证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-123 号 安琪酵母股份有限公司 2024 年第三季度业绩说明会召开情况的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 安琪酵母股份有限公司（以下简称公司）于 2024 年 11 月 14 日（星期四）上午 10:00-11:30 在上海证券交易所上证路演 中心（网址：http://roadshow.sseinfo.com/），以视频直播和 网络文字互动方式召开了 2024 年第三季度业绩说明会。关于本 次业绩说明会的召开事项，详见 2024 年 11 月 2 日在上海证券交 易所网站（www.sse.com.cn）上披露的《安琪酵母股份有限公司 关于召开2024年第三季度业绩说明会的公告》（临2024-122号）。 现将召开情况公告如下： 2024 年 11 月 14 日，公司董事长熊涛、总经理肖明华、董 事会秘书高路、财务负责人覃光新、独立董事涂娟出席了本次业 绩说明会，与投资者进行互动交流和沟通，就投资者关注的问题 在信息披露允许的范围内进行了 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company's main products are experiencing strong growth, with a continued upward trend in both domestic and international markets [3][5]. - The company reported total revenue of 10.912 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.04%, and a net profit attributable to shareholders of 0.953 billion yuan, up 4.23% year-on-year [3]. - The company is expected to see further improvements in profitability due to enhanced cost control and the successful implementation of its overseas expansion strategy [5]. Financial Performance Summary - For Q3 2024, the company achieved total revenue of 3.738 billion yuan, a year-on-year increase of 27.14%, and a net profit of 0.262 billion yuan, up 7.02% year-on-year [3]. - The revenue from yeast and deep processing products for the first three quarters of 2024 was 7.711 billion yuan, an increase of 11.69% year-on-year [3]. - The company’s gross profit margin for Q3 2024 was 21.35%, down 3.63 percentage points year-on-year, while the net profit margin decreased by 1.32 percentage points to 7.01% [4]. Product and Regional Performance - Domestic revenue reached 6.583 billion yuan, a year-on-year increase of 6.94%, while international revenue was 4.257 billion yuan, up 21.77% year-on-year [3]. - The company’s other income, including health products and enzyme preparations, saw a significant increase of 44.17% year-on-year, contributing to the overall revenue growth [3]. Future Outlook - The company is expected to achieve net profits of 1.362 billion yuan, 1.604 billion yuan, and 1.807 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.57, 1.85, and 2.08 yuan [5]. - The report highlights the potential for cost reductions in 2025, which could enhance the company's profitability further [5].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.04%. The net profit attributable to shareholders was 0.953 billion yuan, up 4.23% year-on-year [3][4] - In Q3 2024, the company achieved a revenue of 3.738 billion yuan, a significant increase of 27.14% year-on-year, with a net profit of 0.262 billion yuan, growing by 7.02% year-on-year [3][4] - The company is expected to maintain double-digit growth in revenue over the next two years, driven by domestic demand recovery and international expansion [6] Summary by Sections Financial Performance - The company’s main revenue for 2022A, 2023A, and projected for 2024E, 2025E, and 2026E are 12.843 billion, 13.581 billion, 15.589 billion, 17.499 billion, and 19.398 billion yuan respectively [7] - The net profit attributable to shareholders for the same periods is projected to be 1.321 billion, 1.270 billion, 1.360 billion, 1.597 billion, and 1.859 billion yuan respectively [7] - The earnings per share (EPS) for 2024E is expected to be 1.57 yuan, with a projected P/E ratio of 24.20 [7] Revenue Growth - The core products, yeast and deep-processed products, saw a revenue increase of 17.76% year-on-year in Q3 2024, with online and offline channels both achieving over 20% growth [4] - Domestic revenue reached 2.269 billion yuan, growing by 20.70% year-on-year, while international revenue was 1.433 billion yuan, up 30.20% year-on-year [4] Cost and Profitability - The comprehensive gross margin for Q3 2024 was 21.35%, down 3.62 percentage points year-on-year, primarily due to increased shipping costs [5] - The net profit margin was 6.98%, a decrease of 1.59 percentage points year-on-year, while the non-recurring net profit margin was 6.51%, only down 0.24 percentage points [5] Future Outlook - The company is expected to achieve revenues of 15.589 billion, 17.499 billion, and 19.398 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14.78%, 12.25%, and 10.85% [6] - The company is positioned as a global leader, with competitive advantages likely to enhance its market share and profitability [6]

Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - In 3Q2024, the company achieved revenue of RMB 37.38 billion, a YoY increase of 27.14%, with net profit attributable to shareholders of RMB 2.62 billion, a YoY increase of 7.02%, and adjusted net profit of RMB 2.43 billion, a YoY increase of 21.60% [2] - Revenue growth was driven by strong performance in the yeast business, improvement in derivative products, and significant growth in overseas markets, particularly in the Middle East, Africa, and Asia-Pacific regions [2] - Domestic and international revenues were RMB 22.69 billion and RMB 14.33 billion, respectively, with YoY growth rates of 20.70% and 30.20% [2] - Gross margin in 3Q2024 was 21.35%, down 3.63 percentage points YoY due to rising shipping costs, while adjusted net margin remained stable at 6.5% [3] - The company is expected to achieve full-year revenue growth close to its 15% target, with steady profit growth and potential cost improvements in the next fiscal year [3] Financial Projections - Revenue for 2024-2026 is projected to be RMB 154.42 billion, RMB 173.31 billion, and RMB 194.56 billion, with YoY growth rates of 13.70%, 12.24%, and 12.26%, respectively [4] - Net profit attributable to shareholders for 2024-2026 is expected to be RMB 13.97 billion, RMB 16.17 billion, and RMB 19.36 billion, with YoY growth rates of 9.96%, 15.80%, and 19.71%, respectively [4] - EPS for 2024-2026 is forecasted to be RMB 1.61, RMB 1.86, and RMB 2.23, with corresponding P/E ratios of 22.85x, 19.73x, and 16.48x [4] Financial Metrics - Gross margin is expected to improve from 24.2% in 2023 to 26.0% in 2026, driven by cost reductions and operational efficiencies [5] - ROE is projected to increase from 12.61% in 2023 to 14.49% in 2026, reflecting improved profitability and capital efficiency [5] - The company's asset turnover is expected to improve, with total asset turnover days decreasing from 480 days in 2023 to 421 days in 2026 [5] Operational Highlights - The company's overseas business has shown strong growth, contributing significantly to overall revenue, with a focus on expanding market share in emerging markets [2] - Cost pressures from rising shipping expenses have impacted gross margins, but the company expects cost improvements in the next fiscal year due to lower raw material prices [3] - The company's R&D expenses are expected to increase steadily, reflecting continued investment in product innovation and market expansion [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown strong revenue growth, with a Q3 revenue increase of 27.14% year-on-year, and a total revenue of 10.912 billion yuan for the first three quarters of 2024, representing a 13.04% increase year-on-year [5] - The company is expected to recover its profit margins as raw material prices decline, despite a current gross margin decrease of 3.62 percentage points in Q3 [6] - The company has experienced significant growth in its other product lines, particularly with a 76.54% increase in revenue from other products in Q3 [6] - The company has achieved notable growth in both domestic and international markets, with Q3 revenue from domestic sales at 2.269 billion yuan (+20.7%) and international sales at 1.433 billion yuan (+30.2%) [7] - The earnings per share (EPS) forecast for 2024-2026 is projected to be 1.57, 1.72, and 1.98 yuan respectively, with a reasonable valuation range of 39.25 to 47.1 yuan based on a price-to-earnings (PE) ratio of 25-30 times for 2024 [7] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.738 billion yuan, with a net profit of 262 million yuan, reflecting a year-on-year increase of 7.02% [5] - The company’s cash flow from operations for Q3 was 1.208 billion yuan, up 44.11% year-on-year [5] - The gross margin for Q3 was 21.35%, down 3.62 percentage points year-on-year, while the net profit margin was 6.51%, down 0.24 percentage points [6] - The company’s total revenue for 2023 is projected to be 13.581 billion yuan, with a year-on-year growth of 5.7% [8] Revenue Breakdown - The revenue and growth rates for various product lines in Q3 2024 are as follows: - Yeast and deep-processed products: 2.592 billion yuan (+17.76%) - Sugar products: 309 million yuan (+5.48%) - Packaging products: 111 million yuan (+16.3%) - Other products: 690 million yuan (+76.54%) [6] Market Comparison - The company’s stock performance over the past three months shows an absolute increase of 28.5% compared to the CSI 300 index [4] - The company’s market capitalization is approximately 32.904 billion yuan, with a circulating market value of 32.368 billion yuan [2] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected revenues of 15.408 billion yuan in 2024, 17.046 billion yuan in 2025, and 18.664 billion yuan in 2026 [10] - The net profit is forecasted to grow from 1.365 billion yuan in 2024 to 1.724 billion yuan in 2026, indicating a strong growth potential [10]

