Anjoy food(603345) Huaxin Securities·2024-10-31 03:08Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company's revenue for Q1-Q3 2024 reached 11.077 billion yuan, an 8% year-on-year increase, while net profit attributable to shareholders decreased by 7% to 1.047 billion yuan [1]. - The company is expected to benefit from inventory stocking for the Spring Festival in Q4, leading to marginal revenue improvement despite a significant profit decline in Q3 due to various short-term factors [1][2]. - The report highlights that the company is actively participating in market price competition, with a focus on high-growth products like "locked fresh" packaging and premium offerings [1]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.533 billion yuan, a 5% increase year-on-year, but net profit attributable to shareholders fell by 37% to 244 million yuan [1]. - The gross profit margin decreased by 2 percentage points to 19.93%, primarily due to price competition in certain product categories [1]. - The report projects the company's EPS for 2024-2026 to be 4.99, 5.79, and 6.61 yuan respectively, with corresponding PE ratios of 17, 15, and 13 times [2]. Market Strategy - The company continues to expand its market presence through localized R&D and channel development, particularly in the B-end market [1]. - The report notes that the sales of "locked fresh" products maintained a growth rate of 20% in Q3, with stable high margins [1]. - The company aims to achieve significant sales targets in new product categories, including a projected 300 million yuan in revenue from grilled sausages and 150 million yuan from beef and lamb rolls for the year [1]. Future Outlook - The report expresses confidence in the company's ability to meet its annual revenue targets, supported by government subsidies and seasonal demand from the Spring Festival [2]. - The company is expected to navigate through current challenges, with a focus on maintaining stable operations and adjusting its business strategy according to market trends [1].