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]

Core Viewpoint - Anqi Yeast (600298) has achieved significant growth in both revenue and net profit for 2024, driven by robust overseas business expansion and effective operational strategies [1][2]. Group 1: Financial Performance - In 2024, Anqi Yeast reported a total revenue of 15.197 billion yuan, representing a year-on-year increase of 11.86% [1][2]. - The net profit attributable to shareholders reached 1.325 billion yuan, marking a growth of 4.07% compared to the previous year [1][2]. - Basic earnings per share increased by 4.73% to 1.55 yuan, while net cash flow from operating activities surged by 24.38% to 1.650 billion yuan [2]. Group 2: Production and Capacity - The total fermentation output of yeast reached 415,400 tons in 2024, reflecting a year-on-year growth of 10.21%, with extract production at 146,400 tons, up by 5.63% [2]. - Anqi Yeast operates 16 yeast factories across various locations in China and two overseas countries, with a total production capacity exceeding 450,000 tons [2]. Group 3: International Business Growth - International business revenue for Anqi Yeast grew by 19.36% in 2024, reaching 5.712 billion yuan, with overseas revenue accounting for over one-third of total revenue [3]. - The company has established a significant global presence, exporting products to over 170 countries and regions, with a global market share of 21.0% [3]. Group 4: Strategic Initiatives - Anqi Yeast plans to leverage its overseas subsidiaries to implement localized business strategies, enhance market team development, and respond swiftly to market demands [4].

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].

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 and net profits of 15.197 billion and 1.325 billion yuan, respectively, representing year-on-year increases of 11.86% and 4.07% [1]. - 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 10.854 billion yuan, reflecting a year-on-year growth of 14.19% [1]. - The company’s domestic and international revenues are projected to be 9.421 billion and 5.712 billion yuan, respectively, with year-on-year growth rates of 7.53% and 19.36% [2]. - The gross margin and net margin for 2024 are forecasted to be 23.52% and 8.90%, showing slight declines compared to the previous year [2]. Future Outlook - The company anticipates continued domestic growth and high international growth, with revenue projections for 2025-2027 at 17.175 billion, 19.145 billion, and 20.740 billion yuan, respectively [3]. - The expected net profits for the same period are projected to be 1.581 billion, 1.817 billion, and 2.060 billion yuan, indicating growth rates of 19%, 15%, and 13% [3]. - The report suggests that the company is well-positioned to meet its 10% growth target for the upcoming year [3].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [21]. Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year growth of 11.9%. The net profit attributable to shareholders was 1.325 billion yuan, up 4.1% year-on-year [2][6]. - The fourth quarter of 2024 saw a revenue of 4.285 billion yuan, a 9.1% increase year-on-year, with a net profit of 371 million yuan, reflecting a 3.6% growth [2][6]. - The company anticipates a performance turning point due to improved profitability driven by lower sugar molasses costs and a marginal decrease in shipping rates [6]. Summary by Sections Financial Performance - The company's main business segments showed varied performance in 2024, with yeast and deep processing products growing by 14%, while sugar products and packaging saw declines of 26% and 3%, respectively. Food raw materials and other main products experienced significant growth of 32% and 42% [4]. - Domestic and overseas revenues grew by 7.5% and 19.4%, respectively, with the Egyptian factory reporting a revenue increase of 12.5% and a net profit surge of 59.3% [4]. - The overall gross margin for the year was 23.52%, a decrease of 0.67 percentage points year-on-year, but the fourth quarter gross margin improved to 24.15%, an increase of 1.13 percentage points year-on-year [5]. Profitability Outlook - The company expects to achieve a stable revenue growth target of 10% for the year, supported by overseas capacity ramp-up and deepened market penetration [6]. - Profit forecasts for 2025-2027 have been slightly adjusted downwards, with expected net profits of 1.662 billion yuan, 1.936 billion yuan, and 2.221 billion yuan, reflecting year-on-year growth rates of 25%, 16%, and 15%, respectively [6]. Market Position and Strategy - The company is focusing on enhancing its overseas operations through the establishment of subsidiaries, channel expansion, and capacity upgrades, which are expected to drive sales growth in yeast and deep processing products [4][6]. - Online and offline sales channels reported growth rates of 15.6% and 3.5%, respectively, indicating a robust sales strategy [4].

