Anjoy food(603345) 国元证券·2024-08-21 09:09Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Insights - The company reported a total revenue of 7.544 billion yuan in H1 2024, representing a year-on-year increase of 9.42%, with a net profit attributable to shareholders of 803 million yuan, up 9.17% [3] - The growth in revenue is primarily driven by the strong performance of frozen prepared foods, which saw a year-on-year increase of 21.86% in H1 2024 [3] - The company has a dividend payout ratio of 57.50% for H1 2024, with a proposed cash dividend of 1.38 yuan per share [3] Revenue Breakdown - In H1 2024, revenue from various product categories was as follows: frozen prepared foods (3.833 billion yuan, +21.86%), frozen dishes (2.208 billion yuan, +0.40%), and frozen noodle products (1.291 billion yuan, +1.37%) [3] - The company experienced a decline in revenue from other categories, such as agricultural products (-27.08%) and leisure foods (-94.48%) due to a shift to ambient food business [3] Regional Performance - Revenue growth was robust in the Southwest and overseas regions, with increases of 27.04% and 37.34% respectively in H1 2024 [3] - The revenue from East China, North China, and South China also showed positive growth, while some regions like Northeast and Northwest experienced slight declines [3] Channel Performance - The company’s revenue from various sales channels in H1 2024 included: distributors (6.113 billion yuan, +12.42%), supermarkets (431 million yuan, -3.03%), and new retail channels (327 million yuan, +27.32%) [3] - The new retail channel showed significant growth, indicating a shift in consumer purchasing behavior [3] Profitability Metrics - The gross margin improved by 1.81 percentage points to 23.91% in H1 2024, driven by an increase in the proportion of high-margin frozen prepared foods [3] - The net profit margin for H1 2024 was 10.64%, slightly down by 0.02 percentage points year-on-year due to increased management expenses and reduced government subsidies [3] Financial Projections - The company is projected to achieve net profits of 1.633 billion yuan, 1.878 billion yuan, and 2.096 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 10.51%, 14.99%, and 11.57% [3][4] - The price-to-earnings (P/E) ratios for the company are expected to be 13, 12, and 10 times for the years 2024, 2025, and 2026, respectively [3]