大行评级｜高盛：首予安井食品“买入”评级及目标价72港元

Group 1 - Goldman Sachs has initiated a "Buy" rating for Anjoy Foods with a target price of HKD 72, highlighting its position as the leading company in China's frozen food market with a market share of 6.6% in 2024 [1] - The company is expected to maintain its market leadership due to its excellent operational capabilities, economies of scale, extensive channel coverage, and mature product development experience [1] - Goldman Sachs anticipates a slight recovery in Anjoy Foods' gross margin starting next year, with a forecasted net profit margin of 9.8% in 2024, declining to 9.5% in 2025 due to ongoing market competition [1] Group 2 - The long-term outlook for Anjoy Foods remains positive, with expectations that profit margins will expand to 10.2% by 2027 [1]