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 ...

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].