研报掘金丨国投证券：予安井食品“买入-A”评级，目标价94.05元

Core Viewpoint - Anjiu Food's Q3 performance is stable, with significant growth in new products and channels, bolstered by the consolidation of Dingwei Thai [1] Group 1: Financial Performance - The company maintains steady growth in traditional businesses such as frozen prepared foods and frozen dishes [1] - Gross profit margin remains stable, while sales and management expense ratios have decreased [1] Group 2: Growth Drivers - The C-end fresh-lock packaging series is rapidly capturing market share, enhancing profitability and brand influence [1] - The supermarket channel benefits from product customization with traditional retailers like Walmart [1] - Significant growth in direct sales is attributed to long-term partnerships with various restaurant chains and upstream supply chain companies in the snack food sector [1] - Revenue from new retail and e-commerce channels is steadily increasing due to platform collaborations [1] Group 3: Valuation and Investment Rating - Based on comparable company valuation averages, the 6-month target price is set at 94.05 yuan, corresponding to a 19.7x PE for 2026 [1] - The investment rating is "Buy-A" [1]