食品加工 | | | | . | | --- | --- | --- | --- | | 评级: | 买入 | 维持 | 1 | 转》2024-10-29 安井食品（603345.SH） 证券研究报告/公司点评报告 2025 年 08 月 26 日 执业证书编号：S0740519080002 Email：xiongxw@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 333.29 | | 流通股本(百万股) | 333.29 | | 市价(元) | 77.06 | | 市值(百万元) | 25,683.25 | | 流通市值(百万元) | 25,683.25 | 请务必阅读正文之后的重要声明部分 全面拥抱定制化，产品驱动稳健发展 ——安井食品 2025 年半年报点评 股价与行业-市场走势对比 事件：公司发布 2025 年半年报。25H1，公司实现营业收入 76.04 亿元，同比+0.80%； 归母净利润 6.76 亿元，同比-15.79%；扣非归母净利润 6.03 亿元，同比-21.85%；其 中 25Q2 收入 40.05 亿元，同比+5.69%；归母净利润 ...

承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 ANJOY FOODS GROUP CO., LTD. 安井食品集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2648） 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 茲 載 列 安 井 食 品 集 團 股 份 有 限 公 司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 ( www.sse.com.cn )刊登的本公司2025年半年度報告（A股），僅供參閱。 安井食品集團股份有限公司 董事長兼執行董事 劉鳴鳴先生 中國廈門，2025年8月25日 於本公告日期，本公司董事會成員包括：(i)執行董事劉鳴鳴先生、張清苗先生、 章高路先生及黃建聯先生；(ii)非執行董事鄭亞南博士及戴凡先生；及(iii)獨立非 執行董事張梅女士、劉曉峰博士、趙蓓博士及張躍平先生。 公司代码：603345 公司简称：安井食品 2025 年半年度报告 ...

Core Viewpoint - The company is set to hold its 2024 Annual General Meeting on May 21, 2025, to discuss various proposals including the annual report, board work report, and profit distribution plan [1][2][4]. Group 1: Meeting Procedures - The meeting will be supervised by two shareholder representatives, one supervisor representative, and a lawyer from Shanghai Fangda Law Firm [2]. - Attendees must maintain order and respect the rights of all shareholders during the meeting [1][2]. - The agenda includes reporting on the attendance of shareholders, reviewing the independent director's work report, and conducting voting on various proposals [2][4]. Group 2: Company Performance - In 2024, the company achieved a revenue of 1,512,665.17 million RMB, representing a year-on-year growth of 7.70% [6][23]. - The net profit attributable to shareholders was 148,483.12 million RMB, with a slight increase of 0.46% compared to the previous year [6][23]. - The company’s net profit, excluding non-recurring gains and losses, decreased by 0.37% to 135,954.92 million RMB [6][23]. Group 3: Industry Analysis - The frozen food industry is experiencing a shift towards standardization, driven by the increasing demand from chain restaurants for consistent quality [6][9]. - The aging population and fast-paced lifestyles are boosting the demand for convenient and healthy frozen food options [6][9]. - The government is supporting the industry through policies aimed at enhancing cold chain logistics and infrastructure, which is expected to facilitate high-quality development in the frozen food sector [9][10]. Group 4: Financial Overview - The company reported total assets of 1,737,509.84 million RMB at the end of 2024, a slight increase of 0.43% from the previous year [23]. - The company’s cash flow from operating activities was 210,384.47 million RMB, reflecting a growth of 7.58% [24]. - The company plans to distribute a cash dividend of 1.015 RMB per share, amounting to approximately 296,515,331.98 RMB, which is 19.97% of the net profit [25][26].

