Investment Rating - Maintain "Overweight" rating [4] - Target price remains at 113.37 RMB [4] - Current price is 91.79 RMB [4] Core Views - Revenue growth remains steady in Q3 2024, but profitability fluctuates due to increased equity payment expenses and intensified promotions [5] - The company maintains strong competitive advantages in the long term and is expected to outperform competitors [7] - Lock-fresh products continue to grow rapidly, and new categories, channels, and customers are being actively developed [7] Financial Performance - Q1-Q3 2024 revenue: 11.08 billion RMB, up 7.84% YoY [7] - Q1-Q3 2024 net profit: 1.05 billion RMB, down 6.65% YoY [7] - Q3 2024 revenue: 3.53 billion RMB, up 4.63% YoY [7] - Q3 2024 net profit: 244 million RMB, down 36.76% YoY [7] - Q3 2024 gross margin: 19.9%, down 2.0 pct YoY [7] Business Segments - Frozen prepared food revenue: -0.1% YoY in Q3 2024 [7] - Dishes revenue: +24.1% YoY in Q3 2024 [7] - Rice and noodle products revenue: -9.5% YoY in Q3 2024 [7] Channels - Distributor channel revenue: +3.2% YoY in Q3 2024 [7] - Special direct sales channel revenue: -12.4% YoY in Q3 2024 [7] - Supermarket channel revenue: +15.1% YoY in Q3 2024 [7] - New retail channel revenue: +95.9% YoY in Q3 2024 [7] - E-commerce channel revenue: +0.4% YoY in Q3 2024 [7] Financial Forecasts - 2024-2026 EPS forecasts adjusted to 5.06, 5.70, and 6.40 RMB, respectively [7] - 2024-2026 revenue growth expected at 8.5%, 11.1%, and 10.8% [12] - 2024-2026 net profit growth expected at 0.4%, 12.7%, and 12.3% [12] Valuation Metrics - 2024 PE ratio: 18.15x [12] - 2024 PB ratio: 1.95x [14] - 2024 PS ratio: 1.77x [14] Historical Performance - 52-week stock price range: 68.93-129.22 RMB [8] - 1-month stock price increase: 2% [11] - 3-month stock price increase: 25% [11] - 12-month stock price decrease: 24% [11]

证券研究报告 | 2024年10月29日 安井食品（603345.SH） 优于大市 第三季度收入同比增长 4.63%，盈利受到短期因素扰动 公司第三季度收入同比增长 4.63%。安井食品 2024 前三季度实现营业总收入 110.77 亿元，同比增长 7.84%；实现归母净利润 10.47 亿元，同比减少 6.65%； 实现扣非归母净利润 10.01 亿元，同比减少 2.46%；2024 第三季度实现营业 总收入 35.33 亿元，同比增长 4.63%；实现归母净利润 2.44 亿元，同比减少 36.76%；实现扣非归母净利润 2.29 亿元，同比减少 30.90%。 菜肴产品保持较好增速，新零售渠道客户不断拓展。（1）分产品看，2024Q3 米面制品/调制食品/菜肴制品收入分别同比-9%/-0.1%/+24%，菜肴产品得益 于新品势能充足增速较好。（2）分渠道看，2024Q2 经销商/商超/特通/电商 /新零售渠道收入同比+3%/+15%/-12%/0%/+96%，经销商数量环比增加 9 家达 2069 家，公司客户不断拓展，新零售渠道增速较佳。 费用、补助短期集中体现，共同对盈利端造成负向扰动。2024 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company's revenue for Q3 2024 reached 35.33 billion yuan, a year-on-year increase of 4.63%, while the net profit attributable to shareholders was 2.44 billion yuan, a decrease of 36.76% year-on-year [2][3]. - The company is experiencing pressure on profitability due to declining gross margins and rising expenses, with a gross margin of 19.93% in Q3 2024, down 2.04 percentage points year-on-year [3]. - The company is expected to benefit from a recovery in demand following the Chinese New Year, supported by macroeconomic policies and improved consumer cash flow [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a total revenue of 110.77 billion yuan, up 7.84% year-on-year, while the net profit attributable to shareholders was 10.47 billion yuan, down 6.65% year-on-year [2]. - The company’s revenue breakdown for Q3 2024 shows significant growth in the new retail channel, which increased by 95.93% year-on-year, while the traditional distribution channels experienced mixed results [2]. - The company’s net profit forecast for 2024-2026 has been revised downwards, with expected net profits of 14.62 billion yuan, 17.03 billion yuan, and 19.32 billion yuan for the respective years [4]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18x for 2024, 16x for 2025, and 14x for 2026 [4]. - The earnings per share (EPS) are projected to be 4.98 yuan, 5.80 yuan, and 6.59 yuan for 2024, 2025, and 2026 respectively [5].

