Anjoy food(603345) 天风证券·2025-01-19 01:12Investment Rating - The investment rating for the company is "Buy" [6][18] Core Views - The company is focusing on international expansion while strengthening its domestic competitiveness through a "Two In, Two Out" strategy, which includes importing foreign management and technology, as well as high-quality raw materials, and exporting local products and capital [2][3] - The company has shown significant advantages in its product lines, particularly in meatballs and crayfish, with stable growth in the prepared food segment, enhancing its competitive strength [3] - The company plans to pursue acquisitions primarily in Southeast Asia, considering factors such as population, market, dietary habits, and consumer willingness [3] Financial Data and Projections - For the first three quarters of 2024, the company plans to distribute a cash dividend of 0.95 yuan per share, with total dividends amounting to approximately 743.54 million yuan, representing 71.01% of the net profit attributable to shareholders [4] - The projected net profit for the company from 2024 to 2026 is expected to be 1.71 billion yuan, 1.93 billion yuan, and 2.14 billion yuan, respectively, with year-on-year growth rates of 16.00%, 12.43%, and 11.24% [4] - The company's revenue is projected to grow from 12.18 billion yuan in 2022 to 20.29 billion yuan in 2026, with a compound annual growth rate of approximately 11.32% [5] Market Position and Valuation - The company has a total market capitalization of approximately 22.52 billion yuan, with a price-to-earnings ratio (P/E) projected to decrease from 20.46 in 2022 to 10.50 in 2026, indicating an improving valuation [7][5] - The company’s earnings per share (EPS) is expected to increase from 3.75 yuan in 2022 to 7.31 yuan in 2026, reflecting strong growth potential [5]