\u3000\u3 Shengda Resources Co.Ltd(000603) 345 Fu Jian Anjoy Foods Co.Ltd(603345) )
Kung pao chicken sauteed shrimp with broccoli sliced beef in hot chili oil, sweet and sour fillet of pork, green pepper, chicken, kung pao chicken and Kwai mushroom. 1: March 28, 2022 and March 28, 2022. 2. The company recently announced that it plans to invest about 1 billion yuan in Hubei Honghu Anjing prefabricated dishes production project.
The self owned capacity is actively expanded, and Hubei Anjing + XINHONGYE is expected to give play to the synergy of the industrial chain. Anji has already made a layout in the upstream of the prefabricated vegetable industry chain. The subsidiary XINHONGYE is mainly engaged in the production of raw materials of freshwater crayfish and freshwater surimi. In addition, the traditional quick-frozen business of Anji also has a capacity layout in Central China, namely Hubei Anji Co., Ltd. The Honghu prefabricated dish production project invested by the company will form a strategic echo with the company's original central China production base and its subsidiary XINHONGYE, which is in line with the company's business strategy of "combining two swords and advancing in three ways" and the business model of "self production + supply chain labeling + M & a" in the prefabricated dish sector, so as to further promote the company's industrial layout, transformation and upgrading in the field of prefabricated dishes.
With the overweight layout of prefabricated dishes product matrix, it has seized the 100 billion prefabricated dishes track with the three advantages of "channel + Innovation + production capacity". Since the beginning of this year, thanks to the Spring Festival gift box of prefabricated dishes and the catalysis of the recent epidemic, the C-end prefabricated dishes have increased significantly. Many heads of platform prefabricated dishes business said that 22 years are approaching the Spring Festival, and the sales of prefabricated dishes have increased by 3-4 times year-on-year. At present, in China's Prefabricated vegetable industry, C-end is in the early stage of development, with broad penetration space and scattered competition pattern. National production capacity, channel construction, innovation and R & D capability are the core winners and losers at the current stage. In terms of refined channel management, Anji has accumulated a lot of experience with the traditional quick freezing business. In terms of innovation and research, the new products of Kwai Tai are frequent, innovative research and development speed, new products landing and implementation efficiency. In terms of production capacity, the company adopts the mode of "self production + supply chain OEM + M & a" to quickly build national production capacity. Based on the above, we are optimistic about the development potential of Anjing prefabricated vegetable business as the "second growth curve" of the company.
Investment suggestion: we estimate that the company's revenue in 21-23 years will be 9.2/11.7 billion yuan respectively, with a year-on-year increase of + 32% / 28% / 24%, and the net profit attributable to the parent company will be 7.0/9.1/1.18 billion yuan respectively, with a year-on-year increase of + 16% / 30% / 30%, corresponding to PE of 45 / 34 / 26x, maintaining the "overweight" rating.
Risk tip: food safety risks, intensified industry competition, and the development of channel areas is less than expected.