安琪酵母股份有限公司 2024 年第六次临时股东大会会议资料 2024 年 11 月 15 日 安琪酵母股份有限公司 2024 年第六次临时股东大会会议议程 ● 会议召开时间：2024 年 11 月 15 日 ● 现场会议时间：2024 年 11 月 15 日下午 14:00 ● 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2024 年 11 月 15 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2024 年 11 月 15 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 二、选举监票人（两名股东代表和一名监事）； 三、审议会议议案： 1.关于在印度尼西亚设立子公司的议案； 2.关于变更回购股份用途并注销的议案。 四、股东及股东代表对议案进行提问、发言； 五、现场与会股东及股东代表对上述议案进行书面表决，等 待网络投票结果； 六、计票员计票，监票人、律师共同参与负责计票、监票； 七、宣布议案表决结果； 八、湖北瑞通天元律师事务所律师作股东大会律师 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.80 RMB, up from the previous target of 38.88 RMB [5] Core Views - The company's Q3 2024 performance showed significant improvement, driven by growth in domestic small-packaged yeast and YE products, as well as continued strong growth in overseas business [3] - Domestic business improved quarter-over-quarter, while overseas business maintained high growth momentum [11] - The company's revenue and net profit for Q3 2024 exceeded expectations, with revenue reaching 3.738 billion RMB, up 27.14% YoY, and net profit reaching 262 million RMB, up 7.02% YoY [11] - The company's competitive advantages are becoming more evident, with potential for gradual improvement in profitability due to cost reductions and better pricing strategies [11] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 10.912 billion RMB, up 13.04% YoY, and net profit of 953 million RMB, up 4.23% YoY [11] - The company's gross margin for Q3 2024 was 21.4%, down 3.6 percentage points YoY, mainly due to rising shipping costs [11] - The company's net profit margin for Q3 2024 was 7.0%, down 1.3 percentage points YoY [11] Business Segments - In Q3 2024, the company's yeast and deep processing business grew by 17.8% YoY, while the sugar business grew by 5.5% YoY, and the packaging business grew by 16.3% YoY [11] - Domestic revenue grew by 20.7% YoY, while overseas revenue grew by 30.2% YoY [11] - Online and offline sales grew by 22.0% and 25.3% YoY, respectively [11] Future Outlook - The company is expected to benefit from cost reductions in raw materials such as molasses, and shipping costs are expected to decline starting from Q4 2024, which will improve profit margins [11] - The company's EPS forecasts for 2024-2026 are maintained at 1.58, 1.79, and 2.13 RMB, respectively [11] Valuation and Market Data - The company's current market capitalization is 31.914 billion RMB, with a share price of 36.74 RMB [6] - The company's P/E ratio is 24.16x based on the latest diluted share capital [10] - The company's ROE is expected to improve from 12.7% in 2024 to 14.2% in 2026 [10]

我们之前每个月跟大家交流的趋势都是一致的今年公司的整体的经营出现了一个逐季改善的一个趋势一季度整个利润是下降的然后二季度转正三季度在二季度的基础上有进一步的好转包括收入和利润都出现了一个比较好的一个增长的趋势 单独的三季度我们的收入增长是127然后利润的增长是7.02然后规模扣非以后的净利润这个的增速是比较高的有21%整个酵母产品它的收入的增长是11%国内是6.9%的增长国际市场是21%的增长 这个趋势其实就是反映了我们整个今年或者说四季度基本上也是这样的一个增长趋势就是说我们整体的收入增长还是按照我们年度的预测15%的目标在做然后利润的增长肯定是每个季度都在改善的特别是在四季度应该说四季度是我们每年 收入增助或者说收入体量最高的一个季度那么相应来说固定的这些费用不会有什么很大的变化而且我们的成本特别是防疫的成本今年是逐渐在回落的所以在四季度在收入有一个比较高的一个增长的基础之上应该说我们的利润会有进一步的一个增长目前看还是按照我们的目标 年度的这个利润是7.8%来规划的然后我也总结了一下我们在这个三季报中间这个经营的数据给大家分析一下第一个其实刚才也讲了就是营业收入和利润都是双双的增长营业收入增长其实 总体 ...

[ T able_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：36.74 元 安琪酵母（600298）食品饮料 目标价：——元（6 个月） Q3 收入环比提速，盈利能力短期下滑 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营业收入 109.1亿元，同比增长 13%；实现归母净利润 9.5亿元，同比增长 4.2%。其中 24Q3实现营业收入 37.4 亿元，同比增长 27.1%；实现归母净利润 2.6亿元，同比增长 7%；实现扣非归 母净利润 2.4 亿元，同比增长 21.6%。 Q3收入端增长提速，酵母主业增速求回升。1、分品类看，2024年前三季度酵 母及深加工产品、制糖产品分别实现营业收入 77.1 亿元（+11.7%）、9 亿元 （-17.9%）。其中 Q3酵母及深加工产品实现收入 25.9亿元，同比增长 17.8%， 持续环比改善。2、分区域看，前三季度国内、国外分别实现营业收入 65.8 亿 元（+6.9%）、42.6 亿元（+21.8%）。小包装酵母、提取物带动 Q3 国内收入实 现较快增长 ...

编号：2024-012 证券代码：600298 证券简称：安琪酵母 安琪酵母股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | ☐分析师会议 | | | ☐媒体采访 | ☐ 业绩说明会 | | 投资者关系活动 类别 | ☐ 新闻发布会 | ☐ 路演活动 | | | ☐现场参观 | ☐ 电话会议 | | | ☐ 其他 | | ...