Summary of Conference Call Notes Company Overview - Company: Anjii Food - Industry: Frozen Food Industry Key Financial Metrics - In 2024, Anjii Food achieved revenue of 15.1 billion, a year-on-year increase of 7.17% [1] - Net profit attributable to shareholders was 1.485 billion, up 0.46% [1] - Net cash flow from operating activities reached 2.104 billion, a growth of 7.85% [1] - For Q1 2025, revenue was 3.6 billion, a decline of approximately 4% year-on-year, with net profit of 395 million, down 10% [1] - Despite short-term fluctuations, the company demonstrated resilience through cost structure optimization and product strategy adjustments [1] Business Segment Performance Prepared Foods - Revenue for the prepared foods segment in 2024 was 7.839 billion, with a growth of 15.4 billion, representing a growth rate of 18%-19% [2] - The "Fresh Lock" series became a core growth driver, generating over 1.5 billion in revenue, increasing its share from 9% in 2022 to 10.5% in 2024 [2] - The upcoming launch of "Fresh Lock 6.0" in H2 2025 is expected to strengthen the company's competitive advantage in the consumer market [2] Frozen Dishes - The frozen dishes segment generated revenue of 4.35 billion in 2024, a year-on-year increase of 4.7% [3] - Key products like "Small Crispy Meat" achieved revenue of 300 million, up 50% [3] - Shrimp products maintained stable growth, while some items faced price fluctuations, with certain products seeing a price drop of over 6% despite increased sales [3] Frozen Noodles and Rice - Revenue for the frozen noodles and rice segment was nearly 2.5 billion, a decline of 3.14% year-on-year due to intensified industry competition and price drops [4] - The company plans to focus on major product strategies to enhance brand influence and customer loyalty [4] - Overall gross margin for 2024 was 23.3%, a slight increase of 0.09 percentage points [4] Strategic Adjustments and Market Positioning - In 2025, the company will adjust its product strategy: - For B-end, focus on cost-effective products and introduce high-quality mid-priced items [5] - For C-end, emphasize product upgrades and series of popular items [5] - Revenue from distributor channels reached 12.3 billion, a growth of 9% [5] - Direct sales channels saw a decline of 4%, while e-commerce channels also experienced a slight drop of 2% due to reduced sales of certain products and the closure of unprofitable e-commerce operations [5] Future Outlook - The company aims to strengthen its market share through a focus on high-end, youthful product lines and customized products for major supermarkets [6] - The competitive pressure in the industry peaked in Q4 2024, but is expected to ease in Q1 2025 as the consumer market gradually recovers [6] - Raw material costs are projected to rise, but the company is implementing measures to control cost increases effectively [7] - The dividend payout ratio increased from 30% to 70%, with a cash dividend ratio of 65%, reflecting strong profitability and financial stability [7] - The company submitted an A1 application to the Hong Kong Stock Exchange, with plans to complete the listing process by the end of June 2025 [7]

Summary of Company and Industry Insights from Conference Call Company Overview - **Company**: Anjijia Food - **Industry**: Frozen Food Industry Key Financial Performance - **2024 Revenue**: 101.04 billion CNY, up 7.85% YoY, with major contributions from: - **Prepared Foods**: 78.39 billion CNY, growth of 15.4 billion CNY, driven by rapid growth in fresh-keeping products, revenue share increased to 10.5%, expected price close to 11.5 CNY/kg [2][3] - **Frozen Dishes**: 43.5 billion CNY, growth of 4.7%, notable increases in small crispy meat and shrimp slides, but shrimp tails declined due to price fluctuations [2][3] - **Frozen Noodles and Rice**: Close to 25 billion CNY, down 3.14% YoY, impacted by industry competition and price declines [2][3] - **Gross Margin**: 23.3% for 2024, up 0.09 percentage points, with improvements in frozen prepared foods and stable margins in fresh-keeping products [2][7] - **Net Profit**: Slight increase of 0.47%, affected by increased stock incentive costs and higher investments in roasted chicken and chicken sausages [2][7] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million CNY in revenue, accounting for 70% of total sales, with stable growth in frozen fish products [2][5] - **Dividend Policy**: Increased payout ratio from 30% to 40%, with a cash dividend ratio of 65% for 2024, leading to a total payout ratio of 70% [4][12] - **New Product Strategy for 2025**: Focus on cost-effectiveness for B-end products and upgrading C-end products, with expected growth of 15%-20% for fresh-keeping products [4][16] Market Dynamics - **Channel Performance**: - **Distributor Channel**: 9% growth, reaching 123 billion CNY - **Direct Sales**: Down 4% due to decreased sales in chain stores - **E-commerce**: Slight decline of 2%, totaling 3.12 billion CNY, mainly due to the shutdown of the Qingliu 5 