Anjoy food(SH:603345) Minsheng Securities·2025-10-30 07:31Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 73.00 yuan [6]. Core Views - The company reported steady operations and improved profitability in Q3 2025, with a revenue of 11.37 billion yuan for the first three quarters, a year-on-year increase of 2.7%, and a net profit of 0.95 billion yuan, a year-on-year decrease of 9.4% [1]. - In Q3 2025, the company achieved a revenue of 3.77 billion yuan, a year-on-year increase of 6.6%, and a net profit of 0.27 billion yuan, a year-on-year increase of 11.8% [1]. - The company is focusing on new product development and actively engaging with large B2B and new retail customers, which is expected to drive continuous growth in revenue and profitability [4]. Summary by Sections Financial Performance - For Q1-3 2025, the company reported a gross margin of 20.3%, a year-on-year decrease of 2.3 percentage points, while Q3 showed a slight improvement with a gross margin increase of 0.1 percentage points [3]. - The net profit margin for Q1-3 2025 was 8.4%, with Q3 showing a net profit margin of 7.3%, reflecting a year-on-year increase of 0.3 percentage points [3]. Product and Channel Performance - In Q3 2025, the revenue from various product categories was as follows: 1.91 billion yuan from prepared foods, 1.23 billion yuan from dish products, and 0.48 billion yuan from noodle and rice products, with respective year-on-year growth rates of 6.4%, 8.8%, and a decline of 9.1% [2]. - The company has seen significant growth in its direct sales and new retail channels, with revenue increases of 68.1% and 38.1% year-on-year, respectively [2]. Future Outlook - The company expects revenues of 15.77 billion yuan, 16.64 billion yuan, and 17.55 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 4.2%, 5.6%, and 5.5% [5]. - The projected net profits for the same years are 1.40 billion yuan, 1.51 billion yuan, and 1.61 billion yuan, with expected year-on-year changes of -5.5%, +7.4%, and +7.0% [5].