Anjoy food(SH:603345) Tianfeng Securities·2025-03-16 08:23Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. 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]. - 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]. - The acquisition is seen as a strategic move to solidify the company's leading position in the frozen food sector, benefiting from both organic growth and external mergers and acquisitions [3]. Financial Data and Projections - The company’s revenue is projected to grow from 12,182.66 million yuan in 2022 to 20,287.67 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 11.32% [5]. - The net profit attributable to the parent company is expected to increase from 1,101.03 million yuan in 2022 to 2,144.40 million yuan in 2026, with growth rates of 61.37% in 2022 and 11.24% in 2026 [5]. - Earnings per share (EPS) is forecasted to rise from 3.75 yuan in 2022 to 7.31 yuan in 2026, indicating a strong upward trend in profitability [5]. Market Position and Competitive Advantage - The company has demonstrated strong capabilities in industry chain integration through previous acquisitions, which positions it well to enhance its market share in the frozen food sector [3]. - The acquisition of Dingwei Thai is expected to fill gaps in the company's product offerings, particularly in frozen prepared foods and baked goods, complementing its existing product lines [9].