我们之前每个月跟大家交流的趋势都是一致的今年公司的整体的经营出现了一个逐季改善的一个趋势一季度整个利润是下降的然后二季度转正三季度在二季度的基础上有进一步的好转包括收入和利润都出现了一个比较好的一个增长的趋势 单独的三季度我们的收入增长是127然后利润的增长是7.02然后规模扣非以后的净利润这个的增速是比较高的有21%整个酵母产品它的收入的增长是11%国内是6.9%的增长国际市场是21%的增长 这个趋势其实就是反映了我们整个今年或者说四季度基本上也是这样的一个增长趋势就是说我们整体的收入增长还是按照我们年度的预测15%的目标在做然后利润的增长肯定是每个季度都在改善的特别是在四季度应该说四季度是我们每年 收入增助或者说收入体量最高的一个季度那么相应来说固定的这些费用不会有什么很大的变化而且我们的成本特别是防疫的成本今年是逐渐在回落的所以在四季度在收入有一个比较高的一个增长的基础之上应该说我们的利润会有进一步的一个增长目前看还是按照我们的目标 年度的这个利润是7.8%来规划的然后我也总结了一下我们在这个三季报中间这个经营的数据给大家分析一下第一个其实刚才也讲了就是营业收入和利润都是双双的增长营业收入增长其实 总体 ...

[ T able_StockInfo] 2024 年 11 月 01 日 证券研究报告•2024 年三季报点评 买入 （维持） 当前价：36.74 元 安琪酵母（600298）食品饮料 目标价：——元（6 个月） Q3 收入环比提速，盈利能力短期下滑 [Table_Summary 事件：公司发布] 2024年三季报，前三季度实现营业收入 109.1亿元，同比增长 13%；实现归母净利润 9.5亿元，同比增长 4.2%。其中 24Q3实现营业收入 37.4 亿元，同比增长 27.1%；实现归母净利润 2.6亿元，同比增长 7%；实现扣非归 母净利润 2.4 亿元，同比增长 21.6%。 Q3收入端增长提速，酵母主业增速求回升。1、分品类看，2024年前三季度酵 母及深加工产品、制糖产品分别实现营业收入 77.1 亿元（+11.7%）、9 亿元 （-17.9%）。其中 Q3酵母及深加工产品实现收入 25.9亿元，同比增长 17.8%， 持续环比改善。2、分区域看，前三季度国内、国外分别实现营业收入 65.8 亿 元（+6.9%）、42.6 亿元（+21.8%）。小包装酵母、提取物带动 Q3 国内收入实 现较快增长 ...

编号：2024-012 证券代码：600298 证券简称：安琪酵母 安琪酵母股份有限公司投资者关系活动记录表 | --- | --- | --- | |-----------------------------|---------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 特定对象调研 | ☐分析师会议 | | | ☐媒体采访 | ☐ 业绩说明会 | | 投资者关系活动 类别 | ☐ 新闻发布会 | ☐ 路演活动 | | | ☐现场参观 | ☐ 电话会议 | | | ☐ 其他 | | ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5][3]. Core Views - The company is expected to achieve its annual targets due to a recovery in demand and strong growth in international markets. The revenue forecasts for 2024-2026 have been adjusted upwards, with projected revenues of 156 billion, 172 billion, and 190 billion yuan respectively, reflecting year-on-year growth of 15%, 10%, and 10% [3][4]. - The net profit attributable to the parent company is projected to be 13.6 billion, 16.1 billion, and 18.5 billion yuan for 2024-2026, with year-on-year growth rates of 7.3%, 17.9%, and 15.2% [3][4]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenues of 10.912 billion yuan, a year-on-year increase of 13.04%, and a net profit of 0.953 billion yuan, up 4.23% [1]. - In Q3 2024, the company achieved revenues of 3.738 billion yuan, with a net profit of 0.262 billion yuan, reflecting increases of 27.14% and 7.02% year-on-year respectively [1]. - The company's main business in yeast showed steady growth, with significant increases in other product categories, particularly a 76.54% increase in other income [1]. Domestic and International Business Performance - Domestic revenue for Q3 2024 was 2.269 billion yuan, up 20.70%, while international revenue reached 1.433 billion yuan, growing by 30.20% [2]. - The number of distributors increased by 1,855 to 23,680, with domestic and international distributors growing by 1,228 and 627 respectively [2]. Profitability and Cost Management - The gross margin and net margin for Q3 2024 were 21.35% and 6.98%, reflecting a decrease of 3.62 and 1.59 percentage points year-on-year [2]. - The company effectively controlled its expense ratios, with sales, management, and financial expense ratios showing slight improvements or stability [2]. Financial Data and Valuation - The company's projected revenues for 2024E, 2025E, and 2026E are 15.622 billion, 17.237 billion, and 19.012 billion yuan respectively, with corresponding net profits of 1.362 billion, 1.607 billion, and 1.851 billion yuan [4][7]. - The price-to-earnings (P/E) ratios for the next three years are projected at 23X, 20X, and 17X [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company reported a revenue of 10.9 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.04%, with a net profit of 0.953 billion yuan, up 4.23% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 3.738 billion yuan, a significant year-on-year growth of 27.14%, and a net profit of 0.262 billion yuan, increasing by 7.02% year-on-year [1]. - The company anticipates continued improvement in its core business operations, with expectations for a cost advantage in the new sugar season, which could enhance profit margins [4]. Financial Performance - The Q3 gross margin was reported at 21.35%, a decrease of 3.6 percentage points year-on-year, primarily due to increased export shipping costs and changes in business structure [3]. - The total revenue for 2024 is projected to reach 15.494 billion yuan, with a growth rate of 14% [7]. - The net profit for 2024 is forecasted at 1.398 billion yuan, reflecting a 10% increase year-on-year [7]. Sales and Market Dynamics - The sales of yeast and deep processing products in Q3 increased by 17.76% year-on-year, driven by high-quality growth in international markets and improved domestic demand [2]. - The company saw a net increase of 848 domestic distributors and 479 overseas distributors in the first three quarters of 2024, with overseas average