Anjoy food(SH:603345) Soochow Securities·2025-03-14 14:31Investment 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 expectations of resilience in performance despite high base comparisons in 2024 [7] - The report forecasts net profits for 2024-2026 to be 1.43 billion, 1.62 billion, and 1.83 billion yuan respectively, with corresponding P/E ratios of 17, 15, and 13 [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 (CAGR) of approximately 8.93% [1][8] - The net profit attributable to the parent company is expected to decrease by 3.04% in 2024, followed by growth of 13.28% and 12.61% in 2025 and 2026 respectively [1][8] - The latest diluted EPS is forecasted to be 5.04 yuan in 2024, 5.54 yuan in 2025, and 6.23 yuan in 2026 [1][8] - The company's asset-liability ratio is projected to decrease from 25.43% in 2023 to 23.51% in 2026, indicating improved financial stability [8]