高盛：首予安井食品(02648)“买入”评级 目标价72港元

Group 1 - Goldman Sachs initiates coverage on Anjoy Foods (02648) with a "Buy" rating and a target price of HKD 72, highlighting its position as the leading player in China's frozen food market with a 6.6% market share 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 gradual normalization of market competition and a shift towards higher-end 2C products, predicting a slight recovery in Anjoy Foods' gross margin starting next year, with profit margins expected to expand to 10.2% by 2027 [1]