Investment Rating - The report suggests a cautious subscription for Anjuke Food's IPO [1][3]. Core Insights - Anjuke Food is the largest frozen food company in China, with a market share of 6.6% based on 2024 revenue. It holds the top position in the frozen prepared food market with a market share of 13.8%, significantly ahead of its closest competitor [2]. - The frozen food industry in China is still in its growth phase, with a projected CAGR of 9.4% from 2024 to 2029, driven by increased demand in the restaurant sector, higher household consumption, improved product quality, and enhanced cold chain infrastructure [2]. - The company's revenue is expected to grow by 31.39% in 2022, 15.29% in 2023, and 7.70% in 2024, while net profit is projected to increase by 62.71%, 34.33%, and 0.83% respectively. However, the company faces short-term performance pressure due to increased competition and external demand challenges [3]. Summary by Sections IPO Details - The IPO price is set at HKD 66.00, with a total fundraising amount of HKD 24.958 billion. The total number of shares available for subscription is approximately 3,999,470, with 90% allocated for international placement and 10% for public offering [1]. Market Position - Anjuke Food's market share in the frozen prepared food sector is approximately five times larger than that of its nearest competitor, indicating a strong competitive advantage [2]. - The report highlights that the frozen food market in China is fragmented, with the top five players holding only 15.0% of the market share collectively [2]. Future Outlook - The company is actively seeking to expand its overseas market presence, particularly in Southeast Asia, Australia, North America, and Europe, where the CAGR for the frozen food market is expected to be 14.0% from 2024 to 2029 [3]. - The report notes that the IPO price corresponds to a PE ratio of approximately 13.5 times for 2024, which presents a premium compared to the A-share valuation of 16.1 times, suggesting potential for valuation adjustment as performance stabilizes [3].
安井食品（02648）：IPO申购指南