Anjoy food(603345) Soochow Securities·2024-10-29 19:00Investment Rating - The investment rating for the company is "Buy" (maintained) [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 the parent company was 1.047 billion yuan, down 6.65% year-on-year [2] - 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 the parent company fell by 36.76% to 244 million yuan [2] - The company continues to see strong performance in its fresh-lock packaging segment, with new products driving accelerated growth in prepared dishes [3] Financial Performance Summary - For 2024, the company expects total revenue to reach 15.259 billion yuan, with a year-on-year growth of 8.64% [1] - The net profit attributable to the parent company is projected to be 1.433 billion yuan in 2024, reflecting a decrease of 3.04% year-on-year [1] - The latest diluted EPS is forecasted at 4.89 yuan per share for 2024, with a P/E ratio of 18.79 [1] - The gross profit margin for Q3 2024 was 19.93%, down 2.04 percentage points year-on-year, while the net profit margin was 6.92%, down 4.53 percentage points year-on-year [4] Product Performance Summary - The revenue performance by product in Q3 2024 showed a mixed trend: frozen prepared foods increased by 24.12%, while frozen noodle and rice products decreased by 9.49% [3] - The company maintains a leading advantage in the frozen hot pot ingredient market, with a clear strategy focusing on rice, hot pot ingredients, and grilled sausages [5]