Anjoy food(603345) 长江证券·2024-11-11 07:30Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a total revenue of 11.077 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 7.84%. However, the net profit attributable to shareholders decreased by 6.65% to 1.047 billion yuan [4][5]. - In Q3 2024, the company achieved a revenue of 3.533 billion yuan, a year-on-year increase of 4.63%, but the net profit attributable to shareholders fell by 36.76% to 244 million yuan [4][5]. - The company is experiencing stable growth in distribution channels, with emerging channels showing strong performance, particularly in new retail, which grew by 95.9% year-on-year in Q3 [4][5]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, total revenue was 11.077 billion yuan, up 7.84% year-on-year, while net profit attributable to shareholders was 1.047 billion yuan, down 6.65% [4]. - In Q3 2024, total revenue reached 3.533 billion yuan, a 4.63% increase year-on-year, but net profit attributable to shareholders dropped 36.76% to 244 million yuan [4][5]. Channel Performance - The company’s revenue from various product categories in Q3 showed mixed results, with frozen prepared foods and leisure foods experiencing declines, while agricultural products saw a 24.12% increase [4]. - Distribution channels such as distributors and supermarkets grew by 3.2% and 15.1% respectively, while new retail channels surged by 95.9% year-on-year [4][5]. Cost and Margin Analysis - The net profit margin for the first three quarters of 2024 decreased by 1.47 percentage points to 9.45%, despite a slight increase in gross margin by 0.58 percentage points to 22.64% [5]. - In Q3, the net profit margin fell by 4.53 percentage points to 6.92%, with gross margin declining by 2.04 percentage points to 19.93% [5]. Future Outlook - The company is expected to maintain its growth targets for the main business in Q4, with high-margin traditional products projected to perform well [6]. - The overall cost structure is anticipated to stabilize, and the company is enhancing its supply chain management to mitigate cost fluctuations [6]. - Forecasts for net profit attributable to shareholders are 1.48 billion yuan for 2024 and 1.75 billion yuan for 2025, with corresponding EPS of 5.03 yuan and 5.98 yuan [6].