研報掘金丨東吳證券:安井食品Q2淨利率保持雙位數水平,維持“買入”評級
格隆匯8月1日丨東吳證券研報指出,收縮費用政策延續,安井食品(603345.SH)Q2淨利率保持雙位數水平。Q2經銷商環比變化較大主因發展團餐渠道新開拓和自然淘汰部分經銷商。目前公司形成5+1品牌矩陣,包括安井主品牌,新柳伍、新宏業收購品牌,預製菜安井小廚、凍品先生以及高端魚副產品安仔。主業鎖鮮裝+蝦滑將作為超級大單品,鎖鮮裝4.0新品陸續面世。預製菜佈局清晰,大單品陸續跑出,安井小廚首年就在小酥肉單品上實現突破。凍品先生酸菜魚大單品打造成效明顯。安仔主營魚副和高端魚糜產品,對低值原料高值利用。該行維持公司盈利預測,預計2023-2025年公司歸母淨利潤分別為15.0/18.5/22.1億元,同增36%/23%/20%,EPS分別為5.12/6.30/7.55元,對應當前PE為30x、24x、20x,維持“買入”評級。
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