上 市 公 司 食品饮料 2025 年 04 月 15 日 安琪酵母 (600298) —— 业绩符合预期 海外市场和衍生品驱动增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 14 日 | | --- | --- | | 收盘价（元） | 33.45 | | 一年内最高/最低（元） | 40.00/27.22 | | 市净率 | 2.7 | | 股息率%（分红/股价） | 1.49 | | 流通 A 股市值（百万元） | 28,583 | | 上证指数/深证成指 | 3,262.81/9,884.30 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 12.47 | | 资产负债率% | 47.82 | | 总股本/流通 A 股（百万） | 869/854 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-15 05-15 06-15 07-15 08-15 09-15 10-15 11-15 12-15 01 ...

Group 1 - The core viewpoint of the article highlights the significant presence of large private equity firms in the A-share market, with 21 private equity firms holding shares in 51 A-share companies, totaling a market value of 20.2 billion yuan as of April 14 [2] - In the fourth quarter, 16 new stocks were added by private equity firms, 7 stocks were increased, 17 stocks remained unchanged, and 11 stocks were reduced [2] - The distribution of heavy holdings by private equity firms shows that the basic chemical industry had the highest number of stocks at 10, followed by the electronics industry with 9, and both machinery equipment and pharmaceutical biology industries with 6 each [2] Group 2 - Gao Yi Asset held 11 stocks in the fourth quarter, with a total market value of 10.194 billion yuan, including a new investment in Yangnong Chemical of 3.932 million shares valued at 2.275 billion yuan [2] - Gao Yi Asset increased its holdings in Tong Ren Tang, Zhongju High-tech, Zijin Mining, and Ruifeng New Materials, with respective increases of 8.5 million shares, 7.7 million shares, 7.2151 million shares, and 1 million shares, valued at 954 million yuan, 694 million yuan, 5.169 billion yuan, and 619 million yuan [2] - Gao Yi Asset maintained its holdings in Shengyi Technology and Tiandi Technology, with market values of 1.203 billion yuan and 104 million yuan respectively, while reducing its holdings in Yuntianhua, Angel Yeast, Dongcheng Pharmaceutical, and Health元 by 942,400 shares, 10 million shares, 1 million shares, and 1,854,640 shares respectively [3]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to better stock performance. It outlines four main investment themes centered on domestic circulation, highlighting short-term catalysts for stock prices, medium to long-term growth prospects, and high dividend yield assets [3][4][19] Summary by Relevant Sections Industry Overview - The closing index for the food and beverage sector is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Investment Highlights - Short-term catalysts include the gradual digestion of pressure from snack quarterly reports and the arrival of buying opportunities, with beer entering its peak season and cost improvements continuing. Companies like Dongpeng Beverage and Chengde Lulux are highlighted for their strong performance and attractive valuations [3] - Medium to long-term prospects are positive for companies like Angel Yeast, which is expected to benefit from strong overseas demand and cost improvements, and dairy companies like Yili and New Dairy, which are anticipated to recover profitability due to improved milk prices and demand from birth subsidy policies [3] - High dividend yield assets include brands like Master Kong (5.73%), Uni-President (5.56%), and Chengde Lulux (4.92%) [3] Weekly Performance Review - The food and beverage sector performed well, with the industry index showing a weekly increase of +0.20%, ranking 4th among 30 sectors, outperforming the CSI 300 index by 3.07%. The current dynamic PE ratio is 22.15, which is considered low historically [7][32] Company-Specific Forecasts - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025, with a focus on maintaining price stability [20] - Yili's revenue is projected to remain flat with a significant drop in net profit due to previous asset transfers, while New Dairy is expected to see a profit increase of 18-20% [22][30] - Dongpeng Beverage is forecasted to achieve a revenue growth of 30% and a net profit growth of 36% in Q1 2025, driven by strong demand for its products [23][30] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands like Moutai and Wuliangye maintaining competitive valuations and dividend yields, indicating resilience and risk management capabilities [19][30]

