以下文章来源于融中财经 ，作者千然 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体 资讯平台、品牌活动、研究服务、专家咨询、投资顾问等业务，为政府、企业、投资机构提供一站式专 业服务。 来源：融中财经 作者：千然 编辑：吾人 7 月 4 日，安井食品（ 2648.HK ，下文同称 " 安井 " ）正式在港交所主板挂牌上市。上市 首日开盘价报 60 港元 / 股，总市值约 200 亿港元。 成立于 2001 年的安井食品早已修炼成 " 速冻一哥 " 。根据弗若斯特沙利文资料，按 2024 年收入计，安井食品是中国最大的速冻食品公司，市场份额为 6.6% ；在速冻食品行业，安井 食品在中国速冻调制食品市场排名第一，市场份额为 13.8% ，是第二名的约五倍。 还记得 2017 年初登 A 股之际，这家发家于福建厦门的速冻食品企业在当年营收只有 34.84 亿元，净利润为 2.02 亿元，而最新数据显示，安井食品在 2024 年营收为 151.27 亿元，净 利润为 14.85 亿元。 8 年时间，不止业绩有了质的飞跃，更是将昔日巨头三全、思念等远远 甩于身 ...

Group 1 - The core point of the news is that Anjuke Foods has announced the final offering price for its overseas H-share listing, set at HKD 60 per share, which corresponds to RMB 54.76, representing a discount of approximately 30% compared to the A-share closing price of RMB 78.74 on July 1 [1] - The total number of shares to be issued is 39,994,700, with a dilution ratio of about 13.65%. The market capitalization of A-shares is RMB 231 billion, corresponding to a 16.5x PE for 2025, while the H-share PE is approximately 11.5x [1] - The funds raised from the H-share issuance will be used for global sales network construction, supply chain system development, industrial investment and acquisitions, product development, technological upgrades, and working capital supplementation [1] Group 2 - The company is focusing on upgrading its C-end offerings and differentiating its products by embracing new retail channels and driving innovation in product development [2] - New product launches include four single and combination products for grilled sausages, six new specialty products for dough, and an upgraded "live fish fresh fish ball" for hot pot ingredients, aimed at attracting younger consumers [2] - The company has signed a share acquisition agreement with Dingwei Thai, marking a transition from being a frozen food leader to providing comprehensive dining solutions, while also accelerating international and overseas channel expansion [2]

事项： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 [ReportFinancialIndex] 主要财务指标 证 券 研 究 报 告 安井食品（603345）跟踪分析报告 强推（维持） 思路升级，方向明确，重申底部布局 目标价：100 元 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 公司研究 速冻食品 2025 年 05 月 22 日 当前价：80.82 元 华创证券研究所 证券分析师：欧阳予 邮箱：ouyangyu@hcyjs.com 执业编号：S0360520070001 证券分析师：董广阳 电话：021-20572598 邮箱：dongguangyang@hcyjs.com 执业编号：S0360518040001 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 16,368 | 17,765 | 19,282 | | 同比增速(%) | 7.7% | 8.2% | 8.5% | 8.5% | | 归母净利润(百万 ...

资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 21 日收盘价 证 券 研 究 报 告 安井食品（603345）跟踪分析报告 强推（维持） 思路升级，方向明确，重申底部布局 目标价：100 元 事项： ❖ 风险提示：新品拓展不及预期、行业竞争加剧、食品安全问题。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 15,127 | 16,368 | 17,765 | 19,282 | | 同比增速(%) | 7.7% | 8.2% | 8.5% | 8.5% | | 归母净利润(百万) | 1,485 | 1,522 | 1,673 | 1,875 | | 同比增速(%) | 0.5% | 2.5% | 9.9% | 12.0% | | 每股盈利(元) | 5.06 | 5.19 | 5.71 | 6.39 | | 市盈率(倍) | 16 | 16 | 14 | 13 | | 市净率(倍) | 1.8 | 1.7 | 1 ...

