证券研究报告：食品饮料 | 公司点评报告 2024年4月29日 股票投资评级 安井食品(603345) 买入|维持 主业增长显韧性，Q1 利润表现亮眼 个股表现 ⚫ 事件 公司2023年实现营业总收入/营业收入/归母净利润/扣非净利润 安井食品 食品饮料 140.45/140.45/14.78/13.65 亿 元 ， 同 比 -3% -9% 15.29%/15.29%/34.24%/36.8%。公司单Q4实现营业总收入/营业收入 -15% /归母净利润/扣非净利润 37.74/37.74/3.56/3.38 亿元，同比- -21% -27% 6.27%/-6.27%/-13.41%/-13.93%。公司 2024 年 Q1 实现营业总收入/ -33% -39% 营业收入/归母净利润/扣非净利润 37.55/37.55/4.38/4.2 亿元，同 -45% 比17.67%/17.67%/21.24%/21.56%。 -51% -57% 同时，公司发布利润分配方案公告和股东回报规划，分红意愿强 2023-05 2023-07 2023-09 2023-12 2024-02 2024-04 烈、未来将持续提升分红比 ...

Investment Rating - Buy/Maintain with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - The company's operations continue to improve, with profitability reaching new highs [1] - The company is expected to maintain steady growth driven by new and secondary products, with a focus on regional and national product strategies [3] - The company aims to exceed equity incentive targets, with a focus on product upgrades and market expansion [3] Financial Performance - 2023 revenue reached 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% [2] - 2024 Q1 revenue was 3.755 billion CNY, up 17.67% year-on-year, with net profit attributable to shareholders of 438 million CNY, up 13% [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, with a net profit margin of 10.3%, up 1.9 percentage points [2] - 2024 Q1 gross profit margin rose to 26.6%, driven by lower raw material costs and seasonal scale effects [2] Product Performance - Frozen fish paste products, meat products, and prepared dishes showed steady growth, with prepared dishes achieving a 29.8% year-on-year increase in revenue [2] - The company's "Lock Fresh" series and new products contributed significantly to revenue growth, with frozen fish paste products and meat products growing by 31.5% and 27.7% respectively in Q1 2024 [2] Regional Performance - Except for a slight decline in Central China due to the impact of new acquisitions, other regions experienced rapid growth in Q1 2024 [2] Future Projections - Revenue is expected to reach 15.907 billion CNY in 2024, 18.032 billion CNY in 2025, and 20.521 billion CNY in 2026, with year-on-year growth rates of 13.25%, 13.36%, and 13.81% respectively [4] - Net profit attributable to shareholders is projected to be 1.629 billion CNY in 2024, 1.831 billion CNY in 2025, and 2.032 billion CNY in 2026, with growth rates of 10.23%, 12.37%, and 10.99% respectively [4] - The company's PE ratio is expected to be 15.12X in 2024, 13.45X in 2025, and 12.12X in 2026 [4] Strategic Focus - The company will continue to focus on product innovation, regional market penetration, and national product expansion [3] - Upgrades to the "Lock Fresh" series and increased promotion of sausage products are key strategies for future growth [3]

