Anjoy food(603345) Haitong Securities·2024-10-30 00:38Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The report highlights that the company achieved a revenue of 11.077 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 7.84%. However, the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [6][8] - The report indicates that the company's gross profit margin for Q3 2024 was 19.93%, a decrease of 2.04 percentage points year-on-year, primarily due to increased expenses and a reduction in government subsidies [6][8] - The company is expected to have an EPS of 5.04 yuan in 2024, with a projected valuation range of 100.8 to 126 yuan based on a PE ratio of 20-25 times [8][11] Revenue and Profit Analysis - In Q3 2024, the company's revenue was 3.533 billion yuan, up 4.63% year-on-year, while the net profit attributable to shareholders fell by 36.76% to 244 million yuan [6] - The revenue from the dish products segment increased by 24.12% year-on-year, while the revenue from the new retail channel surged by 95.93% [7][8] - The company experienced a net increase of 105 distributors, bringing the total to 2,069 [8] Financial Forecast - The company is projected to achieve revenues of 15.251 billion yuan in 2024, with a net profit of 1.479 billion yuan, reflecting a slight increase of 0.1% year-on-year [9][11] - The gross profit margin is expected to improve gradually, reaching 23.9% by 2026 [11][12] Market Performance - The company's stock price closed at 88.88 yuan on October 29, 2024, with a 52-week price range of 68.20 to 130.99 yuan [2] - The report notes a relative performance comparison with the market index, indicating a decline of 7.6% over the past month [4]