安井食品（603345）：营收环比改善，利润略超预期

Investment Rating - The report maintains an "Outperform" rating for Anjoy Foods [2][5]. Core Insights - Anjoy Foods reported a sequential improvement in revenue and a slight profit exceeding expectations, with Q3 2025 operating revenue at RMB 3.77 billion, up 6.6% YoY, and attributable net profit at RMB 270 million, up 11.8% YoY [3][11]. - The company completed the acquisition of a 70% stake in Jiangsu Dingweitai Food Co., Ltd., contributing an additional RMB 32.12 million in revenue from baked goods [3][11]. Financial Performance - For the first three quarters of 2025, Anjoy achieved operating revenue of RMB 11.37 billion, a 2.7% increase YoY, while attributable net profit was RMB 950 million, down 9.4% YoY [3][11]. - Revenue projections for 2025, 2026, and 2027 are RMB 15.82 billion, RMB 17.09 billion, and RMB 18.37 billion, representing YoY growth of 4.6%, 8.0%, and 7.5% respectively [5][14]. - Attributable net profit forecasts for the same years are RMB 1.43 billion, RMB 1.61 billion, and RMB 1.78 billion, with respective YoY growth rates of 9.1%, 9.4%, and 9.7% [5][14]. Product Performance - Frozen prepared products, noodle-based products, and ready-to-eat dishes generated revenues of RMB 1.91 billion (+6.4%), RMB 480 million (-9.1%), and RMB 1.23 billion (+8.8%) respectively [3][11]. - The gross margin for Q3 2025 increased by 0.1 percentage points YoY to 20.0%, supported by stable growth in fresh-sealed products and a strong premium brand image [4][12]. Channel Performance - Revenue from distributor channels declined by 1% YoY, while supermarket channel revenue increased by 28% YoY, driven by customized product collaborations with major clients like Walmart [5][13]. - Special direct-sale channels saw a revenue surge of 68% YoY, primarily due to partnerships and the consolidation of Dingweitai's results [5][13]. Valuation - The current share price corresponds to a P/E ratio of 14.9x for 2025, with a target P/E of 18x for 2026, leading to a target price of RMB 98.89 [5][14].