Investment Rating - Buy/Maintain rating for Anjoy Foods (603345) with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - Anjoy Foods' operations continue to improve, with profitability reaching new highs [1] - The company's 2023 revenue was 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% year-on-year [2] - In 2024Q1, revenue reached 3.755 billion CNY, a year-on-year increase of 17.67%, with net profit attributable to shareholders of 438 million CNY, up 13% year-on-year [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, and further increased to 26.6% in 2024Q1 [2] - The company's net profit margin reached a historical high of 11.8% in 2024Q1 [2] Financial Performance - 2023 revenue breakdown: frozen fish paste products (4.41 billion CNY, +11.8% YoY), frozen rice products (2.55 billion CNY, +5.4% YoY), frozen meat products (2.63 billion CNY, +10.2% YoY), and frozen vegetable products (3.93 billion CNY, +29.8% YoY) [2] - 2024-2026 revenue forecasts: 15.907 billion CNY (+13.25% YoY), 18.032 billion CNY (+13.36% YoY), and 20.521 billion CNY (+13.81% YoY) [4] - 2024-2026 net profit forecasts: 1.629 billion CNY (+10.23% YoY), 1.831 billion CNY (+12.37% YoY), and 2.032 billion CNY (+10.99% YoY) [4] - 2024-2026 EPS forecasts: 5.56 CNY, 6.24 CNY, and 6.93 CNY [4] Business Strategy - The company plans to focus on regional localized product development and national product launches to drive growth [3] - The company will continue to promote its premium product lines, such as the Suoxianzhuang series, and expand its sausage product offerings [3] - The company aims to achieve revenue and profit growth above the equity incentive targets [3] Industry Outlook - The company's strong performance is driven by its competitive advantages in the frozen food industry, including its product portfolio and cost control measures [2] - The company's profitability is expected to continue improving due to its optimized product structure and efficient cost management [2]

证 券 2024 年 04 月 30 日 研 究 盈利能力提升，主业势能延续 报 告 —安井食品（603345.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 4 月 26 日，安井食品发布 2023 年年度报告与 2024 sunss@cfsc.com.cn 年一季度报告。 投资要点 基本数据 2024-04-29 ▌业绩增速稳健，分红比例大幅提升 当前股价（元） 91.29 总市值（亿元） 268 公 司 2023/2023Q4/2024Q1 总 营 收 分 别 为 总股本（百万股） 293 140.45/37.74/37.55 亿元，分别同比+15%/-6%/+18%，归母 净利润分别为 14.78/3.56/4.38 亿元，分别同比+34%/- 流通股本（百万股） 293 13%/+21%，2024Q1 丸之尊/锁鲜装快速放量，扩大营收规模 52周价格范围（元） 70.32-167.22 的同时拉升利润表现。盈利端，得益于高毛利速冻鱼糜制品 日均成交额（百万元） 354.98 快速增长，2023/2024Q1 公司毛利率分别为 23.21%/26 ...

华福证券 食品饮料 2024年04月29日 公 司 安井食品（603345.SH） 买入（维持评级） 研 究 Q1 开门红业绩超预期，务实经营未来增长无虞 当前价格： 83.99元 事件：公司发布2023年报及2024年一季报，2023年公司实现营收140.45 目标价格： 132.49元 亿元，同比+15.29%；归母净利润14.78亿元，同比+34.24%。其中，23Q4 基本数据 实现营收37.74亿元，同比-6.27%；归母净利润3.56亿元，同比-13.41%。 总股本/流通股本(百万股) 293.29/293.29 公司24Q1实现营收37.55亿元，同比+17.67%；归母净利润4.38亿元，同 流通A股市值(百万元) 24,633.78 比+21.24%。年报收入业绩符合预期，一季报超预期。此外，公司拟向全体 每股净资产(元) 44.46 资产负债率(%) 23.21 股东派发红利1.775元/股（含税），累计全年分红7.86亿元（含税），占全 一年内最高/最低价(元) 171.30/68.57 年归母净利润53.17%，且规划未来三年分红比例不低于可分配利润40%。 一年内股价相对走势  ...

