Anjoy food(SH:603345) EBSCN·2024-08-21 14:37Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company demonstrated resilient growth in its core business, with a total revenue of 75.44 billion yuan for the first half of 2024, reflecting a year-on-year increase of 9.42% [2] - The net profit attributable to shareholders reached 8.03 billion yuan, up 9.17% year-on-year, although the second quarter saw a slight decline in net profit [2][3] - The company is focusing on strategic products like meat rolls and grilled sausages to drive growth, despite external consumption pressures [3] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 37.89 billion yuan, a year-on-year increase of 2.31%, while net profit was 3.64 billion yuan, down 2.51% [2] - The sales gross margin improved to 21.29%, an increase of 1.43 percentage points year-on-year, attributed to lower raw material costs and economies of scale [2] - The company plans to distribute a cash dividend of 1.38 yuan per share (before tax) [2] Product and Channel Analysis - Revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in Q2 2024 was 17.75 billion, 12.54 billion, and 6.53 billion yuan respectively, with growth rates of +13.64%, -7.0%, and -1.44% year-on-year [2] - The decline in dish product revenue was mainly due to the impact of the crayfish business, while competition in the rice and noodle market has intensified [2] - Revenue from various channels showed mixed results, with significant growth in new retail channels, particularly from the expansion into Hema [2] Profitability and Forecast - The report forecasts a slight downward adjustment in net profit estimates for 2024-2026, now projected at 16.3 billion, 18.3 billion, and 20.2 billion yuan respectively [3] - The current stock price corresponds to a P/E ratio of 13, 12, and 11 for 2024-2026, indicating strong growth potential in the frozen food industry [3]