Anjoy food(SH:603345) Huachuang Securities·2025-10-29 03:46Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 100 yuan [1][6]. Core Views - The company has shown stable recovery in operations, with total revenue for the first three quarters of 2025 reaching 11.371 billion yuan, a year-on-year increase of 2.66%. However, the net profit attributable to shareholders decreased by 9.35% to 949 million yuan [1]. - In Q3 2025, total revenue was 3.766 billion yuan, up 6.61% year-on-year, and net profit attributable to shareholders increased by 11.80% to 273 million yuan [1]. - The company is focusing on new product development and channel expansion, with expectations for improved fundamentals in the future [6]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 15,127 million yuan, 15,706 million yuan, 16,981 million yuan, and 18,231 million yuan respectively, with growth rates of 7.7%, 3.8%, 8.1%, and 7.4% [2]. - Net profit projections for the same years are 1,485 million yuan, 1,399 million yuan, 1,529 million yuan, and 1,679 million yuan, with growth rates of 0.5%, -5.8%, 9.3%, and 9.8% [2]. - The earnings per share (EPS) are forecasted to be 4.46 yuan, 4.20 yuan, 4.59 yuan, and 5.04 yuan for 2024A, 2025E, 2026E, and 2027E respectively [2]. Operational Performance - The company’s main business remains stable, with a notable contribution from the integration of Dingwei Tai, which added approximately 150 million yuan to Q3 revenue. The revenue growth for various product categories in Q3 was as follows: frozen prepared foods +6.4%, frozen dishes +8.8%, and frozen noodles -9.1% [6]. - The company has also introduced a new baking product line, contributing around 32 million yuan in revenue in Q3 [6]. - The gross profit margin for Q3 was 20.0%, reflecting a slight year-on-year increase of 0.1 percentage points, attributed to a lower proportion of low-margin products [6].