Anjoy food(SH:603345) EBSCN·2025-05-07 07:30Investment 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][2]. - The company plans to actively promote new products and embrace large B and new retail channels in 2025, with expectations for positive outcomes in the future [4]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 15.127 billion yuan, with a slight increase in net profit to 1.485 billion yuan. The first quarter of 2025 saw a revenue decline to 3.6 billion yuan, down 4.13% year-on-year, and a net profit decrease to 395 million yuan, down 10% year-on-year [1][3]. - The revenue from frozen prepared foods, frozen dishes, and frozen rice and noodle products in 2024 was 7.84 billion yuan, 4.35 billion yuan, and 2.47 billion yuan respectively, with growth rates of 11.4%, 10.8%, and a decline of 3.1% [2]. Profitability and Cost Management - The gross profit margin for 2024 was 23.3%, slightly up from the previous year, while the first quarter of 2025 saw a decline in gross margin to 23.32%, primarily due to increased promotional efforts amid intensified competition [4]. - The report indicates that the company has managed to control selling expenses, with a selling expense ratio of 6.52% in 2024 and 6.73% in Q1 2025 [4]. Future Projections - The net profit forecasts for 2025 and 2026 have been adjusted downwards to 1.604 billion yuan and 1.769 billion yuan, respectively, reflecting a 13% reduction from previous estimates [4]. - The report anticipates a continued focus on large product strategies and new retail channels, with expectations for improved performance in the coming years [4].