证 券 研 究 报 告 安琪酵母（600298）2024 半年报点评 强推（维持） 营收边际提速，全年目标可期 目标价：37 元 当前价：29.61 元 事项： ❖ 公司发布 2024 年半年报，24H1 实现营收 71.75 亿元，同比+6.86%；归母净利 润 6.91 亿元，同比+3.21%；扣非归母净利润 5.96 亿元，同比-2.5%。单 Q2 实 现营收 36.92 亿元，同比+11.3%；归母净利润 3.72 亿元，同比+17.26%；扣非 归母净利 3.01 亿元，同比+7.18%。 评论： ❖ 衍生品改善带动主业，Q2 收入环比加速并且提质。分产品看，公司单 Q2 酵 母及衍生品/制糖/包材/其他业务分别同比+12.24%/-40.07%/-17.05%/+46.42%， 酵母主业改善明显，推测主要系国内面用酵母小包装在 Q2 有所回补，叠加抽 提物推出新品增长较好所致，而贸易糖因股份公司持续剥离低质业务收入明显 下滑。分国内外来看，公司单 Q2 国内/海外分别实现收入 22.11/14.54 亿元， 分别同比+6.64%/+19.01%，海外收入占比同比提升 2.59pcts 至 39.6 ...

证 2024 年 08 月 08 日 报 告 公 司 研 究 -25 -20 -15 -10 -5 0 5 (%) 安琪酵母 沪深300 ▌二季度烘焙需求修复，产品结构优化拉升毛利 市场表现 ▌酵母主业销量回升，产品推新贡献增量 ▌国内业务成本下降，海外产能建设持续推进 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-07 | | 当前股价（元） | 29.61 | | 总市值（亿元） | 257 | | 总股本（百万股） | 869 | | 流通股本（百万股） | 866 | | 52 周价格范围（元） | 27.88-36.73 | | 日均成交额（百万元） | 204.17 | 券 研 究 需求边际修复，盈利持续改善 —安琪酵母（600298.SH）公司事件点评报告 买入(维持) 事件 2024 年 8 月 7 日，安琪酵母发布 2024 年半年度报告。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 投资要点 公司 2024H1 实现营收 71.75 亿元（同增 7%），归母净 ...

C o m p a n y U p d a t e 安琪酵母(600298.SH) BUY 买进 公司基本资讯 | --- | --- | --- | --- | |--------------------|--------|--------|--------------| | 产业别 | | | 农林牧渔 | | A 股价(2024/8/7) | | | 29.61 | | 上证指数(2024/8/7) | | | 2869.83 | | 股价 12 个月高/低 | | | 36.61/27.22 | | 总发行股数(百万) | | | 868.67 | | A 股数(百万) | | | 865.97 | | A 市值(亿元) | | | 256.41 | | 主要股东 | | | 湖北安琪生物 | | | | | 集团有限公司 | | | | | (38.07%) | | 每股净值(元) | | | 11.72 | | 股价/账面净值 | | | 2.53 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | | --- | |------------| | 近期评等 | | ...

华福证券 安琪酵母（600298.SH） Q2 业绩提速，期待 H2 成本红利 事件：公司披露 24 年半年报：24 年 H1 公司实现营收 71.75 亿元，同比+6.86%； 归母净利润 6.91 亿元，同比+3.2%；扣非归母净利润 5.96 亿元，同比-2.5%。 其中，24Q2 营收 36.92 亿元，同比+11.3%；归母净利润 3.72 亿元，同比+17.26%； 扣非归母净利润 3.01 亿元，同比+7.18%。公司 Q2 营收、利润增长提速，H1 业绩整体符合预期。 Q2 酵母主业增长提速，海外业务延续高增 分产品看，Q2 酵母及深加工、制糖产品、包装类以及其他产品营收分别 同比+12.2%/-40.1%/-17.1%/+46.4%；其中，酵母深加工业务环比提速，同时公 司 H1 发酵总产量达 20.4 万吨，同比+11.5%，总产能在滨州项目与特种酶制剂 项目投产下扩张到 40 万吨，占全球 19%。分渠道看，Q2 公司线上、线下渠道 销售均有所恢复，分别同比+7.6%/+13.0%。分区域看，国内、海外 Q2 营收分 别同比+6.6%/+19%，其中海外安琪埃及子公司 H1 营收同比+1 ...

