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安井食品(603345):经营调整阶段,积极调整应对
CMS· 2025-08-26 04:08
经营调整阶段,积极调整应对 消费品/食品饮料 公司发布 2025 年半年报,公司Q2 收入/利润分别同比+5.7%/-22.7%,公司重 点发力商超定制化产品创新,全面拥抱大 B 特通客户和新零售客户,与沃尔玛、 麦德龙、大润发等商超开展定制化合作。展望 H2,加快新零售等新渠道导入, 预计动销较 6-7 月有所改善,利润端今年因促销加大、折旧成本增加及新车间 基础投入较高,盈利能力略有压力。我们预计 25-27 年归母净利润分别为 14.95 亿/17.05 亿/19.23 亿,25-27 年 EPS 为 4.49、5.12、5.77 元,对应 26 年 15x, 维持"增持"评级。 证券研究报告 | 公司点评报告 2025 年 08 月 26 日 安井食品(603345.SH) 当前股价:77.06 元 基础数据 % 1m 6m 12m 绝对表现 2 -0 9 相对表现 -4 -10 -24 资料来源:公司数据、招商证券 -10 0 10 20 30 40 50 Aug/24 Dec/24 Apr/25 Aug/25 (%) 安井食品 沪深300 增持(维持) 相关报告 1、《安井食品(603345)—经 ...
安井食品(603345):盈利能力短期承压,静待旺季改善
Ping An Securities· 2025-08-26 00:58
公 司 报 告 食品饮料 2025年08月26日 推荐 ( 维持) 股价:77.06元 行情走势图 安井食品(603345.SH) 盈利能力短期承压,静待旺季改善 证券分析师 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 事项: 公司发布2025年半年报,实现营业收入76.04亿元,同比增长0.80%;归母净 利润6.76亿元,同比下降15.79%。 平安观点: 司 半 年 报 点 评 研 究 报 告 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 14,045 | 15,127 | 16,045 | 17,294 | 18,668 | | YOY(%) | 15.3 | 7.7 | 6.1 | 7.8 | 7.9 | | 净利润(百万元) | 1,478 | 1,485 | 1,532 | 1,644 | 1,811 | | YOY(%) | 34.2 | 0.5 | 3.2 | 7.3 | 10.1 | ...
安井食品:上半年实现归母净利润6.76亿元,同比下降15.8%
Bei Jing Shang Bao· 2025-08-25 13:57
安井食品在半年报中表示,2025年7月,公司通过收购江苏鼎味泰食品股份有限公司70%股权及鼎益丰 食品(太仓)有限公司100%股权,并于下半年将两家公司纳入合并报表范围,增加了冷冻烘焙业务板 块,预计将对未来业绩产生积极影响。此外,公司在速冻调制食品、速冻菜肴制品和速冻面米制品等多 个业务领域继续推进产品创新和市场拓展。 安井食品属于速冻食品行业,公司始终致力于速冻和冷藏面米制品、速冻和冷藏调制食品等多种食品的 研发、制造与销售。 北京商报讯(记者 郭秀娟 实习记者 王悦彤) 8月25日,安井食品发布2025年半年报,报告期内,公司 实现营业收入为76.0亿元,同比增长0.8%;实现归母净利润6.76亿元,同比下降15.8%。 ...
安井食品(02648) - 2025年半年度与行业相关的定期经营数据公告
2025-08-25 11:02
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) 2025年半年度與行業相關的定期經營數據公告 報告期內營業收入按地區分部分 安井食品集團股份有限公司(「公司」)按照中國企業會計準則編製的2025年半年度 與行業相關的主要經營數據披露如下: 一、報告期經營情況 單位:萬元 幣種:人民幣 報告期內營業收入按產品分項分 | 產品分項 | 2025年1-6月 | 2024年1-6月 | 變動情況(%) | | --- | --- | --- | --- | | 速凍調制食品 | 375,900.84 | 383,336.71 | -1.94 | | 速凍菜餚製品 | 241,581.62 | 220,830.21 | 9.40 | | 速凍面米製品 | 124,129.05 | 129,149.16 | -3. ...
安井食品(603345) - 安井食品2025年半年度与行业相关的定期经营数据公告
2025-08-25 10:31
本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 证券代码:603345 证券简称:安井食品 公告编号:临 2025-054 安井食品集团股份有限公司 2025年半年度与行业相关的定期经营数据公告 二、报告期经销商变动情况 截止报告期末,公司经销商数量合计 2,026 家。各区域经销商数量变动情况 如下: 根据《<上海证券交易所上市公司自律监管指引第 3 号——行业信息披露> 第十四号—食品制造》的相关要求,现将安井食品集团股份有限公司(以下简称 "公司")2025 年半年度与行业相关的主要经营数据披露如下: 一、报告期经营情况 单位:万元 币种:人民币 | | 报告期内营业收入按产品分项分 | | | | | --- | --- | --- | --- | --- | | 产品分项 | 年 月 2025 1-6 | 年 2024 | 月 1-6 | 变动情况(%) | | 速冻调制食品 | 375,900.84 | | 383,336.71 | -1.94 | | 速冻菜肴制品 | 241,581.62 | | 220,830 ...
