Anjoy food(SH:603345) Ping An Securities·2025-08-26 00:58Investment Rating - The report maintains a "Recommended" rating for Anjoy Food (603345.SH) with a current stock price of 77.06 CNY [1]. Core Views - The company's profitability is under short-term pressure, awaiting improvement during the peak season [1]. - In H1 2025, Anjoy Food achieved a revenue of 7.604 billion CNY, a year-on-year increase of 0.80%, while the net profit attributable to shareholders was 676 million CNY, a year-on-year decrease of 15.79% [4]. - The report highlights that only frozen dishes recorded positive growth, while the company has made strategic acquisitions to enter the frozen baking sector, which is expected to provide growth opportunities [7][8]. Financial Performance Summary - Revenue and Profit Forecasts: - Revenue projections for 2025-2027 are 16.045 billion CNY, 17.294 billion CNY, and 18.668 billion CNY, respectively, with year-on-year growth rates of 6.1%, 7.8%, and 7.9% [6][10]. - Net profit forecasts for the same period are 1.532 billion CNY, 1.644 billion CNY, and 1.811 billion CNY, with corresponding year-on-year growth rates of 3.2%, 7.3%, and 10.1% [6][10]. - Profitability Metrics: - The gross margin is projected to remain stable at around 23.3% for the next few years, while the net margin is expected to slightly decline to 9.5% by 2026 [6][10]. - Valuation Ratios: - The price-to-earnings (P/E) ratio is expected to decrease from 16.8 in 2025 to 14.2 by 2027, indicating a potentially attractive valuation [6][10]. Product and Channel Performance - Product Segmentation: - In H1 2025, revenue from frozen prepared foods was 3.759 billion CNY (down 1.94%), while frozen dishes grew to 2.416 billion CNY (up 9.40%) [7]. - Channel Development: - The new retail and e-commerce channels showed significant growth, with a revenue increase of 20.92% to 583 million CNY in H1 2025 [8].