安井食品 - 关注爆款产品向重点客户推广；买入 AH 股

Price Target Risks and Methodology - Anjoy Foods Group We are Buy rated on Anjoy A/H with 12m TPs of Rmb82.0/HK$71.0. Our TP for Anjoy-A is based on a target P/E multiple of 16x applied to our 2026E EPS estimate and discounted back to mid-2026E at a CoE of 9.9%. Our TP for Anjoy-H is based on 20% discount to the to A-share multiple (referencing the last 3M avg H-A share price Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware th ...