Anjoy food(603345) 东吴证券·2024-05-02 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 14.045 billion yuan in 2023, a year-on-year increase of 15.29%, and a net profit attributable to shareholders of 1.478 billion yuan, up 34.24% year-on-year. In Q1 2024, the company achieved a revenue of 3.755 billion yuan, a year-on-year increase of 17.67%, and a net profit of 438 million yuan, up 21.24% year-on-year [3][4] - The demand for hot pot ingredients has significantly improved in Q1 2024, with a notable recovery from a 6.3% decline in revenue in Q4 2023 to a 17.7% increase in Q1 2024. The company has established a leading position in the hot pot ingredient market, which has contributed to its growth [3][4] - The company's net profit margin reached a new high of 10.52% in 2023, with a further increase to 11.68% in Q1 2024. The gross profit margin also improved to 26.55% in Q1 2024 [4] 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. The net profit margin was 10.52%, and the gross profit margin was 23.21% [3][4] - For Q1 2024, the company reported revenue of 3.755 billion yuan and a net profit of 438 million yuan, with a net profit margin of 11.68% and a gross profit margin of 26.55% [4] Revenue and Profit Forecast - The company expects revenues of 16 billion yuan in 2024, 18.1 billion yuan in 2025, and 20.2 billion yuan in 2026, with year-on-year growth rates of 14%, 13%, and 12% respectively. The net profit is projected to be 1.74 billion yuan in 2024, 2.06 billion yuan in 2025, and 2.38 billion yuan in 2026, with growth rates of 17.8%, 18.6%, and 15.2% respectively [4][11] Market Position and Strategy - The company has a clear strategy focusing on three main product lines: rice and noodle products, hot pot ingredients, and grilled sausages. The hot pot ingredient segment is expected to continue outperforming the market due to the company's established leadership and product innovation [4][3]