公司研究 证券研究报告 [Table_Title] Q4 平稳收官，中期增长动能充分 [Table_ReportDate] 2025 年 4 月 14 日 投资评级 买入 [T事ab件le：_S公um司ma发ry布] 2024 年年报。2024 年，公司实现营业收入 151.97 亿元， 同比+11.86%；归母净利润 13.25 亿元，同比+4.07%；实现扣非归母净利 润 11.70 亿元，同比+5.79%。其中，24Q4 公司实现营业收入 42.85 亿元， 同比+8.98%；归母净利润 3.71 亿元，同比+3.68%；实现扣非归母净利润 3.30 亿元，同比+12.01%。 [Table_ReportType] 公司点评报告 [安Ta琪bl酵e_母Sto(c6k0A0n2d9Ra8n)k] 上次评级 买入 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 点评： 风险因素：食品安全问题，行业竞争加剧 请阅读最后一页免责声明及信息披露 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year increase of 11.86%. The net profit attributable to the parent company was 1.325 billion yuan, up 4.07% year-on-year [1][4] - In Q4 2024, the company recorded a revenue of 4.285 billion yuan, with a year-on-year growth of 8.98%, and a net profit of 371 million yuan, reflecting a 3.68% increase year-on-year [1][4] - The company is focusing on expanding its market presence and enhancing production capacity, with a projected 21.6% increase in yeast product capacity in 2024 [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 15.197 billion yuan, with a year-on-year growth rate of 11.9%. The net profit attributable to the parent company was 1.325 billion yuan, showing a growth of 4.1% [5] - The gross profit margin for 2024 was 23.5%, slightly down by 0.67 percentage points compared to the previous year [4][5] - The company expects revenue growth of over 10% in 2025, despite a weak recovery in domestic demand in Q1 [4] Product and Market Development - In Q4, the revenue from yeast and deep-processed products was 31.43 billion yuan, marking a year-on-year increase of 20.83%. The company also introduced new food raw materials [4] - The company is expanding its overseas business, with a growth rate of 19.36% expected in 2024, and is actively establishing operations in Brazil, Algeria, and Indonesia [4] Earnings Forecast - The company forecasts EPS of 1.78 yuan, 1.99 yuan, and 2.33 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 19X, 17X, and 14X [4][5]

安琪酵母(600298.SH)近日发布2024年年报，2024年，公司实现营业收入151.97亿元，同比增长11.86%； 归属于上市公司股东的净利润(简称"归母净利润")13.25亿元，同比增长4.07%。 安琪酵母稍早发布的2024年度"提质增效重回报"行动方案评估报告显示，2024年，安琪品牌价值首次突 破200亿元，稳居全国食品加工制造业前三位。统计数据显示，公司从2000年上市至今，坚持每年分 红，从未间断，累计现金分红24次，现金分红金额34.84亿元。 2024年实现营收、净利双增长 安琪酵母是专业从事酵母、酵母衍生物及相关生物制品经营的国家重点高新技术企业，系全球第二大酵 母公司。 截至2024年12月31日，公司共申请专利1533件，其中有效国内发明专利282件，国外发明专利107件，实 用新型255件，外观设计52件，专利申请涉及酵母及相关产品的各个技术领域。 海外业务高速发展，安琪酵母（600298）2024年实现营收、净利双增长。 2024年，安琪酵母产能建设稳步实施，全年酵母发酵总产量达41.54万吨，同比增长10.21%，其中抽提 物产量14.64万吨，同比增长5.63%。 截至2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential return of over 20% within the next six months [6][17]. Core Views - The company is expected to achieve steady growth in 2024, with projected revenues of CNY 15.20 billion and net profit of CNY 1.33 billion, reflecting year-on-year increases of 11.86% and 4.07% respectively [1][3]. - The yeast business remains robust, with significant sales growth driven by volume, despite some price declines in certain product categories [1][2]. - The company is focusing on expanding its product offerings, particularly in yeast protein and other new products, to create new growth points [1]. Financial Performance - In 2024, the company's revenue from yeast and deep processing products is expected to reach CNY 10.85 billion, a year-on-year increase of 14.19%, while sugar and packaging products are projected to decline [1]. - The company’s domestic and international revenues for 2024 are forecasted at CNY 9.42 billion and CNY 5.71 billion, respectively, showing increases of 7.53% and 19.36% [2]. - The gross margin and net margin for 2024 are projected to be 23.52% and 8.90%, reflecting slight declines from the previous year [2]. Future Projections - For 2025 to 2027, the company’s revenue is expected to grow to CNY 17.17 billion, CNY 19.14 billion, and CNY 20.74 billion, with year-on-year growth rates of 13%, 11%, and 8% respectively [3][5]. - The net profit for the same period is projected to be CNY 1.58 billion, CNY 1.82 billion, and CNY 2.06 billion, with growth rates of 19%, 15%, and 13% respectively [3][5]. Market Position - The company has increased its distributor network significantly, adding 1,667 distributors to reach a total of 24,020, with improvements in both quantity and quality of distributors [2]. - The online sales channel accounted for 30% of total revenue, indicating a growing trend in e-commerce [2].

