Anjoy food(SH:603345) Huachuang Securities·2024-08-20 03:41Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 100 yuan [2][5]. Core Insights - The company achieved a revenue of 7.54 billion yuan in the first half of 2024, representing a year-on-year increase of 9.4%, and a net profit of 800 million yuan, up 9.2% year-on-year [2]. - The main business continues to show strong growth, with a nearly double-digit growth rate, although the seafood segment has shown significant drag, particularly with a 20% decline in crayfish tail business [2][5]. - The company is expected to maintain steady performance in the second half of the year, driven by reduced drag from crayfish, lower comparative bases, and seasonal demand [2]. Financial Performance Summary - Total revenue for 2023 is projected at 14.045 billion yuan, with a year-on-year growth rate of 15.3%. For 2024, revenue is expected to reach 15.711 billion yuan, reflecting an 11.9% growth [5][10]. - The net profit for 2023 is estimated at 1.478 billion yuan, with a growth rate of 34.2%. The forecast for 2024 is a net profit of 1.588 billion yuan, indicating a 7.4% increase [5][10]. - Earnings per share (EPS) for 2024 is projected at 5.41 yuan, with a price-to-earnings (P/E) ratio of 14 times [5][10]. Business Segment Analysis - The main business segment has shown a growth rate of nearly 10% in Q2, with significant contributions from products like "Frozen Mr." and "Anji Kitchen," which have seen growth rates of over 20% [2]. - The distribution channels have varied performance, with e-commerce showing a 45.5% increase, while direct sales through special channels declined by 25.4% [2]. - The gross margin for Q2 was reported at 21.3%, with a slight year-on-year increase of 1.4 percentage points, despite increased promotional activities [2].