Anjoy food(603345) Tai Ping Yang·2024-10-31 13:15Investment Rating - The report maintains a "Buy" rating for the company with a target price of 99 yuan, reflecting an expected increase of over 15% relative to the market index in the next six months [1][3][8]. Core Views - The company reported a revenue of 11.08 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 7.8%, while the net profit attributable to shareholders was 1.05 billion yuan, down 6.7% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 3.53 billion yuan, a 4.6% increase year-on-year, but the net profit dropped significantly by 36.8% to 240 million yuan [1]. - The report highlights that the company's key products continue to show stable growth, with specific segments like frozen prepared foods and frozen rice and noodles experiencing varied performance due to promotional pricing strategies [1]. Summary by Sections Financial Performance - The company’s revenue growth rate for 2023 is projected at 15.29%, with expected revenues of 15.24 billion yuan in 2024, 16.94 billion yuan in 2025, and 19.10 billion yuan in 2026 [4]. - The net profit for 2023 is estimated at 1.48 billion yuan, with a slight decline expected in 2024 to 1.45 billion yuan, followed by a recovery to 1.59 billion yuan in 2025 and 1.82 billion yuan in 2026 [4]. Product Performance - Q3 revenue from key product lines includes 1.79 billion yuan from frozen prepared foods, 530 million yuan from frozen rice and noodles, and 1.13 billion yuan from vegetable products, with the latter showing a strong growth of 24.1% year-on-year [1]. - The report notes that promotional activities have impacted the revenue of frozen rice and noodles, which saw a decline, while other products like the fresh-lock packaging are expected to maintain a growth rate of around 20% [1]. Market Outlook - The report anticipates a recovery in sales for Q4, driven by seasonal demand and the introduction of new products, despite a competitive pricing environment [1]. - The company is expected to focus on maintaining market share through promotional spending, with a forecasted revenue of 15.24 billion yuan for 2024, reflecting a cautious but optimistic outlook [1][3].