公 司 季 报 点 评 证 券 研 究 报 告 2024年10月29日 食品饮料 安井食品(603345.SH) 虽受需求端扰动，主业仍有韧性 推荐 ( 维持) 事项： 股价:91.79元 主要数据 | --- | --- | |------------------------|----------------------------| | 行业 | 食品饮料 | | 公司网址 | www.anjoyfood.com | | 大股东 / 持股 | 福建国力民生科技发展有限公 | | | 司 /25.00% | | 实际控制人 | 杭建英 , 陆秋文 | | 总股本 ( 百万股 ) | 293 | | 流通 A 股 ( 百万股 ) | 293 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 269 | | 流通 A 股市值 ( 亿元 ) | 269 | | 每股净资产 ( 元 ) | 43.56 | | 资产负债率 (%) | 20.7 | | 行情走势图 | | 证券分析师 张晋溢 投资咨询资格编号 S1060521030001 ZHANGJINYI112@pingan.com ...

食品饮料 证 券 研 究 报 告 2024 年 10 月 29 日 安井食品 (603345) ——24Q3 收入符合预期 盈利能力阶段性承压 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 91.79 | | 一年内最高 / 最低（元） | 130.99/68.20 | | 市净率 | 2.1 | | 息率（分红/股价） | 3.44 | | 流通 A 股市值（百万元） | 26,921 | | 上证指数 / 深证成指 | 3,322.20/10,685.89 | | --- | --- | |-------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 43.56 | | 资产负债率 % | 20.71 | | 总股本/流通 A 股（百万） | ...

财务摘要 安井食品(603345) 报告日期：2024 年 10 月 29 日 主业新品表现良好，适度竞争盈利阶段性承压 ——安井食品 2024 三季报点评 事件 【24Q1-Q3】公司实现营业收入 110.8 亿元（+7.8%），归母净利润 10.5 亿元（ - 6.7%），扣非归母净利润 10.0 亿元(-2.5%)。 【单 24Q3】公司实现营业收入 35.3亿元( +4.6%)，归母净利润 2.4亿元(-36.8%)， 扣非归母净利润 2.3 亿元(-30.9%）。 投资要点 ❑ 24Q3 主业新品表现良好，新零售渠道表现亮眼，特通渠道下滑 分产品来看， 24 年前三季度速冻调制食品/速冻菜肴制品/速冻面米制品/速 冻农副产品/休闲食品/其他产品分别实现营业收入 56.3/33.4/18.2/2.7/0.0/0.2 亿 元，同比+13.9%/+7.3%/-2.1%/-20.9%/-79.3%/+25.5%。24 年单三季度速冻调制食 品/速冻菜肴制品/速冻面米制品/速冻农副产品/休闲食品/其他产品分别实现营业 收入 17.9/11.3/5.3/0.8/0.0/0.0 亿元，同比-0.1%/+24.1% ...

证 券 研 究 报 告 安井食品（603345）2024 年三季报点评 强推（维持） 盈利风险释放，务实收入优先 目标价：100 元 当前价：91.79 元 事项： ❖ 公司发布 2024 年三季报，2024 年前三季度公司实现营收 110.77 亿，同比 +7.84％；实现归母净利润 10.47 亿，同比-6.65％。单 Q3 公司实现营收 35.33 亿，同比+4.63％，实现归母净利润 2.44 亿，同比-36.76％。 评论： ❖ 需求疲软和竞争加剧下，主业压力放大，但主要新品和菜肴制品较好增长， 拉动 Q3 营收中个位数增长。分业务来看，Q3 公司速冻调理制品/米面产品分 别同比-0.1%/-9.5%，较弱外部环境下主业压力显著增大，我们推测包含小厨 看主业持平略增，其他菜肴制品/农副产品/休闲食品和其他制品分别同比 +24.1%/-0.4%/-50.6%/-83.2%，菜肴制品在小厨、冻品先生较高增长、小龙虾 恢复性增长拉动下是拉动 Q3 增长的核心驱动，农副产品下滑与鱼粉、鱼饲料 承压有关，而休闲食品下滑主要系功夫食品放弃常温业务所致。分渠道看， Q3 经销商/商超/特通/新零售/电商同比+3. ...

安井食品（ [Table_StockNameRptType] 603345） 公司点评 | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

