Anjoy food(SH:603345) EBSCN·2025-05-07 03:43Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Views - The company demonstrated operational resilience in 2024, with total revenue reaching 15.127 billion yuan, a year-on-year increase of 7.7%, and a slight increase in net profit attributable to shareholders of 1.485 billion yuan, up 0.46% year-on-year [1]. - The company plans to distribute a cash dividend of 1.015 yuan per share for 2024, with a total dividend payout of 1.04 billion yuan, achieving a dividend rate of 70% [1]. - The company is focusing on its major product strategy and plans to actively launch new products and embrace new retail channels in 2025, anticipating positive results [4]. Summary by Sections Financial Performance - In 2024, revenue from frozen prepared foods, frozen dishes, frozen rice and noodle products, and agricultural products was 7.84 billion, 4.35 billion, 2.47 billion, and 0.45 billion yuan respectively, with year-on-year growth rates of +11.4%, +10.8%, -3.1%, and -11.7% [2]. - For Q1 2025, total revenue was 3.6 billion yuan, a year-on-year decline of 4.13%, with net profit attributable to shareholders at 395 million yuan, down 10.0% year-on-year [1][3]. Profitability and Cost Management - The gross profit margin for 2024 and Q1 2025 was 23.3% and 23.32% respectively, with a notable decline in Q1 2025 due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with selling expense ratios of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 1.604 billion and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The current stock price corresponds to a P/E ratio of 14, 13, and 12 for the years 2025, 2026, and 2027 respectively [4].