长江商报消息 ●长江商报记者 黄聪 安井食品（603345.SH）正加速走出国门，拓展新的赛道。 5月16日晚间，安井食品公告显示，公司于近日收到中国证券监督管理委员会出具的《关于安井食品集团股份有限 公司境外发行上市备案通知书》（简称"备案通知书"）。 备案通知书显示，安井食品拟发行不超过5952.14万股境外上市普通股，并在香港联合交易所上市。 长江商报记者发现，安井食品已将"国际化策略"作为公司发展战略之一。 安井食品表示，计划重点扩展至海外高速增长或具规模的市场，同时，拟建设全球供应链平台，优化成本及确保 鱼糜、虾及其他水产优质原材料的稳定供应。 数据显示，2024年，安井食品境外营业收入达1.68亿元，同比增长30.76%，成为公司新的业绩增长点。 具体来看，安井食品介绍，公司将继续赋能经销商以把握新市场机遇，持续为经销商提供贴身服务；进一步与更 多包含连锁餐厅在内的特通直营客户合作，开发定制化产品满足其需求丰富产品组合，进一步与新零售及电商建 立合作伙伴关系。 海外渠道方面，安井食品计划在海外市场进行品牌建设和营销活动，将销售覆盖范围扩展至当地商超、餐厅及其 他当地社区人员聚集地。计划与有海外业务 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company demonstrates resilience as a market leader, with steady progress expected in 2025 [1] - The revenue for 2024 is projected to be 15.13 billion yuan, reflecting a year-on-year growth of 7.7% [7] - The net profit attributable to shareholders for 2024 is expected to be 1.485 billion yuan, with a slight increase of 0.46% year-on-year [7] - The report highlights that the hot pot ingredient products show better performance than the industry average, with a revenue of 7.84 billion yuan in 2024, up 11% year-on-year [7] - The company’s profit margins remain stable despite pressures from raw material costs and promotions [7] Financial Forecasts - Total revenue is forecasted to grow from 15.13 billion yuan in 2024 to 18.22 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 5.01% [1][8] - The net profit attributable to shareholders is projected to increase from 1.625 billion yuan in 2025 to 1.96 billion yuan in 2027, representing a CAGR of about 7% [1][8] - The earnings per share (EPS) is expected to rise from 5.54 yuan in 2025 to 6.68 yuan in 2027 [1][8] Financial Ratios - The price-to-earnings (P/E) ratio is projected to decrease from 13.30 in 2025 to 11.03 in 2027, indicating a potentially attractive valuation [1][8] - The gross margin for 2024 is estimated at 23.3%, with a slight decline expected in subsequent years [8] - The return on equity (ROE) is forecasted to improve from 12.02% in 2025 to 13.23% in 2027 [8]

Core Viewpoint - Honghui Fruits and Vegetables (603336.SH) reported a slight decline in revenue and a significant drop in net profit for 2024, indicating challenges in its core business segments [2] Financial Performance - The company achieved a revenue of 1.08 billion yuan in 2024, a year-on-year decrease of 0.52% [2] - The net profit attributable to shareholders was 18.30 million yuan, down 23.59% year-on-year [2] - Revenue from the fruit business segment decreased by 0.23%, while the edible oil segment saw a substantial decline of 45.83%, with a gross margin close to zero at 0.06% [2] - The food and meat trading segments experienced revenue growth of 0.36% and 10.76%, respectively, but both remained in a loss position with gross margins of -3.21% and -3.46% [2] Strategic Initiatives - The company plans to enhance cost control, optimize resource allocation, and improve operational efficiency to manage operational costs [2] - Honghui Fruits and Vegetables aims to focus on its core business while actively pursuing strategic transformation and business structure adjustments [3] - The company intends to accelerate capacity building in the food manufacturing sector and introduce high-value-added products like frozen hot pot ingredients [3] Market Adaptation - In response to the significant decline in the edible oil business, the company is closely monitoring market dynamics and competitors, adjusting business strategies, and optimizing product structures [3] - The company is exploring new sales channels and market opportunities to meet the diverse needs of consumers [3] Supply Chain Management - Cold chain storage is viewed as a critical measure to enhance supply chain stability and reduce losses, with ongoing investments in this area [3][4] - The company plans to increase investment in cold chain storage to improve scale and efficiency in line with business development needs [3] Risk Management - The company is strengthening agricultural risk management and disaster reduction efforts to enhance farmers' awareness and capabilities [4] - A diversified upstream supply network is being established to mitigate risks associated with local disasters affecting raw material supply [4]

证券研究报告：食品饮料|行业周报 发布时间：2025-04-14 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18005.21 | | 52 周最高 | 20128.95 | | 52 周最低 | 14118.56 | 行业相对指数表现 2024-04 2024-06 2024-09 2024-11 2025-01 2025-04 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 近期研究报告 《茶姬股份（CHA.O）: 聚焦单品提效 率，同店表现优异》 - 2025.04.02 食品饮料行业报告 （2025 ...