证券研究报告 | 2025年08月27日 安井食品（603345.SH） 优于大市 2025 年第二季度利润承压，坚持产品创新驱动 安井食品 2025 年上半年实现营业总收入 76.04 亿元，同比增长 0.80%；实现 归母净利润 6.76 亿元，同比减少 15.79%；实现扣非归母净利润 6.03 亿元， 同比减少 21.85%；2025 年第二季度实现营业总收入 40.05 亿元，同比增长 5.69%；实现归母净利润 2.81 亿元，同比减少 22.74%；实现扣非归母净利润 2.60 亿元，同比减少 26.11%。 拥抱商超大 B 定制化，特通、新零售及电商渠道表现较好。分产品看，2025 年 第 二 季 度 米 面 制 品 / 调 制 食 品 / 菜 肴 制 品 收 入 分 别 同 比 -10.8%/-1.4%/+26.1%，锁鲜装产品保持韧性增长，公司 C 端"肉多多烤肠 系列"实现品类升级和产品结构优化。分渠道看，2025 年第二季度经销商/ 商超/特通/新零售及电商渠道收入同比+1.6%/+8%/+19.4%/+35.1%， 特通、 新零售及电商渠道表现较好，主因公司全面拥抱大 B（特通）客户 ...

公司点评 · 食品饮料行业 主业仍然承压，新渠道表现亮眼 —— 2025 年中报点评 2025 年 8 月 26 日 核心观点 主要财务指标预测 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 15126.65 | 15913.24 | 16915.77 | 17947.63 | | 收入增长率% | 7.70 | 5.20 | 6.30 | 6.10 | | 归母净利润（百万元） | 1484.83 | 1421.36 | 1481.49 | 1567.07 | | 利润增速% | 0.46 | -4.27 | 4.23 | 5.78 | | 毛利率 | 23.30 | 21.30 | 21.30 | 21.30 | | 摊薄 EPS(元) | 4.46 | 4.26 | 4.45 | 4.70 | | PE | 17.30 | 18.07 | 17.34 | 16.39 | | | | 分析师 刘光意 ：021-20252650 ：liuguangyi_yj@chinastock.com.c ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a revenue of 15.13 billion yuan for 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.46% year-on-year. However, in Q1 2025, the revenue decreased to 3.6 billion yuan, a decline of 4.13%, and the net profit dropped to 395 million yuan, down 10.01% year-on-year [2][6]. Summary by Sections Revenue Performance - In 2024, the company's revenue reached 15.13 billion yuan, with various segments showing different growth rates: - Instant noodles and frozen prepared foods saw a decline of 3.14% - Prepared dishes increased by 10.76% - Agricultural products decreased by 11.74% - The overall revenue growth was supported by the recovery in the catering sector, particularly in traditional hot pot products [11]. - For Q1 2025, revenue from frozen noodles and prepared foods showed mixed results, with a 3.17% increase in frozen noodles but a 12.48% decline in prepared dishes [11]. Profitability and Cost Control - The net profit margin for 2024 decreased by 0.71 percentage points to 9.82%, while the gross margin increased by 0.09 percentage points to 23.3%. The company effectively managed costs, with the expense ratio rising by 0.67 percentage points to 10.03% [11]. - In Q1 2025, the net profit margin fell by 0.72 percentage points to 10.96%, with a gross margin decline of 3.23 percentage points to 23.32%. Despite the drop in gross margin, the company maintained effective cost control [11]. Future Outlook - The company is expected to enhance its upstream supply chain management to mitigate cost fluctuations. The introduction of new products and acquisitions is anticipated to improve revenue streams [11]. - Forecasts for 2025 and 2026 suggest net profits of 1.53 billion yuan and 1.71 billion yuan, respectively, with corresponding earnings per share of 5.21 yuan and 5.84 yuan [11].