Anjoy food(603345) 太平洋·2024-04-30 03:10Investment Rating - Buy/Maintain with a target price of 111.26 CNY, compared to the previous closing price of 83.99 CNY [1] Core Views - The company's operations continue to improve, with profitability reaching new highs [1] - The company is expected to maintain steady growth driven by new and secondary products, with a focus on regional and national product strategies [3] - The company aims to exceed equity incentive targets, with a focus on product upgrades and market expansion [3] Financial Performance - 2023 revenue reached 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% [2] - 2024 Q1 revenue was 3.755 billion CNY, up 17.67% year-on-year, with net profit attributable to shareholders of 438 million CNY, up 13% [2] - The company's gross profit margin increased by 1.3 percentage points to 23.2% in 2023, with a net profit margin of 10.3%, up 1.9 percentage points [2] - 2024 Q1 gross profit margin rose to 26.6%, driven by lower raw material costs and seasonal scale effects [2] Product Performance - Frozen fish paste products, meat products, and prepared dishes showed steady growth, with prepared dishes achieving a 29.8% year-on-year increase in revenue [2] - The company's "Lock Fresh" series and new products contributed significantly to revenue growth, with frozen fish paste products and meat products growing by 31.5% and 27.7% respectively in Q1 2024 [2] Regional Performance - Except for a slight decline in Central China due to the impact of new acquisitions, other regions experienced rapid growth in Q1 2024 [2] Future Projections - Revenue is expected to reach 15.907 billion CNY in 2024, 18.032 billion CNY in 2025, and 20.521 billion CNY in 2026, with year-on-year growth rates of 13.25%, 13.36%, and 13.81% respectively [4] - Net profit attributable to shareholders is projected to be 1.629 billion CNY in 2024, 1.831 billion CNY in 2025, and 2.032 billion CNY in 2026, with growth rates of 10.23%, 12.37%, and 10.99% respectively [4] - The company's PE ratio is expected to be 15.12X in 2024, 13.45X in 2025, and 12.12X in 2026 [4] Strategic Focus - The company will continue to focus on product innovation, regional market penetration, and national product expansion [3] - Upgrades to the "Lock Fresh" series and increased promotion of sausage products are key strategies for future growth [3]