业绩简评 8 月 7 日公司发布半年报，24H1 实现营收 71.75 亿元，同比+6.86%； 实现归母净利润 6.91 亿元，同比+3.21%；扣非归母净利润 5.96 亿 元，同比-2.5%。其中，24Q2 实现营收 36.92 亿元，同比+11.31%； 实现归母净利润 3.72 亿元，同比+17.65%；扣非归母净利润 3.01 亿元，同比+7.32%，扣非略超预期。 经营分析 主业需求稳定，海外高增拉动。1）分业务看，24Q2 酵母及深加工 销售收入为 26.70 亿元，同比+12.24%,较 Q1 明显提速，预计主要 系烘焙面食、酵母及其衍生品改变价格策略后恢复稳健增长，保健 品降幅收窄。24Q2 制糖/包装/其他 产品销 售收 入 分 别 为 1.90/0.95/7.1 亿元，同比-40.07%/-17.05%/+46.42%，贸易糖等 类业务加速剥离，进一步聚焦主业。2）分区域看，24Q2 国内/国 外业务实现收入 20.31/14.54 亿元，同比-2.04%/+19.01%，海外 市场持续推进渠道下沉及二次开发，维持此前高增长态势。 成本下行叠加结构改善，低基数下毛利率改善。1）24Q2 ...

Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook for its performance relative to the market [7]. Core Insights - The company reported a revenue of 7.175 billion yuan for the first half of 2024, representing a year-on-year growth of 6.9%. The net profit attributable to shareholders was 691 million yuan, up 3.2% year-on-year, while the non-recurring net profit decreased by 2.5% [7]. - In Q2 2024, the company achieved a revenue of 3.69 billion yuan, a year-on-year increase of 11.3%, and a net profit of 370 million yuan, up 17.7% year-on-year, exceeding expectations [7]. - The report forecasts net profits for 2024-2026 to be 1.37 billion, 1.57 billion, and 1.86 billion yuan, respectively, with growth rates of 8%, 14.5%, and 18.4% [7]. - The company is expected to enhance its global position in the yeast industry through product expansion, overseas penetration, and capacity expansion [7]. Financial Summary - The total revenue for 2023 was 13.581 billion yuan, with projections of 15.621 billion for 2024, 17.506 billion for 2025, and 19.640 billion for 2026, reflecting a growth trajectory [9]. - The gross profit margin for Q2 2024 was reported at 23.9%, a slight increase of 0.3 percentage points year-on-year, supported by a decline in raw material costs [7]. - The company’s net profit margin for Q2 2024 was 10.1%, up 0.5 percentage points year-on-year, while the non-recurring net profit margin was 8.2%, down 0.3 percentage points [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 38.39 [6][5]. Core Views - The company's Q2 2024 performance exceeded expectations, with revenue and net profit showing significant year-on-year growth, driven by improved domestic demand and strong overseas market performance [2][3]. - The company is expected to benefit from the recovery in core business demand, accelerated penetration of derivative products, and ongoing growth in overseas markets, which will enhance its growth momentum [2][3]. - Cost pressures are anticipated to ease due to declining raw material prices, which will further strengthen the company's cost control capabilities [2][4]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 718 million, a year-on-year increase of 