港股首秀遇冷,安井食品的挑战刚开始
Bei Jing Shang Bao· 2025-07-07 13:30
Core Viewpoint - Anjiu Foods has listed on the Hong Kong Stock Exchange, becoming the first A+H dual capital platform enterprise in the frozen food industry, raising approximately HKD 2.302 billion, but faced a decline in share price on the first day of trading [1][3] Group 1: Company Overview - Anjiu Foods primarily engages in the production and sale of frozen food, including frozen prepared foods, frozen dishes, and frozen noodle products [3] - As of 2024, Anjiu Foods holds a market share of 6.6%, making it the largest frozen food company in China by revenue [3] Group 2: Financial Performance - Anjiu Foods' revenue from 2022 to 2024 was CNY 12.183 billion, CNY 14.045 billion, and CNY 15.127 billion, with growth rates of 31.39%, 15.29%, and 7.7% respectively, indicating a slowdown in growth [5] - Net profit for the same period was CNY 1.101 billion, CNY 1.478 billion, and CNY 1.485 billion, with growth rates of 61.37%, 34.24%, and 0.46% respectively [5] - In Q1 2025, revenue decreased by 4.13% year-on-year to CNY 3.6 billion, and net profit fell by 10.01% to CNY 395 million [5] Group 3: International Expansion Strategy - Anjiu Foods plans to allocate 70% of the net proceeds from its Hong Kong listing to global network and supply chain development to enhance international market presence [1][6] - Despite the focus on international expansion, overseas revenue has remained low, accounting for only 1% of total revenue from 2022 to 2024 [6][7] - The company aims to expand into Southeast Asia through local partnerships, equity investments, or acquisitions, although it currently lacks a physical presence in the region [7] Group 4: Market Challenges - The frozen food industry in China is facing challenges such as market saturation and changing consumer preferences, which have contributed to the slowdown in Anjiu Foods' growth [4][5] - Cultural differences, varying consumer habits, high market entry barriers, and complex regulations pose additional challenges for Anjiu Foods in international markets [7]
安井食品港股挂牌首日破发
Bei Jing Shang Bao· 2025-07-06 15:57
Core Viewpoint - Anjiu Food, a leading frozen food company, has listed on the Hong Kong Stock Exchange, becoming the first company in the industry to have both A-share and H-share listings. However, its stock price fell on the first trading day, reflecting challenges in the current consumption environment and growth slowdown in 2024 [1][2]. Group 1: Company Overview - Anjiu Food is the largest frozen food company in China by revenue, holding a market share of 6.6% as of 2024 [4]. - The company has a leading position in the frozen prepared food market with a market share of 13.8%, which is five times that of the second-largest competitor [4]. - Anjiu Food's revenue for 2024 is reported at 151.27 billion yuan, with a year-on-year growth of 7.7%, while net profit increased by only 0.46% to 14.85 billion yuan [4]. Group 2: Market Position and Strategy - The company has adjusted its channel strategy since 2020 to focus on both B2B and B2C markets, which has contributed to its revenue growth [3]. - In 2022, Anjiu Food established the "Anjiu Kitchen" division to focus on B2B prepared dishes, and it has made acquisitions to enhance its upstream supply chain [3]. - The revenue from prepared dishes surpassed that from meat products in 2022, indicating a shift in the company's revenue sources [3]. Group 3: Financial Performance and Challenges - Anjiu Food's stock price fell by approximately 5% on its first trading day, reflecting investor concerns about its growth prospects [1]. - The company faced a decline in overseas market revenue, which has remained around 1% of total revenue over the past three years [1]. - In Q1 2025, Anjiu Food reported a revenue decline of 4.13% year-on-year, with net profit decreasing by 10.01%, indicating ongoing challenges in the market [4].
