Anjoy food(603345) 太平洋·2024-04-30 03:00Investment Rating - Buy/Maintain rating for Anjoy Foods (603345) with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - Anjoy Foods' operations continue to improve, with profitability reaching new highs [1] - The company's 2023 revenue was 14.045 billion CNY, a year-on-year increase of 15.28%, with net profit attributable to shareholders of 1.478 billion CNY, up 34.24% year-on-year [2] - In 2024Q1, revenue reached 3.755 billion CNY, a year-on-year increase of 17.67%, with net profit attributable to shareholders of 438 million CNY, up 13% year-on-year [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, and further increased to 26.6% in 2024Q1 [2] - The company's net profit margin reached a historical high of 11.8% in 2024Q1 [2] Financial Performance - 2023 revenue breakdown: frozen fish paste products (4.41 billion CNY, +11.8% YoY), frozen rice products (2.55 billion CNY, +5.4% YoY), frozen meat products (2.63 billion CNY, +10.2% YoY), and frozen vegetable products (3.93 billion CNY, +29.8% YoY) [2] - 2024-2026 revenue forecasts: 15.907 billion CNY (+13.25% YoY), 18.032 billion CNY (+13.36% YoY), and 20.521 billion CNY (+13.81% YoY) [4] - 2024-2026 net profit forecasts: 1.629 billion CNY (+10.23% YoY), 1.831 billion CNY (+12.37% YoY), and 2.032 billion CNY (+10.99% YoY) [4] - 2024-2026 EPS forecasts: 5.56 CNY, 6.24 CNY, and 6.93 CNY [4] Business Strategy - The company plans to focus on regional localized product development and national product launches to drive growth [3] - The company will continue to promote its premium product lines, such as the Suoxianzhuang series, and expand its sausage product offerings [3] - The company aims to achieve revenue and profit growth above the equity incentive targets [3] Industry Outlook - The company's strong performance is driven by its competitive advantages in the frozen food industry, including its product portfolio and cost control measures [2] - The company's profitability is expected to continue improving due to its optimized product structure and efficient cost management [2]