quarter of 2024, revenue from rice and flour products, prepared foods, and dish products showed varied performance, with declines in rice and flour products (-1.4%) and dish products (-7.1%), while prepared foods grew by 13.6% [5][8] - Revenue from distribution channels showed a mixed performance, with traditional distributors and supermarkets growing by 4%, while special channels and e-commerce saw declines of 25% and 37% respectively [5][8] Future Outlook - The company anticipates improved performance in the second half of 2024 as it enters the peak season, supported by new product development and channel expansion [5][8] - Revenue forecasts for 2024-2026 have been adjusted to 15.243 billion, 16.478 billion, and 17.635 billion yuan respectively, reflecting a year-on-year growth of 8.5%, 8.1%, and 7.0% [8][9]

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a total revenue of 7.544 billion yuan in H1 2024, representing a year-on-year increase of 9.42%, with a net profit attributable to shareholders of 803 million yuan, up 9.17% [3] - The growth in revenue is primarily driven by the strong performance of frozen prepared foods, which saw a year-on-year increase of 21.86% in H1 2024 [3] - The company has a dividend payout ratio of 57.50% for H1 2024, with a proposed cash dividend of 1.38 yuan per share [3] Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: frozen prepared foods (3.833 billion yuan, +21.86%), frozen dishes (2.208 billion yuan, +0.40%), and frozen noodle products (1.291 billion yuan, +1.37%) [3] - The company experienced a decline in revenue from other categories, such as agricultural products (-27.08%) and leisure foods (-94.48%) due to a shift to ambient food business [3] Regional Performance - Revenue growth was robust in the Southwest and overseas regions, with increases of 27.04% and 37.34% respectively in H1 2024 [3] - The revenue from East China, North China, and South China also showed positive growth, while some regions like Northeast and Northwest experienced slight declines [3] Channel Performance - The company’s revenue from various sales channels in H1 2024 included: distributors (6.113 billion yuan, +12.42%), supermarkets (431 million yuan, -3.03%), and new retail channels (327 million yuan, +27.32%) [3] - The new retail channel showed significant growth, indicating a shift in consumer purchasing behavior [3] Profitability Metrics - The gross margin improved by 1.81 percentage points to 23.91% in H1 2024, driven by an increase in the proportion of high-margin frozen prepared foods [3] - The net profit margin for H1 2024 was 10.64%, slightly down by 0.02 percentage points year-on-year due to increased management expenses and reduced government subsidies [3] Financial Projections - The company is projected to achieve net profits of 1.633 billion yuan, 1.878 billion yuan, and 2.096 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.51%, 14.99%, and 11.57% [3][4] - The price-to-earnings (P/E) ratios for the company are expected to be 13, 12, and 10 times for the years 2024, 2025, and 2026, respectively [3]

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 20 日 [Table_Title] H1 主业稳健增长，静待旺季经营回暖 [Table_Title2] 安井食品(603345) | --- | --- | --- | --- | |------------------|-------|----------------------|--------------| | [Table_DataInfo] | | | 603345 | | 上次评级： 买入 | | 52 周最高价/最低价： | 145.83/67.08 | | | | ) | 216.01 | | 最新收盘价： | 73.65 | 自由流通市值(亿) | 216.01 | | | | 自由流通股数(百万) | 293.29 | [Table_Summary] 事件概述 公司24H1实现收入75.44亿元，同比+9.42%，归母净利润8.03亿元，同比+9.17%，扣非归母净利润7.72 亿元，同比+11.11%。公司 24Q2 实现收入 37.89 亿元，同比+2.31%，归母净利润 3.64 亿元，同比-2.51%， ...

Investment Rating - The report maintains a "Buy" rating for the company, anticipating a stock price increase of over 20% relative to the benchmark index within the next six months [4][7]. Core Insights - The company demonstrated strong operational resilience in a weak market, achieving a year-on-year revenue growth of 9.42% in the first half of 2024, with a net profit increase of 9.17% [3]. - The company is actively adjusting its business strategies in response to market competition and consumer demand, with a focus on promotional activities across multiple product categories [3]. - The company’s gross margin for the first half of 2024 was 23.91%, reflecting a slight increase of 1.81 percentage points year-on-year, while the net profit margin was 10.64% [3]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of 75.44 billion yuan, with a net profit of 8.03 billion yuan [3]. - The revenue forecast for 2024-2026 has been adjusted to 155.12 billion yuan, 171.14 billion yuan, and 187.88 billion yuan, respectively, with expected growth rates of 10.44%, 10.33%, and 9.78% [4][5]. - The projected earnings per share (EPS) for 2024-2026 are 5.56 yuan, 6.27 yuan, and 7.16 yuan, corresponding to price-to-earnings (P/E) ratios of 13, 12, and 10 times [4][5]. Business Segment Performance - The company’s main business segments showed varied performance, with significant growth in the fresh-keeping packaging and small kitchen products, while the frozen products segment remained stable amid a weak external market [3]. - Revenue from various product categories, such as frozen prepared foods and leisure foods, showed mixed results, with frozen prepared foods growing by 21.86% year-on-year [3]. Market Outlook - The company is expected to maintain a high operating profit margin due to strict cost control and product upgrades, despite potential fluctuations in costs [4]. - The company is exploring domestic and international market opportunities to improve market sentiment and fundamental performance [4].