事件：公司披露24 年报：24 年公司实现营收151.97 亿元，同比+11.9%；归母净利润13.25 亿元，同比 +4.1%；扣非归母净利润11.7 亿元，同比+5.9%。 主业经营稳健，期待业绩拐点 海外产能爬坡、渠道深耕，将提振酵母及深加工销售增速，同时国内Ye 持续渗透，酵母平稳发展，进 一步夯实全年10%的营收增长目标。盈利端，伴随新榨季国内糖蜜价格大幅下降、海运价边际回落，公 司有望迎来利润拐点。 盈利预测与投资建议:考虑到24 年利润增长低于预期，我们略下调盈利预测，预计25-27 年归母净利润 为16.62/19.36/22.21 亿元（原25-26 年为17/20.44 亿元），分别同增25%/16%/15%。考虑到海外持续快 增、原料成本显著改善，公司业绩有望进入上行周期，故维持"买入"评级。 风险提示： 国内需求恢复不及预期、原材料价格波动、海外业务拓展不及预期、产能投放不及预期、汇率波动风 险、食品安全风险 其中24Q4 公司实现营收42.85 亿元，同比+9.1%；归母净利润3.71 亿元，同比+3.6%；扣非归母净利润 3.3 亿元，同比+12%。 Q4 酵母主业销售提速至21% ...

Investment Rating - The investment rating for the company is "Accumulate" [1][11]. Core Views - The company's performance in 2024 met expectations, with a focus on market share, gradual improvement in the domestic market, and continued rapid growth in overseas markets. The cost improvement benefits are expected to continue into 2025, leading to sustained steady growth in performance [3][11]. Financial Summary - Revenue for 2024 is projected at 15,197 million, representing a year-on-year increase of 11.9%. The net profit attributable to the parent company is expected to be 1,325 million, up 4.1% year-on-year. The earnings per share (EPS) for 2024 is estimated at 1.52 [5][11]. - The company anticipates revenue growth of over 10% for 2025, with a focus on "steady growth, increasing sales volume, enhancing profits, and expanding new products" [11]. Business Performance - The company's yeast and deep processing/sugar/packaging/food raw materials/other business revenues for 2024 are expected to grow by 14.2%, -26.1%, -2.8%, +31.7%, and +42.1% respectively. The main business growth rate is expected to outperform the overall revenue growth rate [11]. - Domestic and overseas revenues are projected to increase by 7.5% and 19.4% respectively, driven by precise marketing strategies that ensure steady growth in the sales volume of leading products [11]. Cost and Margin Analysis - The gross margin for 2024 is expected to decrease by 0.7 percentage points to 21.4%, but is projected to improve in Q4 2024, with a gross margin of 24.1%, reflecting a marginal improvement [11]. - The company is actively optimizing its organizational structure to enhance overall efficiency, with expectations for domestic improvements and effective overseas localization strategies [11].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 1.325 billion yuan, up 4.1% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.285 billion yuan, with a year-on-year growth of 9.0%, and a net profit of 371 million yuan, reflecting a 3.7% increase year-on-year [1][2] - The company is expected to benefit from a significant decline in molasses procurement prices in 2025, contributing positively to profit margins [4] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 23.5%, a decrease of 0.7 percentage points year-on-year, primarily due to increased shipping costs [3] - The fourth quarter of 2024 showed an improvement in gross margin by 1.1 percentage points, attributed to a higher proportion of high-margin yeast products [3] - The company’s net profit margin for the fourth quarter was 8.7%, down 0.5 percentage points year-on-year, while the adjusted net profit margin increased by 0.2 percentage points to 7.7% [3] Revenue Breakdown - In Q4 2024, the revenue from yeast and deep processing, sugar, packaging, and other segments was 3.14 billion, 370 million, 100 million, and 680 million yuan respectively, with year-on-year growth rates of 20.8%, -40.4%, 1.4%, and 18.2% [2] - Domestic revenue in Q4 2024 was 2.84 billion yuan, up 8.9% year-on-year, while international revenue reached 1.46 billion yuan, growing by 12.8% year-on-year [2] Future Outlook - The company targets a revenue growth of over 10% in 2025, with net profit expected to grow steadily [4] - The anticipated recovery in domestic demand and sustained high growth in overseas business could enhance profit elasticity for the company [4]