Anjoy food(SH:603345) Ping An Securities·2024-08-20 10:30Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance in the near term [5][8]. Core Insights - The company reported a revenue of 7.544 billion yuan for the first half of 2024, representing a year-on-year growth of 9.42%, while the net profit attributable to shareholders was 803 million yuan, up 9.17% year-on-year [5][8]. - The company continues to focus on its "big single product" strategy, which has led to stable growth in its main business [7][8]. - The gross profit margin for the first half of 2024 was 23.91%, an increase of 1.81 percentage points year-on-year, benefiting from lower raw material costs and ongoing product structure optimization [7][8]. Summary by Sections Financial Performance - For the second quarter of 2024, the company achieved a revenue of 3.789 billion yuan, a year-on-year increase of 2.31%, but the net profit decreased by 2.51% to 364 million yuan [5][8]. - The company plans to distribute a cash dividend of 1.38 yuan per share (before tax) based on the total share capital excluding repurchased shares [5][8]. Revenue Breakdown - The revenue from various product categories in the first half of 2024 was as follows: frozen prepared foods (3.833 billion yuan, +21.86%), frozen dishes (2.208 billion yuan, +0.40%), and frozen agricultural products (190 million yuan, -27.08%) [7][8]. - The company’s revenue from new retail channels grew by 27.32% to 327 million yuan, while the supermarket channel saw a decline of 3.03% [8]. Future Projections - The company’s projected net profits for 2024-2026 are 1.634 billion yuan, 1.821 billion yuan, and 1.985 billion yuan, respectively, with corresponding EPS estimates of 5.57 yuan, 6.21 yuan, and 6.77 yuan [8][11]. - The report anticipates a continued focus on the high-growth frozen food sector, supported by strong management and a stable distributor network [8][11].