Anjoy food(SH:603345) Huachuang Securities·2025-11-30 11:05Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 yuan [1]. Core Insights - The company is shifting from a channel-driven strategy to a product-driven strategy, with significant progress in new product launches and channel optimization [1]. - The company has successfully introduced several new products, including the 6.0 series of vacuum-packed products and various shrimp products, contributing to double-digit growth [1]. - The overall market conditions are improving, with a notable recovery in the restaurant channel and successful new product promotions since April [1]. Company Overview - Anjuke Food has a total share capital of 333.29 million shares and a market capitalization of 27.146 billion yuan [1]. - The company has a debt-to-asset ratio of 23.91% and a net asset value per share of 45.38 yuan [1]. - The stock price has fluctuated between 94.31 yuan and 69.83 yuan over the past 12 months [1]. Financial Projections - Total revenue is projected to grow from 15,127 million yuan in 2024 to 18,231 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [5]. - The net profit attributable to the parent company is expected to increase from 1,485 million yuan in 2024 to 1,679 million yuan in 2027, reflecting a growth rate of 9.8% in the final year [5]. - Earnings per share (EPS) are forecasted to rise from 4.46 yuan in 2024 to 5.04 yuan in 2027 [5]. Strategic Initiatives - The company is focusing on enhancing its product offerings and optimizing its distribution channels, particularly through customized collaborations with major supermarket chains [1]. - Anjuke Food is also expanding into the halal food segment under the "Anzhai" brand, targeting both domestic and Southeast Asian markets [1]. - The company plans to invest in a new baking project, which is expected to become a significant growth driver in the medium to long term [1].