上海市方达律师事务所 法律意见书 FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: 86-21-2208-1166 邮政编码：200041 传 真 Fax: 86-21-5298-5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai 200041, PRC 上海市方达律师事务所 关于安井食品集团股份有限公司 2023 年股票期权激励计划相关事项的 法律意见书 致：安井食品集团股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法律 执业资格的律师事务所。根据安井食品集团股份有限公司（以下简称"安井食品" 或"公司"）与本所签订的法律顾问协议，本所担任安井食品 2023 年股票期权激 励计划（以下简称"本次激励计划"）的特聘专项法律顾问，就调整本次激励计划 行权价格（以下简称"本次价格调整"）、本次激励计划首次授 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 3.53 billion, a year-on-year increase of 4.63%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 244.43 million, a year-on-year decrease of 36.76%[2] - Revenue for the first three quarters of 2024 reached RMB 11,076,641,900.27, a 7.84% increase compared to RMB 10,271,047,112.32 in the same period of 2023[12] - Net profit for the first three quarters of 2024 was RMB 1,062,008,612.30, a 6.87% decrease from RMB 1,140,310,850.62 in the same period of 2023[12] - The decrease in net profit was mainly due to a reduction in government subsidies compared to the same period last year[5] Cash Flow and Operating Activities - Operating cash flow for the first nine months of the year was RMB 1.59 billion, a year-on-year increase of 32.06%[2] - The increase in operating cash flow was primarily due to higher cash received from sales and services and lower cash paid for goods and services[5] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 1,587,285,548.13, a 32.05% increase from RMB 1,201,914,842.74 in the same period of 2023[14] - Cash received from sales of goods and services for the first three quarters of 2024 was RMB 12,019,039,326.22, a 2.93% increase compared to RMB 11,676,696,099.32 in the same period of 2023[14] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 16.49 billion, a year-on-year decrease of 4.66%[3] - Total assets decreased to RMB 16.49 billion from RMB 17.30 billion compared to the end of 2023[10] - Current assets decreased to RMB 9.54 billion from RMB 10.43 billion compared to the end of 2023[10] - Non-current assets increased to RMB 6.96 billion from RMB 6.87 billion compared to the end of 2023[10] - Total liabilities decreased to RMB 3.42 billion from RMB 4.40 billion compared to the end of 2023[11] - Current liabilities decreased to RMB 3.04 billion from RMB 4.01 billion compared to the end of 2023[11] - Non-current liabilities decreased to RMB 379.75 million from RMB 393.78 million compared to the end of 2023[11] - Total equity increased to RMB 13.08 billion from RMB 12.90 billion compared to the end of 2023[11] - The company's equity attributable to shareholders of the listed company increased by 1.16% compared to the end of the previous year[3] Earnings Per Share and Non-Recurring Items - Basic earnings per share for the third quarter were RMB 0.83, a year-on-year decrease of 37.12%[2] - Basic earnings per share for the first three quarters of 2024 were RMB 3.58, a 6.53% decrease from RMB 3.83 in the same period of 2023[13] - Non-recurring gains and losses for the period amounted to RMB 15.38 million[4] Expenses and Costs - Operating costs for the first three quarters of 2024 were RMB 9,737,256,806.71, an 8.87% increase compared to RMB 8,944,099,751.28 in the same period of 2023[12] - Sales expenses for the first three quarters of 2024 were RMB 689,734,748.95, a 10.56% increase compared to RMB 623,850,587.20 in the same period of 2023[12] - R&D expenses for the first three quarters of 2024 were RMB 71,329,761.69, a 5.77% increase compared to RMB 67,436,970.10 in the same period of 2023[12] - Income tax expenses for the first three quarters of 2024 were RMB 327,683,368.91, a 5.59% increase compared to RMB 310,319,943.27 in the same period of 2023[12] Investment and Financing Activities - Net cash inflow from investment activities for the first three quarters of 2024 was RMB 5,627,235,451.18, an 18.72% increase compared to RMB 4,739,864,478.06 in the same period of 2023[14] - Cash outflow for investment activities in Q3 2024 was RMB 8.54 billion, compared to RMB 3.79 billion in the same period last year[15] - Net cash flow from investment activities in Q3 2024 was negative RMB 2.91 billion, compared to positive RMB 946.67 million in the same period last year[15] - Cash inflow from financing activities in Q3 2024 was RMB 499 million, compared to RMB 548.28 million in the same period last year[15] - Net cash flow from financing activities in Q3 2024 was negative RMB 1.19 billion, compared to negative RMB 328.47 million in the same period last year[15] - Cash outflow for the purchase of fixed assets, intangible assets, and other long-term assets in Q3 2024 was RMB 729.69 million, compared to RMB 940.97 million in the same period last year[15] - Cash outflow for investments in Q3 2024 was RMB 7.81 billion, compared to RMB 2.85 billion in the same period last year[15] - Cash outflow for debt repayment in Q3 2024 was RMB 697.74 million, compared to RMB 530.43 million in the same period last year[15] - Cash outflow for dividends, profit distribution, and interest payments in Q3 2024 was RMB 928.81 million, compared to RMB 343.36 million in the same period last year[15] - Net increase in cash and cash equivalents in Q3 2024 was negative RMB 2.51 billion, compared to positive RMB 1.82 billion in the same period last year[15] - Ending cash and cash equivalents balance in Q3 2024 was RMB 2.01 billion, compared to RMB 4.88 billion in the same period last year[15] Shareholder Information - The top shareholder, Fujian Guoli Minsheng Technology Development Co., Ltd., holds 25.00% of the shares[6] Monetary Funds and Inventory - Monetary funds decreased to RMB 2.57 billion from RMB 4.98 billion compared to the end of 2023[10] - Inventory decreased to RMB 2.80 billion from RMB 3.57 billion compared to the end of 2023[10] - Accounts receivable increased to RMB 694.85 million from RMB 569.36 million compared to the end of 2023[10]