Investment Rating - The report maintains a "Strong Buy" rating for Anjijia Food (603345) with a target price of 100 CNY [2][7]. Core Insights - The company is shifting its strategy from a channel-driven approach to a product-driven approach, focusing on capturing new consumer trends and launching new products starting from Q2 2025 [7][8]. - The company has a robust pipeline of new products, including various types of sausages, dumplings, and hot pot ingredients, which are expected to drive growth [7][8]. - The management has acknowledged past challenges due to an overemphasis on B-end products and is now focusing on creating explosive products for the C-end market [7][8]. Financial Performance Summary - Total revenue is projected to grow from 15,127 million CNY in 2024 to 19,282 million CNY by 2027, with a CAGR of approximately 8.5% [3][19]. - Net profit attributable to the parent company is expected to increase from 1,485 million CNY in 2024 to 1,875 million CNY in 2027, reflecting a growth rate of 12.0% in 2027 [3][19]. - Earnings per share (EPS) is forecasted to rise from 5.06 CNY in 2024 to 6.39 CNY in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 16 to 13 over the same period [3][19]. Market Position and Strategy - The company aims to enhance its distribution channels by focusing on large distributors and embracing customized solutions for supermarkets and community e-commerce [7][8]. - Anjijia Food is positioned as a leader in the frozen food sector, with a strong management capability and operational efficiency, which are expected to support its growth potential and profit recovery [7][8].

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 CNY [2][7]. Core Views - The company is shifting its strategy from a channel-driven approach to a focus on new product development, aiming to capture new consumer trends and enhance product offerings [7]. - New products are expected to be launched starting from Q2 2025, with a strong pipeline of innovations across various categories [7]. - The company is emphasizing the potential of all-channel development and aims to strengthen its distribution network, particularly in supermarkets and community e-commerce [7]. - The management has acknowledged past challenges in product innovation and is now committed to a more balanced approach between B-end and C-end product strategies [7]. - The report anticipates gradual improvement in the company's fundamentals throughout the year, supported by new product launches and a low base effect [7]. Financial Summary - Projected total revenue for 2024 is 15,127 million CNY, with a year-on-year growth rate of 7.7% [3]. - Expected net profit attributable to the parent company for 2024 is 1,485 million CNY, reflecting a modest growth of 0.5% [3]. - Earnings per share (EPS) is forecasted to be 5.06 CNY for 2024, with a price-to-earnings (P/E) ratio of 16 [3]. - The company’s total market capitalization is approximately 237.04 billion CNY, with a debt-to-asset ratio of 18.7% [4].

Core Viewpoint - The company reported a strong performance in Q1 2025, with revenue of 1.824 billion yuan, a year-on-year increase of 42.0%, and a net profit attributable to the parent company of 150 million yuan, up 47.2% year-on-year. This growth is attributed to the successful implementation of a globalization strategy and the positive sales impact of new product launches [1][2]. Revenue Growth and Product Matrix - Q1 2025 revenue growth accelerated to 42.0%, an increase of 13.5 percentage points compared to Q4 2024, primarily driven by new product introductions. The company enhanced its product matrix through increased R&D investment, launching new products such as high-power GaN fast chargers, second-generation NAS cloud storage products, and TWS headphones [2][3]. - At the CES event in January 2025, the company showcased new products including AI NAS and Nexode 500W GaN chargers, which are expected to contribute significantly to revenue growth in the current year [2]. Profitability and Financial Metrics - In Q1 2025, the company's gross profit margin was 38.0%, a decrease of 1.6 percentage points year-on-year, mainly due to a higher proportion of lower-margin storage products and increased shipping costs. The net profit margin increased by 0.3 percentage points year-on-year to 8.2% [3]. - The company reported financial expenses of -7.813 million yuan in Q1 2025, compared to -0.512 million yuan in Q1 2024, primarily due to foreign exchange gains from currency fluctuations [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 672 million yuan, 859 million yuan, and 1.081 billion yuan for 2025-2027, with corresponding EPS of 1.62, 2.07, and 2.60 yuan. The acceleration of the globalization strategy and the expansion of product categories are expected to enhance revenue and profit growth [4]. - As of April 28, the average PE ratio for comparable companies in 2025 is projected to be 29 times. The company is assigned a target PE of 40 times for 2025, corresponding to a target price of 64.80 yuan, maintaining a "buy" rating [4].