证 券 研 究 报 告 安井食品（603345）2025 年中报点评 强推（维持） 当前承压，布局修复 目标价：100 元 事项： 评论： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题等。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 15,778 | 17,055 | 18,352 | | 同比增速(%) | 7.7% | 4.3% | 8.1% | 7.6% | | 归母净利润(百万) | 1,485 | 1,411 | 1,541 | 1,720 | | 同比增速(%) | 0.5% | -5.0% | 9.2% | 11.6% | | 每股盈利(元) | 4.46 | 4.23 | 4.62 | 5.16 | | 市盈率(倍) | 17 | 18 | 17 | 15 | | 市净率(倍) | 2.0 | 1.9 | 1.8 | 1.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 ...

Core Viewpoint - Anjiu Foods is preparing for a dual listing on the Hong Kong Stock Exchange, despite facing significant opposition from shareholders, particularly small shareholders, amid declining market performance and growth rates in the frozen food sector [2][3][17]. Financial Performance - Anjiu Foods maintained revenue growth over the past three years, with revenues of 121.06 billion RMB, 139.65 billion RMB, and 150.30 billion RMB, corresponding to year-on-year growth rates of 31.39%, 15.29%, and 7.70% respectively [5][6]. - Net profits for the same period were 11.01 billion RMB, 14.87 billion RMB, and 14.85 billion RMB, with year-on-year growth rates of 61.37%, 34.24%, and 0.46% [5][6]. - In Q1 of this year, Anjiu Foods experienced negative growth, with revenues declining by 4.13% to 36.00 billion RMB and net profits down by 10.01% to 3.95 billion RMB [6]. Market Position - Anjiu Foods holds the largest market share in the frozen food sector at 6.6%, significantly ahead of competitors such as Si Nian Foods and San Quan Foods [6][7]. - The company has a strong portfolio with 39 products generating over 100 million RMB in annual revenue, including several exceeding 500 million RMB [7]. Shareholder Sentiment - Approximately 28.77% of shareholders voted against the Hong Kong listing proposal, with over 60% of small shareholders expressing opposition [3][4]. - The company received 70.63% support for the listing, indicating a divided opinion among shareholders [3][4]. Strategic Initiatives - The motivation behind the Hong Kong listing includes accelerating internationalization, enhancing overseas business development, and improving financing capabilities [3][17]. - Anjiu Foods plans to leverage strategic acquisitions and partnerships to expand its international presence, although specific targets have not yet been identified [17]. Sales Channels - The majority of Anjiu Foods' revenue comes from distribution channels, accounting for 81.9% of total revenue, with significant contributions from key accounts and direct sales [13][15]. - The company has seen a decline in revenue from key account customers due to reduced foot traffic and store closures [15]. Regional Performance - Anjiu Foods' domestic market revenue was 148.62 billion RMB, representing 98.9% of total revenue, with the East China region contributing the most [16]. - Overseas revenue remains low, with figures of 1.08 billion RMB, 1.28 billion RMB, and 1.67 billion RMB from 2022 to 2024, accounting for only 0.9% to 1.1% of total revenue [16].