6.9%, and a net profit of RMB 69 million, up 3.2% [2]. - In Q2 2024, revenue reached RMB 370 million, with a year-on-year growth of 11.3%, and net profit increased by 17.3% [2]. - The company's gross margin improved in Q2 2024, rising by 0.3 percentage points to 23.9%, attributed to faster revenue growth from higher-margin products [4]. Product and Market Analysis - The company's revenue from yeast and deep-processed products, sugar, packaging, and other products for H1 2024 was RMB 5.12 billion, with notable growth in small packaging products and continued demand for yeast extract [3]. - Domestic revenue for H1 2024 was RMB 4.31 billion, a slight increase of 0.9%, while overseas revenue grew by 17.9% to RMB 2.82 billion [3]. - The company added 884 new distributors by the end of Q2 2024, including 321 overseas distributors, indicating strong market expansion efforts [3]. Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be RMB 1.60, RMB 1.80, and RMB 2.07 respectively, reflecting an upward revision from previous estimates [5][6]. - The expected revenue growth rates for the next few years are 10.22% for 2024, 11.09% for 2025, and 10.43% for 2026 [6].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company's revenue and profit showed improvement quarter-on-quarter, with the main business growth accelerating, particularly in international markets compared to domestic demand, which is still recovering gradually [3]. - The company reported a slight revenue beat, with H1 2024 revenue at 7.175 billion yuan, up 6.86% year-on-year, and net profit attributable to shareholders at 691 million yuan, up 3.21% year-on-year [4]. - The report highlights that the cost pressure from molasses is expected to continue to ease, which may stabilize profitability [3]. Financial Summary - H1 2024 revenue: 7.175 billion yuan, +6.86% YoY; net profit: 691 million yuan, +3.21% YoY; Q2 2024 revenue: 3.692 billion yuan, +11.30% YoY; net profit: 372 million yuan, +17.26% YoY [4]. - The company forecasts EPS for 2024-2026 to be 1.58, 1.79, and 2.13 yuan respectively, with a target price of 38.88 yuan [4][6]. - The gross margin for Q2 2024 improved by 0.3 percentage points to 23.9%, attributed to lower raw material costs and improved business structure [4]. Business Performance - Revenue from yeast and deep processing/sugar/packaging/other businesses in Q2 2024 grew by 12.2%, -40.1%, -17.1%, and +46.4% YoY respectively [4]. - Domestic and international revenues grew by 6.6% and 19.0% YoY respectively, with offline and online revenues increasing by 13.0% and 7.6% YoY [4]. - The report indicates that the domestic market for baking yeast still faces price competition, while international markets are expanding [4].

