Anjoy food(603345) 天风证券·2024-11-03 06:08Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][12]. Core Insights - The prepared food business has become the company's largest segment, showing significant revenue growth. For the first three quarters of 2024, the company achieved revenue of 11.077 billion yuan, a year-on-year increase of 7.84%. In Q3 alone, revenue reached 3.533 billion yuan, up 4.63% year-on-year [1][2]. - The decline in net profit for Q3 is attributed to reduced government subsidies and increased advertising and promotional expenses, alongside rising share-based payment costs. The net profit for the first three quarters was 1.047 billion yuan, down 6.65% year-on-year, with Q3 net profit at 244 million yuan, a decrease of 36.76% [3][4]. Revenue Summary - The company reported a revenue growth rate of 7.34% for its dish products in the first three quarters of 2024. The number of distributors increased by 5.35% compared to the beginning of the year, with growth observed across most regions except for South China and Southwest [2]. Profit Summary - The net profit for the first three quarters of 2024 was 1.047 billion yuan, reflecting a decrease of 6.65% year-on-year. The Q3 net profit was 244 million yuan, down 36.76% year-on-year. The increase in cash flow from operating activities by 32.06% year-on-year was mainly due to higher cash receipts from sales and reduced cash payments for goods [3]. Financial Forecast - The company is expected to see net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 16.00%, 12.43%, and 11.24% [4][6].