Anjoy food(SH:603345) China Post Securities·2025-05-06 12:23Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Insights - The company demonstrated resilience in maintaining its leading position despite high base effects, with a slight increase in revenue and net profit for 2024 [5]. - The company is focusing on a big product strategy, with significant contributions from key products like frozen fish and meat products, while facing challenges in certain categories due to competition [6]. - The management is prioritizing new product development and strategic partnerships with major retailers to enhance profitability and scale [6]. Financial Performance Summary - For 2024, the company reported revenue of 15.127 billion yuan, a year-on-year increase of 7.7%, and a net profit of 1.485 billion yuan, reflecting a slight increase of 0.46% [5][11]. - The first quarter of 2025 showed a decline in revenue to 3.6 billion yuan, down 4.13% year-on-year, and a net profit of 395 million yuan, down 10.01% [5]. - The gross margin for 2024 was 23.3%, with a net profit margin of 9.82%, indicating stable profitability despite rising costs [7][11]. Revenue and Profit Forecast - Revenue forecasts for 2025 and 2026 have been adjusted to 16.192 billion yuan and 17.560 billion yuan, respectively, with expected growth rates of 7.04% and 8.45% [9][11]. - The projected net profit for 2025 is 1.622 billion yuan, reflecting a growth of 9.25% compared to 2024 [9][11]. - Earnings per share (EPS) are expected to be 5.53 yuan in 2025, with a corresponding price-to-earnings (P/E) ratio of 13.79 [9][11].