Anjoy food(603345) China Post Securities·2024-10-30 05:00Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown strong potential for new products, with operating pressures having peaked. The main business experienced steady growth in Q3, with certain product lines like frozen products and Kung Fu food showing significant growth. The company is expected to benefit from an earlier shipping schedule due to the upcoming 2025 Spring Festival [4][5] - The company has increased promotional policies and new product launches to address industry competition, which has led to fluctuations in profit margins. The gross margin and net profit margin for the first three quarters of 2024 were 22.64% and 9.45%, respectively, showing a year-on-year change of +0.58% and -1.47 percentage points [5][6] Financial Summary - For the first three quarters of 2024, the company achieved total revenue of 11.077 billion yuan, a year-on-year increase of 7.84%. The net profit attributable to shareholders was 1.047 billion yuan, a decrease of 6.65% year-on-year. In Q3 alone, total revenue was 3.533 billion yuan, with a net profit of 244 million yuan, reflecting a significant decline of 36.76% year-on-year [3][4] - The revised revenue forecasts for 2024-2026 are 15.271 billion yuan, 16.745 billion yuan, and 18.247 billion yuan, with expected growth rates of 8.73%, 9.65%, and 8.97%, respectively. The net profit attributable to shareholders is projected to be 1.413 billion yuan, 1.583 billion yuan, and 1.800 billion yuan for the same period [6][8] - The earnings per share (EPS) for the next three years are expected to be 4.82 yuan, 5.40 yuan, and 6.14 yuan, corresponding to price-to-earnings (P/E) ratios of 18, 16, and 14 times [7][8]