股票投资评级 买入|维持 个股表现 安井食品 食品饮料 -48% -43% -38% -33% -28% -23% -18% -13% -8% -3% 2% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 最新收盘价（元） 73.65 总股本/流通股本（亿股）2.93 / 2.93 总市值/流通市值（亿元）216 / 216 52 周内最高/最低价 138.41 / 70.32 资产负债率(%) 25.4% 市盈率 14.61 第一大股东福建国力民生科技发展 有限公司 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 安井食品(603345) 经营韧性强，股份支付/补助等影响表观利润 ⚫ 事件 公司2024年上半年实现营业总收入/营业收入/归母净利润/扣非 净 利 润 75.44/75.44/8.03/7.72 亿 元 ， 同 ...

证券研究报告 非金融公司|公司点评|安井食品（603345） 2024Q2 主业收入超预期，竞争抵消大 部分成本红利 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司公告 2024 年上半年收入/净利润 75.44/8.03 亿元，同比增长 9.42%/9.17%。其中，单二 季度收入/净利润/扣非净利润 37.89/3.64/3.52 亿元，同比变动+2.31%/-2.51%/+0.79%。收 入整体符合预期，利润不及预期。 |分析师及联系人 SAC：S0590524030005 刘景瑜 陆冀为 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 安井食品(603345) 2024Q2 主业收入超预期，竞争抵消大部分成 本红利 | --- | --- | |------------|-------------------| | 行 业： | 食品饮料/食品加工 | | 投资评级： | 买入（维持） | | 当前价格： | 73.65 元 | 基本数据 总股本/流通股本(百万股) 2 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's revenue in 24Q2 increased by 2.31% YoY, with H1 revenue reaching 7.544 billion yuan, up 9.42% YoY [3] - Net profit attributable to the parent company in 24Q2 was 364 million yuan, a decrease of 2.51% YoY, while H1 net profit was 803 million yuan, up 9.17% YoY [3] - The company's gross margin in 24Q2 increased by 1.44 percentage points YoY, reaching 21.29% [3] - The company's new retail channel revenue in 24Q2 grew by 43.26% YoY, driven by increased investment in emerging channels such as interest-based e-commerce and instant retail [4] Financial Performance - The company's revenue in 24H1 was 7.544 billion yuan, with a gross margin of 23.91%, up 1.81 percentage points YoY [3] - The company's adjusted net profit margin in 24H1 was 10.23%, up 0.16 percentage points YoY [3] - The company's EPS for 2024-2026 is forecasted to be 5.56, 6.67, and 7.46 yuan, respectively [4] - The company's revenue for 2024-2026 is projected to be 15.195 billion, 17.319 billion, and 19.448 billion yuan, with YoY growth rates of 8.2%, 14.0%, and 12.3%, respectively [5] Business Segments - In 24Q2, the company's seasoning food segment revenue grew by 13.6% YoY, reaching 1.775 billion yuan, while the rice and noodle segment revenue declined by 1.44% YoY [3] - The company's new products, such as volcanic stone grilled sausages, are expected to perform well in the market, supported by the company's focus on self-built grilling channels [3] - The company's seasoning food segment is expected to grow at a CAGR of 15% over the next three years, with gross margins projected to increase from 29.82% in 2024 to 30.22% in 2026 [6][7] Valuation and Forecast - The company's 2024 PE ratio is estimated to be in the range of 20-25X, with a target price range of 111.2-139 yuan [4] - The company's net profit for 2024-2026 is forecasted to be 1.632 billion, 1.955 billion, and 2.188 billion yuan, respectively [5] - The company's gross margin is expected to increase from 24.6% in 2024 to 25.0% in 2026, driven by improved product mix and economies of scale [5][6] Market Performance - The company's stock price closed at 73.65 yuan on August 20, with a 52-week range of 68.57-140.50 yuan [1] - The company's total market capitalization is 21.601 billion yuan, with a fully diluted EPS of 5.04 yuan in 2023 [1][5]

证券研究报告·公司点评报告·食品加工 安井食品（603345） 2024H1 点评：疾风知劲草，速冻龙头灵活度 高、韧性足 2024 年 08 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12183 | 14045 | 15461 | 17127 | 18854 | | 同比（%） | 31.39 | 15.29 | 10.08 | 10.78 | 10.08 | | 归母净利润（百万元） | 1101 | 1478 | 1620 | 1871 | 2131 | | 同比（%） | 61.37 | 34.24 | 9.61 | 15.50 | 13.90 | | EPS-最新摊薄（元/股） | 3.75 | 5.04 | 5.52 | 6.38 | 7.2 ...

具体情况跟大家再做一个汇报整体的大数大家都看到了我们也不再去再读了我说一下2024年半年度的主要的销售情况从整体的渠道来分经销商渠道的半年度的营业收入61亿元占比仍然达到了81%这个比例还是比较稳定的相比来讲我们经销商渠道的增长也达到12.42%的比例 那特通直营渠道半年度的营业收入呢5.18个亿下降了一个亿降幅呢这个有15.27%这个呢主要有几个原因造成的大家也都众所周知今年的餐饮连锁受到影响包括一些这个小龙虾的这个价格受到影响所以呢在这个渠道里面我们新鸿雁就是我们那个控股子公司啊 他的在这个特通的直营渠道里面减少了大概有1个亿到1.5亿元的相对的收入其中包括一些这个鸭脖子的这个连锁餐厅包括一些这个红烧猪的那些餐厅都有减少另外呢还有包括 农夫产品的相应的减少其中这个鱼粉的销售大概是下降了3000到3500万之间这一块也会受到影响那新流五这个渠道是增加的这也大概是增加了5000万左右的一个金额所以这个有两个情况主要造成跟小龙虾有很大的一个关系那商超渠道在今年上半年的整体的经营过程中一共取得了4.3亿的营业收入这里面大概是上半年下降了三个点 那到了今年的单二季度商超呢比之前略微有上涨的大概有四个点到五个点之间这 ...