安井食品：公司事件点评报告：主业营收稳健增长，规模效应持续释放

Investment Rating - The report maintains a "Buy" rating for the company Anjins Food (603345.SH) [1] Core Views - The company's main revenue is steadily growing, benefiting from scale effects [1] - The company reported a revenue of 7.544 billion yuan for H1 2024, a year-on-year increase of 9%, primarily driven by frozen prepared foods [1] - The net profit attributable to shareholders for H1 2024 was 803 million yuan, also reflecting a 9% increase year-on-year [1] - The report anticipates continued growth in the second half of the year, with a shift from B-end to C-end product growth expected [1] Summary by Sections Revenue and Profitability - In Q2 2024, the company's revenue was 3.789 billion yuan, a 2% increase year-on-year, while the net profit attributable to shareholders was 364 million yuan, a 3% decrease year-on-year [1] - The gross margin in Q2 2024 increased by 1 percentage point to 21.29%, attributed to raw material cost optimization and scale effects [1] - The report highlights that the company is adjusting its product strategy to optimize gross margins and smooth out market fluctuations [2] Distribution Channels - The company has a solid foundation in its distribution channels, with revenue from distributors in Q2 2024 reaching 3.084 billion yuan, a 4% year-on-year increase [2] - The report notes a net increase of 96 distributors, bringing the total to 2060 by the end of H1 2024 [2] - The new retail channel saw a significant increase in revenue, up 43% year-on-year, primarily due to new business development with Hema [2] Future Outlook - The report projects EPS for 2024-2026 to be 5.56, 6.57, and 7.59 yuan respectively, with the current stock price corresponding to P/E ratios of 14, 11, and 10 times [3] - The company is expected to maintain stable operations while expanding its scale, particularly in the frozen food segment [3] - The report emphasizes the potential for performance elasticity as market conditions stabilize, particularly for the new product lines [3]