e-commerce platform [6] - **Competition**: Price competition in frozen noodles has intensified since 2023, with promotional efforts increasing to capture market share, leading to profit pressure [21][22] Future Outlook - **2025 Q1 Performance**: Revenue of 36 billion CNY, down approximately 4% YoY; net profit of 3.95 billion CNY, down 10% YoY, affected by consumer environment and seasonal factors [8][9] - **Government Subsidies**: Increased by approximately 30 million CNY in Q1 due to the return of previously owed funds, positively impacting financial status [10] - **Cost Control**: Anticipated increase in costs due to raw material prices, but efforts in bulk procurement and centralized production are expected to mitigate impacts [36] Industry Trends - **Frozen Hot Pot and Noodle Market**: Expected growth despite price competition, with signs of recovery noted in April [18][19] - **Small Enterprises**: Many small businesses are at breakeven points, reflecting intense competition and survival pressures [27][28] - **Market Share**: The company maintains a leading market share across various segments, with ongoing efforts to innovate and respond to market demands [28] Conclusion - The company is positioned for moderate growth in 2024 and 2025, with strategic initiatives focused on product innovation, cost control, and market expansion. The competitive landscape remains challenging, but the company’s strong market position and proactive strategies are expected to sustain its growth trajectory.

Core Insights - The company reported a revenue of 15.13 billion in 2024, a year-on-year increase of 7.7%, and a net profit attributable to shareholders of 1.485 billion, up 0.46% year-on-year. However, in Q1 2025, revenue declined to 3.6 billion, down 4.13%, and net profit fell to 395 million, down 10.01% [1][2]. Revenue Performance - The revenue breakdown for 2024 shows mixed performance across product categories: - Noodle products: -3.14% - Frozen prepared foods: +11.41% - Dish products: +10.76% - Agricultural products: -11.74% - Snack foods: -80.44% - Other businesses: -0.96% [2] - In Q1 2025, revenue changes were as follows: - Frozen noodle products: +3.17% - Prepared dishes: -2.4% - Dish products: -12.48% - Agricultural products: -4.31% - Other businesses: -41.42% [2] Channel Performance - For 2024, revenue by channel showed: - Distribution: +8.91% - Supermarkets: -2.35% - Direct sales: -4.54% - E-commerce: -2.29% - New retail: +32.97% [2] - In Q1 2025, channel performance was: - Distribution: -3.94% - Supermarkets: -6.46% - Direct sales: -6.5% - E-commerce: -14.45% - New retail: +22.26% [2] Profitability Analysis - The net profit margin for 2024 decreased by 0.71 percentage points to 9.82%, with a gross margin increase of 0.09 percentage points to 23.3%. The operating expense ratio rose by 0.67 percentage points to 10.03% [3]. - 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%. The operating expense ratio decreased by 0.77 percentage points to 9.9% [3]. Future Outlook - The company is enhancing its supply chain management to mitigate cost fluctuations and expects improvements in revenue from new products and acquisitions. - Projected net profits for 2025 and 2026 are 1.53 billion and 1.71 billion, respectively, with corresponding EPS of 5.21 and 5.84, and PE ratios of 14 and 13 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 15.127 billion yuan in 2024, with a year-on-year growth of 7.7%. The net profit attributable to the parent company was 1.485 billion yuan, reflecting a slight increase of 0.46% year-on-year. However, the first quarter of 2025 saw a decline in revenue to 3.6 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10% year-on-year. The report anticipates a stable profit outlook, although the performance was below expectations [7][5]. - The report emphasizes the company's balanced development strategy, focusing on both "BC" channels and core business strengths. The introduction of new products and the expansion into niche markets are expected to drive growth, positioning the company as a more comprehensive food enterprise [7][5]. - The company maintains a focus on large product lines, with significant revenue contributions from frozen prepared foods, frozen dishes, and frozen noodle products. In 2024, these categories generated revenues of 7.839 billion yuan, 4.349 billion yuan, and 2.465 billion yuan, respectively [7][5]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 15.866 billion yuan, with a year-on-year growth rate of 4.9%. The net profit for 2025 is estimated at 1.524 billion yuan, reflecting a growth of 2.7% [5][8]. - The gross profit margin for 2024 was 23.3%, with a slight increase from the previous year. However, the first quarter of 2025 saw a decrease in gross margin to 23.32% due to rising costs and increased promotional discounts [7][5]. - The company plans to continue its strategy of focusing on 3-5 strategic big products each year, with 39 products generating over 100 million yuan in revenue in 2024 [7][5].

