Anjoy food(SH:603345)2024-08-20 09:38Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - 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%, with a net profit attributable to shareholders of 800 million yuan, also up by 9.2% [2] - In Q2 2024, revenue was 3.79 billion yuan, showing a year-on-year growth of 2.3%, while net profit decreased by 2.5% to 360 million yuan [2] - The company plans to continue focusing on new products and channels to drive growth, with expectations for a strong performance in the frozen food segment during the peak sales season [3] Financial Performance Summary - Revenue for 2023 is projected at 14.05 billion yuan, with expected growth rates of 15.29% for 2023, 11.20% for 2024, and around 12% for the following years [4] - The net profit for 2023 is estimated at 1.48 billion yuan, with a growth rate of 34.24%, and is expected to reach 2.13 billion yuan by 2026 [4] - The earnings per share (EPS) is forecasted to be 5.04 yuan for 2023, increasing to 7.26 yuan by 2026 [4] - The price-to-earnings (PE) ratio is projected to decrease from 14.92 in 2023 to 10.35 in 2026, indicating improving valuation [4] Product and Market Insights - The company’s main business is expected to continue steady growth, driven by new product launches and channel expansions [3] - The frozen food segment saw a significant year-on-year increase of 13.6%, while other product categories faced challenges due to price competition [2] - Regional performance varied, with notable growth in the Southwest region at 33.5% year-on-year [2]