证券代码：600298 证券简称：安琪酵母 公告编号：2025-036 号 安琪酵母股份有限公司 关于独立董事任期届满辞职的公告 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。 独立董事蒋春黔、刘信光、孙燕萍在担任公司独立董事期间 恪尽职守、勤勉尽责，在推动公司规范运作和健康发展方面发挥 了积极作用。公司董事会对3名独立董事任职期间对公司发展所 做出的贡献表示衷心感谢！ 特此公告。 安琪酵母股份有限公司董事会 2025年4月19日 近日，安琪酵母股份有限公司（以下简称公司）董事会收到 独立董事蒋春黔、刘信光、孙燕萍的书面辞职申请书。因在公司 连续担任独立董事将满6年，根据《上市公司独立董事管理办法》 相关规定，申请辞去公司独立董事及董事会相关专门委员会的职 务，辞职后将不再担任公司任何职务。经确认，3名独立董事不 存在需提请股东和债权人注意的情况或事项。截至本公告披露日， 也不存在应当履行而未履行的承诺事项，未持有公司股票。 独立董事蒋春黔、刘信光、孙燕萍的辞职将导致公司董事会、 董事会专门委员会中独立董事占比不符合相关规定 ...

Group 1 - The company reported a decline in gross profit margin by one percentage point compared to the previous year, influenced by various factors including factory costs, expense ratios, and market sales prices [1] - The new factory's capacity is not fully saturated but has generally met expectations, with high depreciation costs impacting gross margin [1] - The company plans to adopt flexible pricing strategies based on regional and market operations, rather than strictly following competitors [2] Group 2 - The company is restructuring its internal framework to improve efficiency by consolidating related business units, which is expected to save costs and human capital [2] - The company sees significant growth potential in its food raw materials business, despite lower profit margins compared to competitors in the yeast sector [2] - The company is expanding its international presence, with two overseas production bases accounting for 20% of total capacity and 40% of revenue, aiming to mitigate raw material cost fluctuations and transportation expenses [3] Group 3 - The company is building a factory in Indonesia as part of its internationalization strategy, leveraging local partnerships due to the country's large population [3] - The depreciation schedule for the new factory is still under development as it is currently in the construction phase [3]

当前股价：33.76 元 证券研究报告 | 公司点评报告 2025 年 04 月 17 日 安琪酵母（600298.SH） Q4 收入稳健，海外快速增长 消费品/食品饮料 公司发布 2024 年度报告，24 年实现收入/归母净利润/扣非归母净利润分别为 152.0/13.2/11.7 亿，同比+11.9%/+4.3%/+5.8%。展望 25 年，公司以稳为主， 收入目标增速 10%，海外增速预计快于国内，产能上埃及、俄罗斯二期扩建及 普洱项目基本完成，15 万吨粮食仓储、印尼项目建设筹备中，为中长期提供有 力支撑。利润端，原料价格同比略降，费用精细化管理优化费率。我们调整 25-26 年收入预测为 167/183 亿，归母净利润分别 14.6 亿/16.8 亿，25-26 年 EPS 分 别为 1.68/1.94 元，对应 25 年 20x，维持"增持"评级。 增持（维持） 基础数据 | 总股本（百万股） | 869 | | --- | --- | | 已上市流通股（百万股） | 854 | | 总市值（十亿元） | 29.3 | | 流通市值（十亿元） | 28.8 | | 每股净资产（MRQ） | 12. ...

Investment Rating - The report maintains a "Recommendation" rating for the food and beverage industry, particularly highlighting the white wine sector as it is expected to clear and stabilize, with gradual improvements in the mass market [1]. Core Insights - The white wine sector is currently in a clearing and bottoming phase, with expectations for marginal improvement in the second half of the year. The industry has seen risks transition from off-balance sheet channels to on-balance sheet for most listed companies, leading to a slight slowdown in payment and delivery progress in Q1. However, leading companies have largely completed their initial targets for the year [4][9]. - In the mass market, beer shows signs of marginal improvement, with standout performance in the snack category, particularly for konjac products. The dairy sector is expected to rebound in Q2 after a period of adjustment [19][25]. Summary by Sections White Wine Sector - The white wine sector is in a clearing and bottoming phase, with expectations for improvement in the second half of the year. Q1 saw a slowdown in payment and delivery, but leading companies have met their initial targets [4][9]. - High-end brands like Moutai and Wuliangye are expected to see revenue and profit growth of approximately 9% and 10%, and 4% and 3% respectively in Q1 [10][12]. - The mid-range segment is experiencing varied performance, with brands like Fenjiu and Gujing showing growth, while others like Yanghe are facing challenges [10][12]. Mass Market - The beer sector is showing signs of recovery, with leading brands like Qingdao and Yanjing achieving revenue growth of 4% and 6% respectively in Q1 [26][29]. - The snack segment, particularly konjac products, is performing well, with brands like Salted and Wei Long seeing significant growth [19][25]. - The dairy sector is expected to improve as inventory levels stabilize, with companies like Yili and Mengniu showing resilience [25]. Investment Recommendations - The report suggests bottom-fishing in the white wine sector, with a focus on brands like Moutai, Wuliangye, and Fenjiu, while also recommending attention to the mass market for potential turning points in beer and dairy [5][19].

Core Insights - The company reported a revenue of 15.197 billion in 2024, representing a year-on-year growth of 11.86%, and a net profit attributable to shareholders of 1.325 billion, up 4.07% year-on-year [1] - The company plans to distribute a dividend of 0.55 per share, with a total distribution amount of 477 million, resulting in a dividend payout ratio of 36% [1] - The company aims for a revenue growth of over 10% in 2025 [1] Financial Performance - In Q4 2024, the company achieved a revenue of 4.285 billion, a year-on-year increase of 9%, and a net profit of 371 million, up 3.6% year-on-year [1] - The gross margin for the year was 23.52%, a decrease of 0.67 percentage points, primarily due to high raw material costs and an increase in low-margin business [3] - The net profit margin for the year was 8.72%, down 0.64 percentage points, mainly due to the decline in gross margin [3] Product and Market Analysis - The company's yeast and deep processing products generated a revenue of 10.854 billion in 2024, with a year-on-year growth of 14.19% [2] - Domestic and international markets achieved revenues of 9.421 billion and 5.712 billion respectively, with year-on-year growth rates of 7.5% and 19.36% [2] - The sugar products segment saw a revenue decline of 26.05%, attributed to a decrease in trading business, with a negative gross margin [2][3] Future Outlook - The company has slightly adjusted its profit forecasts for 2025-2026, now predicting net profits of 1.55 billion and 1.8 billion respectively, with year-on-year growth rates of 17% for both years [1] - The company expects to benefit from a decrease in molasses costs in 2025, which may lead to an improvement in gross margins [3] - The company maintains a positive long-term outlook, anticipating further growth in the yeast industry and expansion in overseas markets [1]

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 ...