Anjoy food(SH:603345) Huachuang Securities·2024-04-28 11:02Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 114 yuan [2][5][10]. Core Insights - The company's performance exceeded expectations, with a notable dividend payout highlighting its value. The revenue for 2023 reached 14.045 billion yuan, a year-on-year increase of 15.3%, while the net profit attributable to shareholders was 1.478 billion yuan, up 34.2% year-on-year. For Q1 2024, revenue was 3.755 billion yuan, reflecting a 17.67% increase year-on-year, and net profit was 438 million yuan, a 21.2% increase year-on-year [2][5][10]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan. The Q4 revenue was 3.774 billion yuan, down 6.3% year-on-year, while Q1 2024 revenue was 3.755 billion yuan, up 17.67% year-on-year [2][6][10]. - The gross profit margin for 2023 was 23.2%, an increase of 1.25 percentage points year-on-year, attributed to cost reductions and refined expense management. The net profit margin for 2023 was 10.7%, up 1.5 percentage points year-on-year [2][5][10]. Growth Drivers - The company anticipates a 10-15% growth in its main business for the year, supported by strategies such as expanding the market for fresh-keeping packaging, increasing new product investments, and enhancing the promotion of specific products like grilled sausages [2][5][10]. - The report highlights a strong recovery in the catering sector and significant growth in new retail channels, with respective year-on-year growth rates of 145.7% and 28.9% [2][5][10]. Valuation and Forecast - The report adjusts the earnings per share (EPS) forecast for 2024 and 2025 to 5.86 yuan and 6.49 yuan, respectively, and introduces a 2026 EPS forecast of 7.14 yuan. The corresponding price-to-earnings (P/E) ratios are projected at 14, 13, and 12 times for the respective years [5][10][11].