Core Viewpoint - Anjuke Foods (02648) has seen a significant stock price increase, reaching a new high of 77.75 HKD, with a current rise of 5.06% to 76.8 HKD, indicating strong market interest and confidence in the company's future prospects [1] Company Summary - Anjuke Foods is focusing on a new product-driven strategy, which is currently showing positive progress and is expected to provide substantial growth in the future [1] - The company is optimizing its channel strategy, aiming for more precise approaches, including a controlled embrace of customized supermarket offerings [1] - There is a clear trend of operational reversal within the company, supported by the simultaneous launch of new products across its channels [1] Industry Summary - The overall industry landscape is improving, with Anjuke Foods' strategic initiatives aligning well with market demands and trends [1]

Investment Rating - The report maintains a "Strong Buy" rating for Anjuke Food (603345) with a target price of 100 yuan [1]. Core Insights - The company is shifting from a channel-driven strategy to a product-driven strategy, with significant progress in new product launches and channel optimization [1]. - The company has successfully introduced several new products, including the 6.0 series of vacuum-packed products and various shrimp products, contributing to double-digit growth [1]. - The overall market conditions are improving, with a notable recovery in the restaurant channel and successful new product promotions since April [1]. Company Overview - Anjuke Food has a total share capital of 333.29 million shares and a market capitalization of 27.146 billion yuan [1]. - The company has a debt-to-asset ratio of 23.91% and a net asset value per share of 45.38 yuan [1]. - The stock price has fluctuated between 94.31 yuan and 69.83 yuan over the past 12 months [1]. Financial Projections - Total revenue is projected to grow from 15,127 million yuan in 2024 to 18,231 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 7.4% [5]. - The net profit attributable to the parent company is expected to increase from 1,485 million yuan in 2024 to 1,679 million yuan in 2027, reflecting a growth rate of 9.8% in the final year [5]. - Earnings per share (EPS) are forecasted to rise from 4.46 yuan in 2024 to 5.04 yuan in 2027 [5]. Strategic Initiatives - The company is focusing on enhancing its product offerings and optimizing its distribution channels, particularly through customized collaborations with major supermarket chains [1]. - Anjuke Food is also expanding into the halal food segment under the "Anzhai" brand, targeting both domestic and Southeast Asian markets [1]. - The company plans to invest in a new baking project, which is expected to become a significant growth driver in the medium to long term [1].

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth of 7.04% to 8.97% from 2025 to 2027, and corresponding EPS growth of 9.25% to 10.28% during the same period [8][10]. Core Insights - The company is shifting its strategic focus from "channel-driven" to "new product-driven," emphasizing C-end product innovation as the core of growth. This includes optimizing incentive mechanisms and establishing a differentiated assessment system [5]. - The company is enhancing its B-end customized offerings by deepening collaborations with major clients like Sam's Club and Yum China, which will help expand its customer base [6]. - The digital upgrade of the distribution system is being implemented, supporting existing distributors to extend into new retail and e-commerce channels [6]. - The company plans to launch several new high-end products targeting both B-end and C-end markets, with a focus on quality and price differentiation [7]. Financial Projections - The projected revenue for 2025, 2026, and 2027 is 161.92 billion, 175.60 billion, and 191.35 billion yuan respectively, with year-on-year growth rates of 7.04%, 8.45%, and 8.97% [10][11]. - The forecasted net profit attributable to the parent company for the same years is 16.22 billion, 17.69 billion, and 19.51 billion yuan, reflecting growth rates of 9.25%, 9.05%, and 10.28% [8][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 15, 14, and 13 respectively, indicating a favorable valuation trend [8][10].