Anjoy food(603345)2024-10-29 06:14Investment Rating - The investment rating for the company is maintained as "Buy" [3] Core Views - The company reported a revenue of 11.08 billion yuan for the first three quarters of 2024, a year-on-year increase of 7.8%, while the net profit attributable to shareholders decreased by 6.65% to 1.05 billion yuan [3] - The third quarter of 2024 saw a revenue of 3.53 billion yuan, a year-on-year increase of 4.6%, but the net profit dropped by 36.76% to 244 million yuan [3] - The report highlights a balanced development strategy focusing on "BC integration" and "three-pronged approach" for long-term growth [3] Financial Summary - Total revenue for 2024 is projected to be 15.31 billion yuan, with a year-on-year growth rate of 9.0% [4] - The net profit for 2024 is estimated at 1.46 billion yuan, reflecting a slight decline of 1.1% compared to the previous year [4] - The earnings per share for 2024 is forecasted to be 4.98 yuan [4] - The gross margin for 2024 is expected to be 22.8% [4] - The return on equity (ROE) for 2024 is projected at 10.8% [4] Revenue Breakdown - In Q3 2024, revenue from frozen prepared foods was 1.79 billion yuan, a slight decrease of 0.1% year-on-year [3] - Revenue from dish products reached 1.13 billion yuan, showing a significant increase of 24% year-on-year [3] - Revenue from rice and flour products was 530 million yuan, down 9.5% year-on-year due to intensified competition [3] Channel Performance - Revenue from distributors, supermarkets, special channels, e-commerce, and new retail in Q3 2024 showed varied performance, with supermarkets increasing by 15.1% year-on-year [3] - New retail revenue surged by 95.9% year-on-year, attributed to enhanced collaboration with Hema [3]