公 司 报 告 食品饮料 2025年10月29日 安井食品(603345.SH) Q3经营环比改善，期待持续修复 推荐 ( 维持) 股价:69.83元 行情走势图 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项： 公 司 季 报 点 评 证 券 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,045 | 15,127 | 15,717 | 16,917 | 18,014 | | YOY(%) | 15.3 | 7.7 | 3.9 | 7.6 | 6.5 | | 净利润(百万元) | 1,478 | 1,485 | 1,398 | 1,600 | 1,715 | | YOY(%) | 34.2 | 0.5 | -5.8 | 14.4 | 7.2 | | 毛利率(%) | 23.2 | 23.3 | 22.4 | 23.2 | 23.3 | | 净利率(%) | 10.5 | ...

评论： 风险提示：下游需求低迷；市场竞争加剧；费用投放加大；食品安全问题等 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 千味央厨（001215）2025 年三季报点评 推荐（维持） 大 B 逐步企稳，小 B 环比修复 目标价：41.2 元 事项： 公司发布 2025 年三季报，2025 年前三季度实现总营收 13.78 亿元，同比+1.0%； 归母净利润 0.54 亿元,同比-34.1％。25 年 Q3 实现总营收 4.92 亿元，同比+4.3%； 归母净利润 0.18 亿元，同比-19.1%。 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,868 | 1,912 | 2,109 | 2,333 | | 同比增速(%) | -1.7% | 2.3% | 10.4% | 10.6% | | 归母净利润(百万) | 84 | 75 | 101 | 127 | | 同比增速(%) | -37.7% | -10.3% | 33.9% | 26.4% | | ...

Summary of Anjoy Foods Conference Call Company Overview - **Company**: Anjoy Foods - **Industry**: Frozen Food and Prepared Dishes Key Points Sales Strategy and Channel Performance - Anjoy Foods has established a robust channel barrier through an omnichannel sales strategy, with the distribution channel accounting for 76% of revenue in the first half of 2022, indicating the effectiveness of its channel strategy [2][4][5] - The company maintains a stable network of distributors, providing flexible policy support to enhance distributor loyalty, ensuring that distributor revenue remains above 75%, which forms a significant competitive advantage [2][4][5] Production Capacity and Market Position - Anjoy Foods is the leading producer in the industry, with a capacity utilization rate consistently exceeding 100%. The company has expanded production bases and upgraded old facilities to alleviate supply shortages during peak seasons and reduce transportation costs [2][5] - The company operates 11 production bases and has over 30 projects under construction, continuously building new bases and upgrading existing ones to support production capacity [5] Industry Growth and Market Potential - The Chinese frozen food market is experiencing rapid growth, expected to reach a market size of 330 billion yuan by 2025, driven by improvements in cold chain logistics and changes in consumer structure [2][6] - There is significant room for growth in per capita consumption of frozen foods in China, which was 9 kg in 2019 compared to 65 kg in the U.S. and 35 kg in Europe [6] Prepared Dishes Business Development - Anjoy Foods is actively expanding its prepared dishes segment through self-production, private labeling, and acquisitions, launching several market-recognized flagship products [2][7][11] - The prepared dishes market is projected to reach a trillion yuan by 2025, with significant growth potential as per capita consumption in China is currently low compared to other countries [9][10] Financial Performance - In the first half of 2023, Anjoy Foods reported revenue of 7.6 billion yuan, a year-on-year increase of 0.8%, while net profit attributable to shareholders was 676 million yuan, a decline of 15.79% [3][12] - The gross margin was 20.52%, down 3.39 percentage points year-on-year, primarily due to rising raw material prices [3][12] Channel Performance Insights - Revenue from the distributor channel was 6 billion yuan, a slight decline of 1.15%, while the retail and e-commerce channels showed strong performance with a revenue increase of 20.92% [3][13] - The company collaborates with new retail platforms like Hema and Dingdong Maicai to enhance supply capabilities in emerging markets, although demand remains under pressure [3][13] Management and Strategic Direction - The management team, led by Chairman Liu Liming and General Manager Zhang Qingnian, has shown high professionalism and loyalty since the company's inception, effectively implementing the omnichannel sales strategy [4] Product Innovation and Market Strategy - Anjoy Foods focuses on product innovation, launching regional new products based on local dietary habits, which are then promoted nationwide to ensure sustainable growth [8] Recent Acquisitions - The company completed the acquisition of Jiangsu Dingwei Tai Foods, entering the frozen baking sector and enhancing its capabilities in high-end cod fish paste and frozen baking products [12][11] This summary encapsulates the key insights from the conference call, highlighting Anjoy Foods' strategic initiatives, market positioning, financial performance, and growth potential in the frozen food and prepared dishes industry.