证券代码：600298 证券简称：安琪酵母 临 2024-091 号 安琪酵母股份有限公司 2024 年半年度与行业相关的定期经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第十 四号—食品制造》的相关要求，安琪酵母股份有限公司现将 2024 年半年度与行业相关的定期经营数据披露如下： 一、报告期主营业务相关经营情况 （一）产品类别 单位:个 | 区域 | 报告期末 经销商数量 | 报告期内 增加数量 | 报告期内 减少数量 | | --- | --- | --- | --- | | 国内 | 17,549 | 1,257 | 694 | | 国外 | 5.688 | 323 | 2 | | 总计 | 23,237 | 1.580 | 696 | 单位：万元 币种：人民币 | 渠道 | 本期营业收入 | | --- | --- | | 线下销售 | 481,445.27 | | 线上销售 | 232,432.59 | | 总计 | 713,877.86 | (三) 地 ...

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2024, representing a year-on-year increase of 15%[10]. - The company's operating revenue for the first half of the year reached ¥7,174,617,778, representing a year-on-year increase of 6.86%[16]. - The net profit attributable to shareholders of the listed company was ¥691,127,489, an increase of 3.21% compared to the same period last year[16]. - The net profit after deducting non-recurring gains and losses was ¥595,973,732, showing a decrease of 2.50% year-on-year[16]. - The basic earnings per share for the first half of the year was ¥0.80, up 2.56% from ¥0.78 in the same period last year[17]. - The company's net profit for the first half of 2024 reached ¥708,798,924.99, an increase from ¥698,630,427.19 in the same period of 2023, representing a growth of approximately 1.7%[114]. - The total profit for the first half of 2024 was ¥856,012,559.66, an increase from ¥811,536,468.95 in the first half of 2023, representing a growth of approximately 5.5%[114]. - The company reported a significant increase in sales from its major subsidiaries, with the highest operating income of RMB 61,839.09 million from a subsidiary in Dehong[44]. Market Expansion and Product Development - User data indicates a 20% increase in active customers, reaching 500,000 by the end of June 2024[10]. - The company plans to launch two new product lines in Q3 2024, targeting a 10% market share in the new segments[10]. - Market expansion efforts include entering three new provinces in China by the end of 2024[10]. - The company is focusing on technological innovation to remain competitive in the yeast industry, emphasizing research and development[46]. - The company launched several new products, including cold-resistant dry yeast and traditional liquor yeast, enhancing its product competitiveness[32]. Research and Development - The company is investing RMB 100 million in R&D for new technologies aimed at enhancing product quality and efficiency[10]. - The company has applied for 89 patents in the first half of 2024, including 48 invention patents, and has a total of over 1,444 patent applications, with 260 valid domestic invention patents[28]. - The company has completed 69 out of 124 national and provincial research projects, receiving 2 national and 36 provincial science and technology awards[27]. - Research and development expenses amounted to CNY 295,308,307.69 in the first half of 2024, up from CNY 284,025,990.83 in the same period of 2023, reflecting a growth of approximately 3.99%[113]. Financial Position and Assets - The total assets at the end of the reporting period were ¥20,479,367,261, reflecting a year-on-year increase of 6.08%[16]. - The net assets attributable to shareholders of the listed company increased to ¥10,178,897,173, a rise of 0.84% compared to the end of the previous year[16]. - The total assets as of the end of the reporting period were CNY 15,315,941,214.18, compared to CNY 13,457,934,624.29 at the end of the previous year, marking an increase of about 13.78%[112]. - Total liabilities increased to CNY 7,429,547,475.36 from CNY 5,626,565,847.59, representing a growth of approximately 32.03%[112]. Cash Flow and Financing - The net cash flow from operating activities was negative at -¥88,999,225, a significant decline of 128.95% compared to the previous year[16]. - The net cash flow from financing activities increased by 51.68%, amounting to ¥668,599,450.10, mainly due to increased cash received from borrowings[35]. - The company's cash flow from operating activities showed a net increase of 326,217,098.53 RMB, down from 860,290,049.28 RMB in the previous year, highlighting a decrease in operational efficiency[121]. - Cash inflow from financing activities totaled 4,923,809,731.86 RMB, up from 3,909,834,000.00 RMB, marking an increase of about 25.8%[119]. Environmental and Sustainability Initiatives - The management highlighted a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[10]. - The company has implemented a comprehensive monitoring system for wastewater and air emissions, ensuring real-time data reporting to regulatory authorities[63]. - The company reduced carbon emissions by 105.635 kilotons in the first half of 2024 through various measures, including the use of clean energy and carbon reduction technologies[68]. - The company has established a mechanism for environmental hazard inspections before major holidays and events, ensuring compliance with environmental standards[66]. Shareholder and Corporate Governance - The annual shareholder meeting was held on April 10, 2024, with 41 shareholders representing 359,034,828 shares, accounting for 41.85% of the total shares[49]. - No profit distribution or capital reserve transfer is planned for the first half of 2024, with no dividends or stock bonuses proposed[51]. - The company completed the repurchase and cancellation of 82,500 restricted shares on April 22, 2024[52]. - The company has committed to not transferring or entrusting any shares held prior to the IPO for 36 months from the date of issuance[74]. Risk Management - The company faces market competition risks due to increasing concentration in the yeast industry, necessitating adjustments in sales strategies[45]. - The company is exposed to foreign exchange risks, particularly in export activities, and is enhancing its research on international trade and exchange rate policies[45]. - The company plans to optimize its raw material procurement strategies to mitigate risks associated with price fluctuations, particularly for molasses[46]. Compliance and Regulatory Matters - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company has established criteria for determining when construction in progress can be transferred to fixed assets, focusing on readiness for use[164]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete view of its financial status as of June 30, 2024[137].