Investment Rating - The report maintains a "Recommend" rating for Anjoy Foods (603345) [1] Core Views - Anjoy Foods achieved robust revenue growth in 2023, with total revenue reaching 14.05 billion yuan (+15.3% YoY) and net profit attributable to shareholders of 1.48 billion yuan (+34.2% YoY) [1] - In Q1 2024, the company's revenue grew by 17.7% YoY to 3.75 billion yuan, with net profit attributable to shareholders increasing by 21.2% YoY to 440 million yuan [1] - The company's gross margin has improved for four consecutive quarters, reaching 26.6% in Q1 2024 (+1.8 ppts YoY), driven by product structure optimization and lower raw material costs [1] Business Performance Product Breakdown - In 2023, revenue from staple foods/meat products/fish products grew by +5.4%/+10.2%/+11.8% respectively, while frozen dishes surged by +29.8% [1] - 39 products achieved annual sales exceeding 100 million yuan [1] - In Q1 2024, revenue from staple foods/meat products/fish products/dishes grew by +4.4%/+27.7%/+31.5%/+12.3% respectively [1] Regional Performance - Northeast/North China/East China/South China/Central China/Northwest/Southwest/Overseas markets grew by +16.6%/+30.7%/+8.4%/+11.7%/+18.4%/+28.1%/+21.2%/+18.4% respectively in 2023 [1] Channel Performance - In 2023, distributor/supermarket/special channel/new retail/e-commerce revenue grew by +16.0%/-13.4%/+28.9%/-0.3%/+145.9% respectively [1] - The number of distributors reached 1,964 (+7.0% YoY) [1] Financial Performance Profitability - 2023 gross margin reached 23.2% (+1.3 ppts YoY), with net profit margin at 10.5% (+1.5 ppts YoY) [1] - Q1 2024 net profit margin reached 11.7% (+0.3 ppts YoY) [1] Cost Structure - 2023 sales expense ratio decreased to 6.6% (-0.6 ppts YoY) [1] - 2023 management expense ratio remained stable at 2.7% (-0.1 ppts YoY) [1] Future Outlook - The company has released a 2024-2026 shareholder return plan, raising the minimum dividend payout ratio to 40% [1] - Expected net profit for 2024-2026 is 1.74/1.99/2.28 billion yuan, representing YoY growth of +17.6%/+14.6%/+14.6% [1] - EPS for 2024-2026 is projected at 5.9/6.8/7.8 yuan, with corresponding P/E ratios of 14/12/11X [1] Financial Projections Income Statement - 2024-2026 revenue is projected at 15.90/18.17/20.74 billion yuan, with growth rates of +13.2%/+14.3%/+14.1% [2] - 2024-2026 net profit is projected at 1.74/1.99/2.28 billion yuan, with growth rates of +17.6%/+14.6%/+14.6% [2] Balance Sheet - Total assets are expected to grow from 17.30 billion yuan in 2023 to 25.39 billion yuan in 2026 [3] - Shareholders' equity is projected to increase from 12.63 billion yuan in 2023 to 18.67 billion yuan in 2026 [3] Cash Flow - Operating cash flow is expected to grow from 1.96 billion yuan in 2023 to 2.84 billion yuan in 2026 [3] - Capital expenditures are projected to remain stable at around 1.37 billion yuan annually from 2024-2026 [3]

公 司 研 证券研究报告 究 速冻食品 ＃investSuggestion＃ 安井食品 （ 603345 ） 增持 ( 维持 ） 基本 面企稳， Q1 主 业盈 利创新高 ＃ ＃ 2024年 4月 28日 投资要点 公 市场数据  事件：公 司公告 2023 年报和 24Q1 季报，2023 年公司实现营收/归母净利润/扣非归母净利润 司 140.45/14.78/13.65亿元，同比+15.29%/+34.24%/+36.80%。23Q4公司实现营收/归母净利润/扣非 日期 2024-4-26 归母净利润37.74/3.56/3.38 亿元，同比-6.27%/-13.41%/-13.93%。24Q1 公司实现营收/归母净利 点 收盘价（元） 83.99 润 23Q/扣 4+非 24归 Q母 1收净 入利 同润 比3 +7 4.5 .35 1/4 %.3 ，8/ 归4.2 母0 净亿 利元 润， 同同 比比 ++ 21 .87 0.6 %7 ，%/ 基+2 本1. 符24 合%/ 预+2 期1.5 。6% ，24Q1 略超预期， 评 总股本（百万股） 293.29  全年主业量级单品驱动收入稳增，Q4旺季 ...

