Anjoy food(SH:603345) Tianfeng Securities·2025-03-16 07:11Investment 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 projected annual production capacity of 60,000 tons of high-end marine food products [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 market position and is expected to drive sustained performance growth through both organic growth and mergers [3]. - The report anticipates a "Davis Double" effect as the company capitalizes on its product, channel, and supply chain advantages [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 12.183 billion yuan in 2022 to 20.288 billion yuan by 2026, with a compound annual growth rate of approximately 11.32% [5][3].