Anjoy food(SH:603345) Xin Lang Cai Jing·2025-04-29 06:39Core 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]