Anjoy food(SH:603345) ZHONGTAI SECURITIES·2024-10-30 01:17Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. 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%. However, the net profit attributable to the parent company decreased by 6.65% to 1.047 billion yuan [1][3]. - The third quarter of 2024 saw a revenue of 3.533 billion yuan, up 4.63% year-on-year, but the net profit attributable to the parent company fell sharply by 36.76% to 244 million yuan [1][3]. - The company is facing pressure on short-term net profit margins due to intensified industry competition and increased expense allocation, with a gross profit margin of 19.93%, down 2.04 percentage points year-on-year [3][4]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of 15.036 billion yuan, with a net profit of 1.470 billion yuan, reflecting a growth rate of 7% year-on-year [3][4]. - The earnings per share (EPS) for 2024 is estimated at 5.01 yuan, with a price-to-earnings (P/E) ratio of 18.3 [3][4]. Revenue Breakdown - In Q3 2024, the sales of frozen prepared foods and dishes increased by 24% year-on-year, while sales of rice and noodle products decreased by 9% [3][4]. - The new retail channel experienced significant growth, with a 96% increase year-on-year, primarily driven by the expansion of Shanghai Hema [3][4]. Future Outlook - The company plans to enhance its product development strategy by launching new products and improving the speed and success rate of new product introductions [4]. - The channel strategy focuses on expanding into lower-tier markets and maximizing channel potential, aiming to increase market share [4].