Anjoy food(603345) Minsheng Securities·2024-10-30 09:31Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company is experiencing short-term profit pressure but is expected to improve in the future due to proactive adjustments in response to external demand and industry changes [5]. - The company has a diversified product and channel layout, with ongoing localization transformation, which supports its growth potential [5]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 11.077 billion yuan, a year-on-year increase of 7.84%, and a net profit attributable to shareholders of 1.047 billion yuan, a decrease of 6.65% year-on-year [3]. - In Q3 2024, the company reported revenue of 3.533 billion yuan, a year-on-year increase of 4.63%, while the net profit attributable to shareholders was 244 million yuan, down 36.76% year-on-year [3]. - The gross profit margin for the first three quarters was 22.64%, with a decline in Q3 attributed to increased promotional discounts due to weak industry demand [4]. Product Performance Summary - In Q3 2024, the revenue from frozen prepared foods was 1.792 billion yuan, a slight decrease of 0.12% year-on-year, while frozen dishes saw a significant increase of 24.12% to 1.128 billion yuan [4]. - The new retail channel showed remarkable growth, with revenue reaching 137 million yuan, a year-on-year increase of 95.93% [4]. Channel Performance Summary - The company has expanded its new retail channels, with revenue from distributors, supermarkets, and e-commerce increasing by 3.23%, 15.07%, and 0.44% respectively in Q3 2024 [4]. - The total number of distributors increased by 105 to 2069 by the end of Q3 2024 [4]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 15.221 billion yuan, 16.601 billion yuan, and 17.961 billion yuan, representing year-on-year growth rates of 8.4%, 9.1%, and 8.2% respectively [5][6]. - The net profit attributable to shareholders is expected to be 1.44 billion yuan in 2024, with a slight decrease of 2.6%, followed by growth of 14.4% and 9.9% in the subsequent years [5][6].