Anjoy food(SH:603345) Donghai Securities·2025-09-03 07:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is experiencing short-term profit pressure and is awaiting demand improvement [1] - The company reported a revenue of 76.04 billion yuan for H1 2025, with a year-on-year growth of 0.80%, while the net profit attributable to shareholders was 6.76 billion yuan, down 15.79% [5] - The report highlights the performance of core products and the company's strategic embrace of new retail channels [5] Financial Forecast and Valuation - Revenue projections for 2024A, 2025E, 2026E, and 2027E are 151.27 billion yuan, 159.14 billion yuan, 170.91 billion yuan, and 182.17 billion yuan, respectively, with year-on-year growth rates of 7.70%, 5.20%, 7.40%, and 6.59% [3] - The net profit attributable to shareholders is forecasted to be 14.85 billion yuan, 14.34 billion yuan, 15.93 billion yuan, and 17.91 billion yuan for the same years, with growth rates of 0.46%, -3.40%, 11.09%, and 12.42% [3] - The earnings per share (EPS) are projected to be 4.46 yuan, 4.30 yuan, 4.78 yuan, and 5.38 yuan for 2024A, 2025E, 2026E, and 2027E, respectively [3] - The price-to-earnings (P/E) ratios are expected to be 16.70, 17.29, 15.56, and 13.84 for the same years [3] Product and Channel Performance - The core product, prepared foods, generated revenue of 37.59 billion yuan in H1 2025, accounting for 49.4% of total revenue, with a decline of 1.94% year-on-year [5] - The revenue from dish products increased by 9.40% to 24.16 billion yuan in H1 2025, driven by higher sales of crayfish [5] - The company is actively expanding into new retail channels, achieving a revenue of 5.83 billion yuan from new retail and e-commerce, reflecting a growth of 20.92% [5] Profitability and Cost Analysis - The gross margin for H1 2025 was 20.52%, down 3.39 percentage points, primarily due to rising raw material costs and increased competition [5] - The net profit margin for H1 2025 was 8.88%, a decrease of 1.94 percentage points [5] - The report indicates a need to adjust profit forecasts due to industry demand stagnation and rising competition [5]