[Table_Page] 年报点评|食品饮料 证券研究报告 [安Table_井Title] 食品（603345.SH） [公Tab司le_I评nves级t] 买入 当前价格 83.99元 Q1 业绩表现亮眼，全年稳健发展可期 合理价值 123.65元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-28 ⚫ 公司发布2023年报及2024一季报。2023年实现营收140.45亿元， [相Tab对le_P市icQ场uote表] 现 同比+15.29%；归母净利14.78亿元，同比+34.24%；扣非归母净利润 13.65亿，同比+36.80%。2024Q1实现营收37.55亿，同比+17.67%； 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 归母净利4.38亿，同比+21%；扣非归母净利4.20亿，同比+21.56%。 -10% -23% ⚫ 主业经营韧性强劲，巩固行业龙头地位。（1）分产品：2023年面米制 -35% 品/肉制品/鱼糜制品/菜肴业务分别实现营收25.5/26.3/44.1/39.3亿元， -48% 同比 ...

[Table_Main] 证券研究报告 | 公司点评 安井食品(603345.SH) 2024年04月28日 买入（维持） 安井食品（603345.SH）：Q1 主 所属行业：食品饮料/食品加工 业稳健增长，净利率再创新高 当前价格(元)：83.99 证券分析师 投资要点 熊鹏 资格编号：S0120522120002 事件：公司发布2023年年度与2024年第一季度业绩报告。公司2023年实现营  邮箱：xiongpeng＠tebon.com.cn 收140.45亿元，同比+15.29%；归母净利润14.78亿元，同比+34.24%；扣非归 韦香怡 母净利润13.65亿元，同比+36.80%。其中，2023Q4实现营收37.74亿元，同比 资格编号：S0120522080002 -6.27%；归母净利润3.56亿元，同比-13.41%；扣非归母净利润3.38亿元，同比 邮箱：weixy＠tebon.com.cn -13.93%。2024Q1实现营收37.55亿元，同比+17.67%；归母净利润4.38亿元， 同比+21.24%；扣非归母净利润4.20亿元，同比+21.56%。 市场表现 主业营收稳健增长，核 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a strong start in Q1 2024, with a significant increase in dividends to shareholders. The 2023 annual report and Q1 2024 report indicate robust growth in the core business despite overall weak consumer demand [1][4] - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit of 1.478 billion yuan, up 34.24% year-on-year [3][4] - The company is expected to maintain a high cash dividend payout ratio, increasing from 30% in 2022 to 53.17% in 2023, with a minimum cash dividend ratio set to rise from 20% to 40% [5] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The gross profit margin for 2023 was 23.21%, with significant improvements in Q4 2023 and Q1 2024, reaching 26.34% and 26.55% respectively [2][4] - The company’s net profit margin for 2023 was 10.52%, increasing to 11.68% in Q1 2024 [2][4] Business Segments - The company’s main products, fish paste and meat products, generated revenues of 4.4 billion yuan and 2.6 billion yuan respectively in 2023, with year-on-year growth of 11.8% and 10.2% [4] - The company’s revenue from the catering sector showed strong recovery, contributing to overall growth despite challenges in the market [4] Market Position and Strategy - The company is positioned as a leader in the frozen food industry, with strong channel and product barriers. It aims to enhance market share through targeted product development and localized production strategies [5][6] - The company plans to continue expanding its e-commerce presence and strengthen brand promotion through various channels, including new product launches and increased online marketing efforts [4][5] Future Outlook - Revenue projections for 2024-2026 are set at 16.063 billion yuan, 18.016 billion yuan, and 19.981 billion yuan, with expected growth rates of 14%, 12%, and 11% respectively [6][7] - The company’s net profit is forecasted to reach 1.724 billion yuan in 2024, with a growth rate of 17% [6][7]