Anjoy food(SH:603345) Huaxin Securities·2024-05-21 07:00Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company aims to enhance quality and efficiency in 2024, focusing on expanding its large B channel and promoting localized transformation to create regional bestsellers [3] - The company plans to develop a second growth curve through its sausage business, targeting revenue of 300 million yuan in 2024, while also enhancing its high-end packaging to strengthen brand presence [4] - Profitability is expected to improve due to product structure optimization and scale effects, with projected EPS for 2024-2026 being 5.84, 6.79, and 7.83 yuan respectively, corresponding to PE ratios of 17, 15, and 13 times [5] Summary by Sections Business Strategy - The company is focusing on localized transformation and enhancing channel efficiency through organizational adjustments and platform-based layouts [3] - It aims to optimize product structure and maintain steady capital expenditure while coordinating capacity expansion [3] Growth Opportunities - The company is entering the sausage market, which is expected to experience high growth, and plans to leverage both new and existing distributors to kickstart this initiative [4] - The company is also working on improving its fresh-lock packaging to capture market share and enhance brand strength [4] Financial Projections - The company forecasts a main revenue of 16.3 billion yuan in 2024, with a growth rate of 16.1% [8] - The projected net profit for 2024 is 1.71 billion yuan, reflecting a growth rate of 15.8% [8] - The report anticipates a steady increase in ROE from 12.2% in 2024 to 13.8% in 2026 [9]