Anjoy food(SH:603345) Changjiang Securities·2024-05-20 08:32Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Insights - The company reported a revenue of 14.05 billion yuan in 2023, representing a year-on-year growth of 15.29%. The net profit attributable to shareholders was 1.48 billion yuan, up 34.24% year-on-year, while the net profit excluding non-recurring items reached 1.365 billion yuan, increasing by 36.8% [6][7]. - For Q1 2024, the company achieved a revenue of 3.755 billion yuan, reflecting a year-on-year growth of 17.67%. The net profit attributable to shareholders was 438 million yuan, up 21.24%, and the net profit excluding non-recurring items was 420 million yuan, growing by 21.56% [6][7]. - The rapid growth of the prepared food business, combined with diversified channel development, has driven stable revenue growth for the company. The revenue from various product categories showed significant year-on-year changes, with prepared dishes growing by 29.84% in 2023 and 12.27% in Q1 2024 [6][7]. - The company's gross margin improved by 1.25 percentage points to 23.21% in 2023, primarily due to stable or declining costs of raw materials and an increase in the sales proportion of high-margin products. The net profit margin increased by 1.49 percentage points to 10.52% [7][8]. - Looking ahead, the company expects stable revenue growth driven by the recovery of the catering sector and ongoing channel diversification efforts. The EPS for 2024 and 2025 is projected to be 5.82 yuan and 6.99 yuan, respectively, with corresponding P/E ratios of 16 and 14 times [7][8].