Anjoy food(SH:603345) Tianfeng Securities·2025-03-16 07:43Investment Rating - The report maintains a "Buy" rating for the company [5][3] Core Views - The acquisition of a 70% stake in Dingwei Thai for 444.5 million yuan is expected to enhance the company's product expansion and industry integration [1][3] - Dingwei Thai specializes in high-end frozen and baked products, achieving sales exceeding 500 million yuan in 2023, with a production capacity of 60,000 tons of high-end marine food products anticipated after capacity expansion [2][3] - The company has demonstrated strong capabilities in industry chain integration through previous acquisitions, which will further solidify its leading position in the frozen food sector [3] Summary by Sections Acquisition Target Overview - Dingwei Thai's main products include frozen and baked goods, with distribution channels including premium supermarkets and convenience stores [2] - The company has expanded its production capacity and is set to enhance its market presence through strategic acquisitions [2] Background and Significance of the Acquisition - The acquisition is seen as a strategic move to strengthen the company's leadership in the frozen food market, benefiting from both organic growth and external mergers [3] - The report anticipates continued performance growth driven by the company's effective integration strategies and market share expansion [3] Financial Projections - The company is projected to achieve net profits of 1.715 billion yuan, 1.928 billion yuan, and 2.144 billion yuan for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 16.00%, 12.43%, and 11.24% [5][3] - Revenue is expected to grow from 14.045 billion yuan in 2023 to 20.288 billion yuan by 2026, with a compound annual growth rate of approximately 11.32% [5][3]