revenue per distributor rising by 8.7% year-on-year [2]. - Both offline and online sales channels experienced recovery in Q3, with year-on-year growth of 25.3% and 22.03%, respectively [2]. Future Outlook - The company expects to achieve a 15% revenue growth target for the year, supported by strong domestic demand and the ramp-up of new overseas production capacity [4]. - The anticipated decline in domestic molasses prices and reduced shipping costs are expected to contribute to a profit turnaround for the company [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 10.91 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.0%. The net profit attributable to shareholders was 0.95 billion yuan, up 4.2% year-on-year [1] - In Q3 2024, the company reported a revenue of 3.74 billion yuan, a significant year-on-year increase of 27.1%, with a net profit of 0.26 billion yuan, up 7.0% year-on-year [1] - The company is expected to achieve its annual targets with a projected revenue of 15.669 billion yuan and a net profit of 1.369 billion yuan for Q4 2024, corresponding to growth rates of 21% and 16% respectively [3] Revenue Growth - Revenue growth for the first three quarters of 2024 was 2.5%, 11.3%, and 27.1% respectively, indicating a continuous recovery in demand [1] - The revenue breakdown for Q3 2024 shows significant contributions from yeast and deep processing (2.59 billion yuan, +17.8%), sugar processing (0.31 billion yuan, +5.5%), packaging (0.11 billion yuan, +16.3%), and other segments (0.69 billion yuan, +76.5%) [1] Profitability and Cost Management - The gross margin for Q3 2024 decreased by 3.6 percentage points to 21.4%, primarily due to rising shipping costs and an increase in low-margin business segments [2] - The company optimized its expense ratios, with sales, management, R&D, and financial expense ratios showing improvements, leading to a slight decrease in the net profit margin to 7.0% [2] Future Outlook - The upcoming sugarcane molasses procurement prices are expected to decline significantly, which may lead to cost advantages and profit releases in the next fiscal year [3] - The company is projected to achieve net profits of 1.38 billion yuan, 1.61 billion yuan, and 1.82 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.4%, 17.0%, and 13.2% [3][4]

Investment Rating - The report maintains a "Buy" investment rating for Angel Yeast (600298.SH) [1][3] Core Views - The demand for yeast products is showing a significant recovery, with the company achieving a revenue of 10.912 billion yuan in Q1-Q3 2024, representing a 13% year-on-year increase. The net profit attributable to shareholders reached 0.953 billion yuan, up 4% year-on-year [1] - The report highlights that the company's Q3 2024 revenue was 3.738 billion yuan, a 27% increase year-on-year, driven by a slow recovery in domestic baking and continued high growth in overseas markets [1] - The gross profit margin decreased by 4 percentage points to 21.35% in Q3 2024, primarily due to a significant rise in shipping costs [1] Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 10.912 billion yuan and a net profit of 0.953 billion yuan, with a 13% and 4% increase year-on-year respectively. In Q3 alone, revenue was 3.738 billion yuan, marking a 27% increase year-on-year [1] - The company’s gross profit margin decreased to 21.35% in Q3 2024, attributed to rising shipping costs [1] Product and Market Analysis - The revenue from yeast and deep processing products, sugar products, packaging products, and other products in Q3 2024 was 2.592 billion yuan, 0.309 billion yuan, 0.111 billion yuan, and 0.690 billion yuan respectively, with year-on-year growth rates of 18%, 5%, 16%, and 77% [1] - Domestic revenue in Q3 2024 was 2.269 billion yuan, a 21% increase year-on-year, driven by increased home consumption and demand for yeast extract [1] - Overseas revenue reached 1.433 billion yuan in Q3 2024, a 30% increase year-on-year, with significant growth in regions such as the Middle East, Africa, Europe, and Asia-Pacific [1] Future Outlook - The report anticipates improved profit performance in Q4 2024, supported by a downward trend in molasses prices and alleviated shipping costs. The company is expected to continue its global expansion and capacity construction [3][1]