随着西贝餐饮和罗永浩争论落下帷幕，这场关于预制菜的争论暂告一段落。 这场关于"行业标准"与"消费者情绪"碰撞的背后，或许也意味着一场全民预制菜概念普及的开始。 而其中，由"冷冻西兰花是否健康"而引申出的关于速冻蔬菜，乃至速冻食品是否安全的问题，都成为了讨论的焦点。 虽然，众多权威营养师已经一再科普了冷冻食品的安全性——冷冻后的西兰花还能留下绝大部分的营养；没有农残的冷冻有机西兰花成本更高，因而售价比 市场中绝大多数西兰花价格更高；在目前较为成熟的速冻食品技术处理基础上，冷冻食品有着更好的安全性…… 但想要实现全社会普遍认可，这背后仍然有着不小的鸿沟需要逾越。这个过程，不仅仅是解除萦绕在冷冻食品头顶上的种种误解，更是餐饮供应链体系升级 过程中，所必然要进行的全民知识普及。 冷冻后的西兰花还有营养吗？ 作为一项自20世纪30年代便已经投入使用的技术，果蔬速冻最初是从美国发展起来的。 新鲜蔬菜被采摘后，体内仍然继续进行着呼吸和代谢，营养成分也在不停地变化中，特别是维生素C含量会随着时间的推移出现降解损失。 以果蔬中维生素C含量变化为例，该营养成分对储藏条件和时间非常敏感。研究发现，在常规冷藏室（4 °C）放了7天的 ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, with a notable performance in frozen prepared dishes, indicating a mixed financial outlook and product performance [1][3]. Financial Performance - In H1 2025, the company achieved revenue of 886 million yuan, a year-on-year decrease of 0.72%, and a net profit attributable to shareholders of 36 million yuan, down 39.67% [1]. - For Q2 2025, revenue was 415 million yuan, a decline of 3.12%, with a net profit of 14 million yuan, down 42.05% [1]. - The gross profit margin for H1 2025 was 23.59%, a decrease of 1.62 percentage points year-on-year, while the net profit margin was 4.04%, down 2.61 percentage points [3]. Product Performance - Revenue from main food, snacks, baked goods, and frozen prepared dishes in H1 2025 was 413 million, 197 million, 205 million, and 65 million yuan, respectively, with growth in frozen prepared dishes at 67.31% year-on-year [1]. - The decline in main food and snack categories was attributed to market competition and product lifecycle issues, while the growth in baked goods was due to product adjustments for key clients [1]. Sales and Channel Strategy - The company optimized its channel structure, with direct sales and distribution generating revenues of 434 million and 445 million yuan, respectively, showing a year-on-year increase of 5.31% and a decrease of 6.40% [2]. - Online sales performed exceptionally well, achieving 45 million yuan in revenue, a year-on-year increase of 44.87%, accounting for 5.05% of total revenue [2]. - The company has been actively collaborating with major retail chains and enhancing its product offerings in the ready-to-eat segment [2]. Investment Outlook - The company is expected to achieve revenues of 1.952 billion, 2.086 billion, and 2.295 billion yuan for the years 2025 to 2027, with net profits of 88 million, 98 million, and 114 million yuan, respectively [3]. - The projected price-to-earnings ratios for these years are 32.64, 29.47, and 25.25 times [3].