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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see strong overseas momentum and profit improvement, with a projected revenue growth of 11.86% in 2024 and a net profit growth of 4.07% [4][9] - The company is expanding its overseas market presence, with significant growth in international revenue, which is anticipated to continue driving future growth [9] Financial Summary - Total revenue for 2023 is reported at 13,585 million, with projections of 15,197 million for 2024, 17,068 million for 2025, and 21,194 million for 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.07% [1][10] - The net profit attributable to the parent company is expected to grow from 1,273 million in 2023 to 1,325 million in 2024, and further to 2,134 million by 2027, indicating a strong upward trend [1][10] - The earnings per share (EPS) is projected to increase from 1.47 in 2023 to 2.46 in 2027, showcasing a positive growth trajectory [1][10] Operational Insights - The company is facing slight declines in gross margin due to increased depreciation and shipping costs in 2024, but improvements are expected in 2025 as shipping costs decrease and raw material prices stabilize [3][4] - The company is expected to benefit from new production capacities coming online in Egypt, Russia, and other locations, which will enhance its operational efficiency and profitability [4][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see strong overseas momentum and profit improvement, with a projected revenue growth of 11.86% in 2024 and a net profit growth of 4.07% [4][9] - The company is expanding its overseas market presence, with significant growth in international revenue, which is anticipated to be a key growth driver moving forward [9] Financial Performance Summary - Total revenue for 2023 is reported at 13,585 million RMB, with projections of 15,197 million RMB for 2024, 17,068 million RMB for 2025, and continuing growth through 2027 [1][10] - The net profit attributable to the parent company is expected to increase from 1,273 million RMB in 2023 to 1,325 million RMB in 2024, with further growth to 1,559 million RMB in 2025 [1][10] - The earnings per share (EPS) is projected to rise from 1.47 RMB in 2023 to 1.52 RMB in 2024, reaching 1.80 RMB in 2025 [1][10] Margin and Cost Analysis - The gross margin is expected to slightly decline in 2024 due to increased depreciation and shipping costs, but improvements are anticipated in 2025 as shipping costs decrease and raw material prices stabilize [3][4] - The company’s gross margin and net profit margin for 2024 are projected at 23.52% and 8.90%, respectively, reflecting a year-on-year decline [3] Future Outlook - The company is expected to benefit from new production capacities coming online in 2024 and 2025, particularly in Egypt, Russia, and Yunnan, which will help alleviate cost pressures and improve profitability [4][9] - The anticipated decrease in sugar molasses prices and the nearing completion of capital expenditures are expected to contribute positively to profit margins in the coming years [3][4]

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 expects a revenue growth of over 10% in 2025, with steady net profit growth anticipated [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 a gross margin improvement of 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 12.8% year-on-year [2] Future Outlook - The company anticipates that the significant decline in molasses procurement prices in 2024 will positively impact profits [4] - The projected net profits for 2025, 2026, and 2027 are 1.596 billion, 1.872 billion, and 2.212 billion yuan respectively, with year-on-year growth rates of 20.5%, 17.3%, and 18.2% [4]