Investment Rating - The investment rating for the company is maintained as "Accumulate" [8] Core Views - The company achieved a revenue of 10.91 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.0%, with a net profit attributable to shareholders of 0.95 billion yuan, up 4.2% [1] - In Q3 2024 alone, the company reported a revenue of 3.74 billion yuan, marking a significant increase of 27.1% year-on-year, and a net profit of 0.26 billion yuan, which is a 7.0% increase [1] - The company is the largest supplier of YE globally and the second-largest yeast supplier, actively expanding its overseas market presence while maintaining its competitive position domestically [7] Financial Performance Summary - For the first three quarters of 2024, the revenue breakdown by product shows yeast and deep processing products at 7.71 billion yuan (+11.7%), sugar products at 0.90 billion yuan (-17.9%), packaging products at 0.31 billion yuan (-4.1%), and other products at 1.93 billion yuan (+44.2%) [3] - The revenue from domestic and international markets for the first three quarters was 6.58 billion yuan (+6.9%) and 4.26 billion yuan (+21.8%), respectively [3] - The gross margin for the first three quarters was 23.3%, down 1.4 percentage points, and the net margin was 8.9%, down 1.0 percentage points [5] - The company expects revenues of 15.61 billion yuan, 17.53 billion yuan, and 19.57 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15%, 12%, and 12% [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has achieved a revenue of 10.912 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.04%. The net profit attributable to the parent company is 0.953 billion yuan, up 4.23% year-on-year, while the net profit excluding non-recurring items is 0.839 billion yuan, an increase of 3.44% year-on-year [1] - In Q3 2024, the company reported a revenue of 3.738 billion yuan, a year-on-year increase of 27.14%, with a net profit of 0.262 billion yuan, up 7.02% year-on-year, and a net profit excluding non-recurring items of 0.243 billion yuan, an increase of 21.60% year-on-year [1] - The company has seen strong domestic and international demand, with Q3 revenue from various product segments showing significant growth, including yeast and deep-processed products (2.592 billion yuan, +17.76%), sugar products (0.309 billion yuan, +5.47%), packaging products (0.111 billion yuan, +16.29%), and others (0.690 billion yuan, +76.54%) [1] - The gross profit margin in Q3 2024 was 21.35%, a decrease of 3.62 percentage points year-on-year, primarily due to rising shipping costs. However, the company improved operational efficiency, leading to a decrease in overall expense ratios [1] - The outlook for Q4 is positive, with expectations of strong sales during the peak season and a favorable trend in raw material prices, which may support profit growth [1] Financial Summary - Total revenue for 2022 was 12.843 billion yuan, with a growth rate of 20.3%. For 2023, the revenue is projected at 13.581 billion yuan (+5.7%), and for 2024, it is expected to reach 15.483 billion yuan (+14.0%) [2] - The net profit attributable to the parent company for 2022 was 1.321 billion yuan, with a growth rate of 1.0%. The projected net profit for 2023 is 1.270 billion yuan (-3.9%), and for 2024, it is expected to be 1.374 billion yuan (+8.2%) [2] - The gross profit margin is expected to decline slightly from 24.8% in 2022 to 23.6% in 2024 [2] - The earnings per share (EPS) for 2024 is projected to be 1.58 yuan, with corresponding price-to-earnings (P/E) ratios of 23X for 2024, 22X for 2025, and 20X for 2026 [1][2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown impressive revenue growth in Q3 2024, achieving a total revenue of 37.38 billion yuan, which is a year-on-year increase of 27.14% [2][3] - The overall revenue for the first three quarters of 2024 reached 109.12 billion yuan, reflecting a year-on-year growth of 13.04% [2] - The company is expected to meet its annual growth targets, driven by both domestic recovery and accelerated overseas expansion [3][4] Summary by Sections Financial Performance - In Q3 2024, the company reported a net profit attributable to shareholders of 2.62 billion yuan, up 7.02% year-on-year, and a non-recurring net profit of 2.43 billion yuan, which is a 21.6% increase [2][3] - The gross profit margin for Q3 2024 was 21.35%, a decrease of 3.62 percentage points year-on-year, attributed to depreciation pressures and increased shipping costs [3][4] Revenue Breakdown - The company's revenue from overseas markets in Q3 2024 was 14.3 billion yuan, marking a 30% year-on-year increase, while domestic revenue reached 22.69 billion yuan, up 20.7% [3] - The revenue from the main business segments in Q3 2024 included 25.92 billion yuan from yeast and derivatives, 3.09 billion yuan from sugar, 1.10 billion yuan from packaging, and 6.90 billion yuan from other segments, with notable growth in all areas [3] Future Outlook - The company is expected to see continued revenue growth, with projected revenues of 156 billion yuan, 179 billion yuan, and 202 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 15%, 15%, and 13% [4][6] - The net profit forecasts for the same years are 13.80 billion yuan, 15.75 billion yuan, and 17.78 billion yuan, with expected growth rates of 9%, 14%, and 13% [4][6]