Anjoy food(SH:603345) China Post Securities·2024-08-21 03:23Investment Rating - The report maintains a "Buy" rating for the company, anticipating a stock price increase of over 20% relative to the benchmark index within the next six months [4][7]. Core Insights - The company demonstrated strong operational resilience in a weak market, achieving a year-on-year revenue growth of 9.42% in the first half of 2024, with a net profit increase of 9.17% [3]. - The company is actively adjusting its business strategies in response to market competition and consumer demand, with a focus on promotional activities across multiple product categories [3]. - The company’s gross margin for the first half of 2024 was 23.91%, reflecting a slight increase of 1.81 percentage points year-on-year, while the net profit margin was 10.64% [3]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of 75.44 billion yuan, with a net profit of 8.03 billion yuan [3]. - The revenue forecast for 2024-2026 has been adjusted to 155.12 billion yuan, 171.14 billion yuan, and 187.88 billion yuan, respectively, with expected growth rates of 10.44%, 10.33%, and 9.78% [4][5]. - The projected earnings per share (EPS) for 2024-2026 are 5.56 yuan, 6.27 yuan, and 7.16 yuan, corresponding to price-to-earnings (P/E) ratios of 13, 12, and 10 times [4][5]. Business Segment Performance - The company’s main business segments showed varied performance, with significant growth in the fresh-keeping packaging and small kitchen products, while the frozen products segment remained stable amid a weak external market [3]. - Revenue from various product categories, such as frozen prepared foods and leisure foods, showed mixed results, with frozen prepared foods growing by 21.86% year-on-year [3]. Market Outlook - The company is expected to maintain a high operating profit margin due to strict cost control and product upgrades, despite potential fluctuations in costs [4]. - The company is exploring domestic and international market opportunities to improve market sentiment and fundamental performance [4].