Summary of the Conference Call for Anjuke Foods Company Overview - **Company**: Anjuke Foods - **Industry**: Frozen Food and Prepared Dishes Key Financial Performance - **2024 Revenue**: 15.1 billion yuan, a year-on-year increase of 7.7% [3] - **Net Profit**: 1.485 billion yuan, a year-on-year increase of 0.46% [3] - **Cash Flow from Operations**: 2.104 billion yuan, a year-on-year increase of 7.85% [3] - **Gross Margin**: 23.3%, an increase of 0.09 percentage points year-on-year [17] Segment Performance Frozen Prepared Products - **Revenue**: 7.839 billion yuan, a year-on-year increase of 11.4% [2] - **Lock Fresh Products**: Revenue reached 1.5 billion yuan, with a growth rate of nearly 19% [2] - **Average Price**: Stable at 40-41.5 yuan per kilogram [5] Frozen Dishes - **Revenue**: 4.35 billion yuan, a year-on-year increase of 10.7% [7] - **Key Products**: - Small Crispy Meat: 50% growth - Shrimp Sliders: Significant growth - Shrimp Tails: Decreased due to price impact [7] Frozen Noodles and Agricultural Products - **Frozen Noodles**: Revenue decreased by 3.14%, approximately 2.5 billion yuan [8] - **Agricultural Products**: Revenue decreased by 11.74%, impacted by imported feed prices [8] Strategic Initiatives - **Big Product Strategy**: 39 products with over 100 million yuan in sales, accounting for about 70% of total sales [9] - **Product Development**: Focus on B-end and C-end product upgrades, including new series for dumplings and grilled products [4][32] - **Cost Control**: Expectation to lower expense ratios in 2025 through strict cost management [4] Market Trends and Challenges - **Prepared Dishes Market**: Total production reached 35,000 to 40,000 tons, with revenue share increasing to around 10% [6] - **Sales Channels**: - Distributor channel grew by 9% to 12.3 billion yuan - Direct sales decreased by 4% due to client store performance [15] - E-commerce channel slightly declined by 2% [15] Future Outlook - **2025 Revenue Target**: Aim for at least the previous year's level with a push for double-digit growth, dependent on consumer recovery [43] - **Cost and Margin Expectations**: Anticipate a slight decline in gross margin due to promotional activities, but will adjust product structure to stabilize margins [42] - **New Product Launches**: Focus on smaller packaging and regional specialties to cater to market demands [36][38] Additional Insights - **Impact of E-commerce Shutdown**: The shutdown of the new 05 e-commerce business led to a 2% decline in overall group consolidated reports [16] - **Dividend Policy**: Increased from 65% to 70%, reflecting a commitment to stable operations and positive signals to investors [28] - **International Trade Impact**: Limited effect from overseas tariff wars, as only slightly over 7% of raw materials are sourced internationally [29] Conclusion Anjuke Foods is navigating a competitive landscape with strategic initiatives focused on product innovation, cost control, and market expansion. The company aims to maintain growth while adapting to market conditions and consumer preferences.

