Anjoy food(603345) Guoyuan Securities·2024-10-30 08:30Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4]. Core Views - The company reported a total 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 was 1.047 billion yuan, a decrease of 6.65% year-on-year [2]. - In Q3 2024, the company achieved total 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][3]. - The growth in frozen dishes and the rapid development of new retail channels are highlighted as key drivers for the company's performance [3]. Summary by Relevant Sections Revenue Performance - For the first three quarters of 2024, revenue from various product categories was as follows: frozen prepared foods (5.625 billion yuan, +13.88%), frozen dishes (3.337 billion yuan, +7.34%), and frozen noodles and rice products (1.824 billion yuan, -2.06%) [3]. - In Q3 2024, the revenue from frozen prepared foods, frozen dishes, and frozen noodles was 1.792 billion yuan, 1.128 billion yuan, and 532 million yuan, respectively [3]. Regional Performance - Revenue growth was robust in regions such as South China, Southwest, and overseas markets, with year-on-year increases of 12.80%, 15.33%, and 35.77%, respectively, for the first three quarters of 2024 [3]. - In Q3 2024, the top revenue-generating regions were East China, North China, and Central China, with revenues of 1.456 billion yuan, 552 million yuan, and 440 million yuan, respectively [3]. Channel Performance - The company reported revenue from various sales channels: distributors (9.091 billion yuan, +9.24%), supermarkets (602 million yuan, +1.52%), and new retail channels (464 million yuan, +41.95%) for the first three quarters of 2024 [3]. - In Q3 2024, the new retail channel saw significant growth, primarily driven by contributions from Hema [3]. Profitability Metrics - In Q3 2024, the company's net profit margin was 6.92%, down 4.53 percentage points year-on-year, and the gross margin was 19.93%, down 2.04 percentage points [4]. - For the first three quarters of 2024, the net profit margin was 9.45%, a decrease of 1.47 percentage points year-on-year [4]. Financial Forecast - The company is expected to achieve net profits of 1.429 billion yuan, 1.628 billion yuan, and 1.827 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -3.30%, 13.88%, and 12.25% [4][5].