Anjoy food(603345) Huachuang Securities·2024-10-29 04:37Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan, while the current price is 91.79 yuan [1]. Core Views - The company reported a revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.84%, while the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [1]. - In Q3 2024, the company achieved a revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to shareholders fell by 36.76% to 244 million yuan [1]. - The report highlights that despite weak demand and intensified competition, the company’s new products and dish products showed good growth, driving single-digit revenue growth in Q3 [1]. - The company is shifting its pricing strategy from "high quality, mid-high price" to "high quality, mid-price" to adapt to the competitive environment, which may lead to short-term profit margin declines but is expected to benefit long-term market positioning [1]. Financial Performance Summary - For the first three quarters of 2024, the company’s revenue was 11.077 billion yuan, with a year-on-year growth of 7.84%, while the net profit attributable to shareholders was 1.047 billion yuan, down 6.65% [1]. - The gross profit margin for Q3 2024 was 19.9%, a decrease of 2.0 percentage points year-on-year, primarily due to increased promotional efforts for mid-to-low-end products and a higher proportion of low-margin new products [1]. - The report projects the company’s total revenue for 2024 to be 15.446 billion yuan, with a year-on-year growth rate of 10.0%, and a net profit of 1.406 billion yuan, reflecting a decrease of 4.9% [2]. Business Segment Analysis - In Q3 2024, the company’s frozen prepared products and rice and flour products saw declines of 0.1% and 9.5% year-on-year, respectively, indicating significant pressure on the main business due to external factors [1]. - The report notes that the company’s dish products, particularly from the "Little Chef" and "Frozen Products" brands, experienced substantial growth, contributing to the overall revenue increase [1]. - The company’s distribution channels showed varied performance, with new retail and e-commerce channels growing by 95.9% and 0.4% year-on-year, respectively, while traditional channels like special channels saw a decline of 12.4% [1].