“速冻一哥” 安井食品港股上市,A+H 双轮驱动引领行业新风向
Sou Hu Cai Jing· 2025-07-05 11:03
Group 1 - The core viewpoint of the article highlights the successful listing of Anjuke Foods on the Hong Kong Stock Exchange, which has generated significant attention and positive reactions in the capital market [2] - Anjuke Foods has established itself as a leader in the frozen food sector in China, with a market share of 6.6% in the overall frozen food market and 13.8% in the frozen prepared food segment, demonstrating its strong competitive position [3][4] - The company has shown steady growth in its operating scale, with revenue increasing from 12.106 billion yuan in 2022 to 15.030 billion yuan in 2024, and net profit rising from 1.101 billion yuan to 1.485 billion yuan during the same period [4] Group 2 - Anjuke Foods has a strong commitment to shareholder returns, having distributed a total of 2.449 billion yuan in cash dividends since its A-share listing, with a cumulative dividend rate of 70.05% in 2024 [4] - The company raised approximately 2.302 billion Hong Kong dollars through its listing, with plans to allocate funds to expand sales networks, enhance procurement capabilities, and invest in digital transformation [7] - The successful listing of Anjuke Foods serves as a benchmark for the frozen food industry, boosting confidence and attracting more resources to the sector, which may lead to accelerated innovation and competitiveness [9]
安井食品港股上市 A+H双擎驱动开启全球化新篇章
Sou Hu Cai Jing· 2025-07-04 06:58
Core Viewpoint - Anjiu Food has successfully listed on the Hong Kong Stock Exchange, marking a significant step in its global strategy and highlighting the strong appeal of Chinese consumer brands in the global capital market [1][8] Company Overview - Anjiu Food Group Co., Ltd. was established in December 2001 and is headquartered in Fujian, focusing on the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products [3] - The company has built a comprehensive production and sales network across China, with 12 production bases and 60 marketing institutions [3] - Anjiu Food holds a 6.6% market share in the Chinese frozen food industry, leading in various segments, including a 13.8% share in frozen prepared foods [3] Industry Growth Potential - The Chinese frozen food industry is in a rapid growth phase, with a projected compound annual growth rate (CAGR) of 9.4% from 2024 to 2029 [4][5] - In 2023, China's per capita consumption of frozen food was only 10.0 kg, significantly lower than that of the US (62.2 kg), UK (45.9 kg), and Japan (25.3 kg) [4] Financial Performance - Anjiu Food achieved a revenue of 15.127 billion yuan in 2024, representing a year-on-year growth of 7.70% [5] - The company has consistently delivered double growth in net profit and revenue for ten consecutive years [5] - In 2024, Anjiu Food distributed a cash dividend of 1.015 yuan per share, totaling approximately 296.52 million yuan [6] Strategic Initiatives - The listing on the Hong Kong Stock Exchange signifies Anjiu Food's transition from a national leader to a global player, supported by its dual capital platform [8][9] - The company aims to enhance its domestic and international market presence, focusing on customized products and partnerships with retail and restaurant chains [8] - Anjiu Food plans to restructure its global supply chain and improve production capabilities through new facilities and strategic acquisitions [9] Innovation and R&D - The company is committed to product innovation and plans to invest in new product development and upgrading existing formulations [9] - Anjiu Food's focus on intelligent production and digital tools aims to enhance its manufacturing capabilities and regional R&D [9]
安井港股上市,首日盘中破发,年营收超150亿
Sou Hu Cai Jing· 2025-07-04 05:10
Core Viewpoint - Anjuke Foods has officially listed on the Hong Kong Stock Exchange, becoming the first "A+H" listed company in China's frozen food industry, with an IPO price of HKD 60 per share and net proceeds of HKD 2.302 billion [1][5]. Company Overview - Anjuke Foods Group Co., Ltd. was established in December 2001 and is headquartered in Xiamen, Fujian. The company specializes in the research, production, and sales of frozen prepared foods, frozen dishes, and frozen noodle products, with brands including "Anjuke," "Frozen Food Mr.," and "Anjuke Little Chef" [3]. - In 2022, Anjuke became the first company in the domestic frozen food industry to achieve annual revenue exceeding CNY 10 billion and profits over CNY 1 billion [3][6]. Financial Performance - In 2024, Anjuke achieved revenue of CNY 15.030 billion, a year-on-year increase of 7.63%, and a net profit of CNY 1.485 billion, a slight increase of 0.46%. The company holds a 6.6% market share, leading the industry [6][9]. - The revenue breakdown for 2024 shows that frozen prepared foods accounted for CNY 7.793 billion (51.9%), frozen dishes for CNY 4.336 billion (28.8%), and frozen noodle products for CNY 2.451 billion (16.3%) [9][10]. Market Position and Strategy - Anjuke has established deep partnerships with major restaurant chains such as Haidilao and Bantiangao, becoming a core supplier. The company has also expanded its product offerings through acquisitions, including a 70% stake in Dingwei Thai for CNY 444.5 million [11]. - The company has successfully created 39 products with annual revenues exceeding CNY 100 million, with the "Fresh Lock" series showing remarkable growth [6][11]. Recent Challenges - In Q1 2025, Anjuke reported a revenue of CNY 3.600 billion, a year-on-year decline of 4.13%, and a net profit of CNY 395 million, down 10.01%. The decline is attributed to a weak consumption environment and seasonal factors [8]. - The management plans to increase the proportion of self-produced prepared dishes to enhance product margins and gradually expand overseas operations [8]. International Expansion - Anjuke's international strategy includes expanding into Southeast Asia, with previous acquisitions in Europe and plans for local partnerships and investments [11][12]. - The company aims to leverage the growing demand for standardized ingredients in the rapidly modernizing Chinese restaurant industry, which has seen an increase in chain restaurant rates from 15% in 2020 to an expected 24% in 2025 [8].