Anjoy food(603345) 华泰证券·2025-04-29 06:33Investment Rating - The investment rating for the company is "Buy" with a target price of 103.86 RMB [7][8] Core Views - The company demonstrated strong earnings resilience in 2024, with revenue, net profit attributable to the parent, and net profit excluding non-recurring items reaching 15.13 billion, 1.48 billion, and 1.36 billion RMB respectively, representing year-on-year growth of 7.7%, 0.5%, and -0.5% [1] - The company is focusing on internal improvements during the off-season to prepare for the peak season in the second half of the year [1] - The company has made strategic acquisitions, such as acquiring 70% of Dingwei Thai, to enhance channel synergies [2] Revenue and Profitability - In 2024, the company's gross margin increased by 0.1 percentage points to 23.3%, while the net profit margin decreased by 0.7 percentage points to 9.8% [3] - The company expects to maintain revenue forecasts but has adjusted profit forecasts upwards due to the contribution from Dingwei Thai and strong expense management capabilities [4] Financial Projections - The company forecasts revenue growth from 15.13 billion RMB in 2024 to 16.16 billion RMB in 2025, with a projected net profit of 1.60 billion RMB in 2025 [6] - The expected EPS for 2025 is 5.47 RMB, with a projected PE ratio of 19x [4][6] Market Position and Strategy - The company is focusing on the sales of strategic products such as "lock-fresh" packaging, which achieved over 1.5 billion RMB in revenue in 2024, growing by over 18% year-on-year [2] - The company plans to embrace customization in supermarkets and strengthen partnerships with major retailers like Yonghui and Walmart [2]