公司报告 | 年报点评报告 安琪酵母（600298） 证券研究报告 24 年业绩稳健，海外快速增长 事件：2024 年公司营业收入/归母净利润分别为 151.97/13.25 亿元（同比 +11.86%/+4.07%）；24Q4 公司营业收入/归母净利润分别为 42.85/3.71 亿元 （+8.98%/+3.68%）。 | 财务数据和估值 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 13,581.13 | 15,196.91 | 17,175.21 | 19,144.62 | 20,739.69 | | 增长率(%) | 5.74 | 11.90 | 13.02 | 11.47 | 8.33 | | EBITDA(百万元) | 2,788.92 | 3,024.30 | 2,957.44 | 3,248.92 | 3,550.11 | | 归属母公司净利润(百万元) | 1,270.16 | 1,324.57 | 1,581.45 | 1,817.38 | 2,060. ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown steady demand recovery and continued high growth overseas, with 2024 revenue reaching 151.97 billion yuan, a 12% year-on-year increase, and net profit of 13.25 billion yuan, up 4% [4][5] - The company is expected to benefit from cost advantages due to declining raw material prices, particularly molasses, which has led to an improvement in gross margin [5] - The company is expanding its production capacity, with significant growth in yeast and deep processing products, and is focusing on increasing its overseas business [6][7][8] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 42.85 billion yuan, a 9% increase year-on-year, and a net profit of 3.71 billion yuan, also up 4% [4] - The gross margin for Q4 2024 was 24.15%, an increase of 1 percentage point, while the net margin slightly decreased to 8.94% [5] Revenue Breakdown - Revenue from yeast and deep processing products was 108.54 billion yuan in 2024, a 14% increase, with domestic demand showing signs of recovery [6] - Domestic revenue for 2024 was 94.21 billion yuan, an 8% increase, while international revenue reached 57.12 billion yuan, a 19% increase [7] Capacity Expansion and Future Outlook - The company is advancing its production capacity expansion, with projects in Yunnan and other regions expected to contribute to growth [6][8] - Earnings per share (EPS) are projected to be 1.80 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 19 times [9]

华鑫证券有限责任公司孙山山,张倩近期对安琪酵母（600298）进行研究并发布了研究报告《公司事件点 评报告：需求稳步修复，海外延续高增》，给予安琪酵母买入评级。 安琪酵母 事件 2025年4月9日，安琪酵母发布2024年年度报告。2024年公司营收151.97亿元(同增12%)，基本完成全年目 标，归母净利润13.25亿元(同增4%)，扣非归母净利润11.70亿元(同增6%)，其中2024Q4营收42.85亿元(同 增9%)，归母净利润3.71亿元(同增4%)，扣非归母净利润3.30亿元(同增12%)。 投资要点 成本红利持续释放，净利率略有下降 公司2024Q4毛利率同增1pct至24.15%，主要系糖蜜成本下降叠加海运费压力减轻所致，2025年以来糖蜜价 格延续下降趋势，公司已完成大部分采购动作，锁定低价原料，毛利率预计持续优化。2024Q4销售/管理 费用率分别同增1pct/0.1pct至5.78%/3.10%，费用略有增长，净利率同减0.3pct至8.94%。 主业延续稳增，产能持续释放 2024年酵母及深加工产品营收108.54亿元(同增14%)，国内需求2024Q4边际修复，烘焙面食与衍生品增长 ...