Anjoy food(603345) Guoyuan Securities·2024-04-30 05:30Investment Rating - The report maintains a "Buy" rating for the company [2][9]. Core Views - The company has shown steady growth in operations, with total revenue reaching 14.045 billion yuan in 2023, a year-on-year increase of 15.29%. The net profit attributable to shareholders was 1.478 billion yuan, up 34.24% year-on-year [2]. - The company plans to distribute a cash dividend of 1.775 yuan per share (including tax), with a cumulative dividend payout ratio of 53.17% for 2023 [2]. - The frozen prepared food segment has demonstrated robust growth, particularly in the e-commerce channel, which saw a significant increase of 145.92% in revenue [2]. - The company’s gross margin and net margin have steadily improved, with a gross margin of 23.21% in 2023, up 1.25 percentage points year-on-year [2]. Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 14.045 billion yuan, with a net profit of 1.478 billion yuan, reflecting a year-on-year growth of 15.29% and 34.24%, respectively [2][3]. - The company’s revenue for Q1 2024 was 3.755 billion yuan, representing a 17.67% increase year-on-year, while net profit grew by 21.24% to 438 million yuan [2]. Product Segments - Revenue from traditional frozen prepared foods showed steady growth, with specific product categories such as frozen meat products and frozen dishes increasing by 10.22% and 29.84%, respectively [2]. - The company’s e-commerce channel has performed exceptionally well, contributing significantly to revenue growth [2]. Regional Performance - The East China region accounted for 43% of total revenue in 2023, with all regions showing steady growth. The North and Northwest regions exhibited the highest growth rates [2]. Profitability Metrics - The company’s gross margin improved to 23.21% in 2023, and the net margin reached 10.52%, both reflecting positive trends in profitability [2][3]. - For Q1 2024, the gross margin further increased to 26.55%, indicating continued improvement in operational efficiency [2]. Future Projections - The company is expected to achieve net profits of 1.688 billion yuan, 1.928 billion yuan, and 2.176 billion yuan for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of 14.22%, 14.19%, and 12.86% [2][3].