Anjoy food(SH:603345) Xin Lang Cai Jing·2025-11-01 00:38Core Insights - The company reported a revenue of 11.37 billion yuan for the first three quarters of 2025, a year-on-year increase of 2.7%, while the net profit attributable to shareholders was 0.95 billion yuan, a decrease of 9.3% year-on-year [1] - In Q3 2025, the company achieved a revenue of 3.77 billion yuan, up 6.6% year-on-year, and a net profit attributable to shareholders of 0.27 billion yuan, an increase of 11.8% year-on-year [1] Revenue Breakdown - In Q3 2025, revenue from various segments included: - Frozen prepared foods: 1.91 billion yuan (+6.4%) - Frozen dishes: 1.23 billion yuan (+8.8%) - Frozen rice and noodle products: 0.48 billion yuan (-9.1%) - Agricultural products and others: 0.11 billion yuan (+40.1%) [2] - The growth in the dish segment was driven by strong performance in products like shrimp and small fried meat, while the decline in rice and noodle products was attributed to intensified industry competition [2] Channel Performance - Revenue growth by channel in Q3 2025 was as follows: - Distributors: -0.6% - Supermarkets: +28.1% - Direct sales in special channels: +68.1% - New retail and e-commerce: +38.1% [2] - The strong performance in supermarkets and new retail channels was due to ongoing collaborations for customized products [2] Profitability and Cost Management - The gross margin for the first three quarters was 20.3%, a decrease of 2.3 percentage points year-on-year, while Q3 gross margin was 20%, an increase of 0.1 percentage points year-on-year [3] - The sales expense ratio in Q3 2025 remained stable at 6.1%, down 0.3 percentage points year-on-year, due to reduced advertising expenses [3] - The net profit margin for Q3 2025 was 7%, an increase of 0.5 percentage points year-on-year [3] Future Outlook - The company maintains a strong position in the industry, with expectations for growth driven by new channels and products [3] - The strategy includes focusing on high-quality products at competitive prices and expanding into new retail and e-commerce channels [3] - Anticipated demand recovery in Q4 2025, along with active collaborations with emerging channels, is expected to support continued performance growth [3] Earnings Forecast - Projected EPS for 2025-2027 are 4.29 yuan, 4.74 yuan, and 5.27 yuan, corresponding to dynamic PE ratios of 17x, 15x, and 14x respectively, with a maintained "buy" rating [4]