Core Viewpoint - In 2024, Guolian Aquatic announced a revenue of 3.409 billion yuan, a year-on-year decline of 26.16%, with a net loss attributable to shareholders of 742 million yuan due to adverse macroeconomic conditions and low market prices for shrimp products [1] Group 1: Financial Performance - The company reported a significant revenue drop, with total revenue at 3.409 billion yuan and a net loss of 742 million yuan [1] - The decline in revenue is attributed to the weak recovery of the global economy, low prices in the South American white shrimp market, and high asset impairment provisions [1] Group 2: Market Segmentation - In 2024, domestic revenue (including Hong Kong, Macau, and Taiwan) was 2.337 billion yuan, accounting for 68.54% of total revenue, while international revenue was 1.072 billion yuan, making up 31.46% [2] - The international marketing channel saw a significant revenue increase of 7.49 billion yuan, with non-U.S. market sales growing by 34% and European market exports increasing by 60% [2] Group 3: Product Strategy and Innovation - The company implemented a "321 big product" strategy, focusing on three major products that each exceed 30%, 20%, and 10% of sales [1] - New product development for restaurant clients included over 30 new items, receiving positive feedback from customers and consumers [3] Group 4: Sales Channels - The e-commerce channel showed strong performance, with shrimp products leading sales on platforms like JD and Taobao, and a notable increase in sales of prepared dishes [2] - Collaborations with major retailers like Hema and other supermarkets resulted in significant revenue growth, with some partnerships seeing over 40% increase [3] Group 5: Future Outlook - For 2025, the company plans to continue the "321 big product" strategy, focusing on developing competitive core products with expected annual sales exceeding 500 million yuan [3] - The company aims to enhance its sales network and fill market gaps to achieve nationwide coverage [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 100 yuan [1][6]. Core Views - The company achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year increase of 7.7%. The net profit attributable to shareholders was 1.485 billion yuan, up 0.5% year-on-year. In Q4 2024, revenue reached 4.050 billion yuan, a 7.3% increase year-on-year, while net profit for the same quarter was 438 million yuan, showing a significant year-on-year growth of 22.8% [6][7]. - For Q1 2025, the company reported a revenue of 3.600 billion yuan, down 4.1% year-on-year, and a net profit of 395 million yuan, down 10.01% year-on-year. The company plans to distribute a cash dividend of 10.15 yuan per 10 shares, totaling 297 million yuan, resulting in a dividend yield of 4.1% for 2024 [6][7]. - The company is focusing on practical adjustments and actively building momentum, with expectations for revenue recovery driven by new products and channels despite external demand pressures [6][7]. Financial Summary - The company’s total revenue for 2024 was 15.127 billion yuan, with a projected growth of 8.2% for 2025, reaching 16.368 billion yuan. The net profit for 2025 is expected to be 1.522 billion yuan, reflecting a growth of 2.5% [7]. - The earnings per share (EPS) for 2024 was 5.06 yuan, with projections of 5.19 yuan for 2025, 5.71 yuan for 2026, and 6.39 yuan for 2027. The corresponding price-to-earnings (PE) ratios are 15, 14, 13, and 12 respectively [7][8]. - The company’s gross margin for 2024 was 23.3%, with a slight year-on-year increase of 0.1 percentage points. The net profit margin was recorded at 9.8%, down 0.7 percentage points year-on-year [6][8]. Product and Market Performance - The company’s revenue from various product categories showed mixed results in 2024, with the rice and flour segment declining by 3.1%, while frozen prepared foods and dishes grew by 11.4% and 10.7% respectively. The company’s hot pot ingredients experienced significant growth, particularly in vacuum-sealed packaging [6][7]. - The company’s sales channels also demonstrated varied performance, with distribution channels increasing by 8.9%, while supermarkets and e-commerce channels saw declines of 2.4% and 2.3% respectively. The new retail channel showed a remarkable growth of 33% [6][7]. Regional Performance - Revenue growth varied across regions, with Northeast China growing by 7.0%, North China by 5.4%, East China by 6.4%, South China by 9.1%, Central China by 7.4%, Northwest by 13.5%, and Southwest by 14.4% [6][7].