Anjoy food(SH:603345) Soochow Securities·2025-03-14 14:38Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a share purchase agreement to acquire 70% of Jiangsu Dingwei Thai Food Co., Ltd. for 444.5 million yuan, which is expected to enhance its product and channel synergies [7] - The acquisition target complements the company's existing product lines and distribution channels, particularly in high-end hot pot ingredients and frozen baked goods [7] - The company's fundamentals are stabilizing, and its valuation has reached a bottom, with the acquisition acting as a catalyst for future growth [7] - The earnings forecast remains unchanged, with projected net profits for 2024, 2025, and 2026 at 1.43 billion, 1.62 billion, and 1.83 billion yuan respectively, reflecting a year-on-year growth of -3.0%, +13.3%, and +12.6% [7] Financial Summary - Total revenue is projected to grow from 14.05 billion yuan in 2023 to 17.96 billion yuan in 2026, with a compound annual growth rate of approximately 8.93% [1][8] - The company's net profit is expected to increase from 1.48 billion yuan in 2023 to 1.83 billion yuan in 2026, with a notable growth in 2025 [1][8] - The earnings per share (EPS) is forecasted to rise from 5.04 yuan in 2024 to 6.23 yuan in 2026 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 16.46 in 2023 to 13.31 in 2026, indicating an improving valuation [1][8]