安井食品：重视股东回报，经营思路清晰

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's shareholders' meeting approved the "Future Three-Year (2024-2026) Shareholder Return Plan," increasing the annual cash profit distribution from 20% to 40%, with expectations for continued increases in the dividend rate [2] - The company is focusing on high-end product development and regional bestsellers, emphasizing the importance of high-end products for brand building and market share [2] - The company is actively developing large B clients in response to the increasing trend of restaurant chain integration, with steady growth observed in key accounts [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 15.82 billion, 17.56 billion, and 19.01 billion yuan, representing year-on-year growth rates of 12.64%, 11.02%, and 8.22% respectively [3] - Net profit projections for the same period are 1.663 billion, 1.911 billion, and 2.079 billion yuan, with year-on-year growth rates of 12.54%, 14.90%, and 8.78% respectively [3] - Corresponding PE ratios are projected to be 17, 14, and 13 times for 2024, 2025, and 2026 respectively [2][3]