Investment Rating - The report maintains a "Buy" rating for the company, with a market price of 30.06 [2] Core Views - The company achieved a revenue of 34.83 billion yuan in Q1 2024, representing a year-on-year growth of 2.52%, while the net profit attributable to shareholders was 3.19 billion yuan, down 9.45% year-on-year [2] - The company’s main business of yeast showed steady growth, with strong performance in overseas markets. The revenue from yeast and deep-processed products reached 24.50 billion yuan, up 5.37% year-on-year [2] - The report highlights that the company is focusing on its core business, increasing market share, and expanding overseas, which is expected to sustain revenue growth despite domestic demand pressures [2][4] Financial Forecast and Valuation - Revenue projections for the company are as follows: - 2023A: 13,581 million yuan - 2024E: 15,355 million yuan - 2025E: 17,223 million yuan - 2026E: 19,175 million yuan [2][4] - Net profit forecasts are: - 2023A: 1,270 million yuan - 2024E: 1,376 million yuan - 2025E: 1,610 million yuan - 2026E: 1,837 million yuan [2][4] - Earnings per share (EPS) estimates are: - 2023A: 1.46 yuan - 2024E: 1.58 yuan - 2025E: 1.85 yuan - 2026E: 2.12 yuan [2][4] Key Financial Ratios - The report provides the following key financial ratios: - P/E ratio for 2024E is projected at 19.0, decreasing to 14.2 by 2026E [2] - P/B ratio for 2024E is projected at 2.4, decreasing to 1.9 by 2026E [2] - Return on equity (ROE) is expected to stabilize around 12% from 2024 to 2026 [2][4] Market Performance - The company’s market capitalization is reported at 26,115 million yuan, with a circulating market value of 25,954 million yuan [2] - The report notes that the company’s domestic and overseas revenue growth rates differ, with overseas markets maintaining a faster growth trend [2][4]

2024 年 04 月 21 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 秦一方 S0350523120001 海外持续发力[T ，abl 静e_T 待itle 国] 内需求回暖 qinyf@ghzq.com.cn 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn ——安琪酵母（ ） 年一季报点评 600298 2024 联系人 ： 景皓 S0350124030009 jingh@ghzq.com.cn 最近一年走势 事件 : 2024年4月19日，安琪酵母发布2024年一季度报告，2024Q1实现营 业收入 34.83 亿元，同比+2.52%；实现归母净利润 3.19 亿元，同比 -9.45%；实现扣非归母净利润2.95亿元，同比-10.74%。 投资要点 :  国内需求弱复苏，海外保持良好增势。分区域看，2024Q1国内/国 外分别实现营收21.04/13.70亿元，分别同比-4.52%/+16.73%。我 相对沪深300表现 2024/04/19 们认为国内主要需求领域烘焙、基础调味品、养殖业等仍有承压； 表现 1M 3M 12M 但公司积极拓展海外 ...

Investment Rating - Maintain "Overweight" rating with a target price of CNY 39.50 [1][2] Core Views - Performance in Q1 2024 fell below expectations, with revenue and net profit growth slowing down [1] - Overseas business grew faster, but profitability remains under pressure due to market competition and structural adjustments [1] - Domestic demand recovery is weak, while overseas markets show relatively strong growth [1] - Cost pressures are expected to ease gradually, and potential incentives may lead to improvements [1] - The company's yeast derivatives business has growth potential both domestically and internationally [1] Financial Performance - Q1 2024 revenue reached CNY 3.483 billion, up 2.52% YoY, while net profit declined by 9.45% YoY to CNY 319 million [1] - Gross margin in Q1 2024 decreased by 0.7 percentage points YoY to 24.7% [1] - Net profit margin dropped by 1.2 percentage points YoY to 9.2% in Q1 2024 [1] - Revenue from yeast and deep processing increased by 5.4% YoY, while sugar production revenue declined by 17.6% YoY [1] - Domestic revenue decreased by 4.5% YoY, while overseas revenue grew by 16.7% YoY [1] Financial Forecasts - Revenue is expected to grow from CNY 13.581 billion in 2023 to CNY 19.184 billion in 2026 [1][2] - Net profit is projected to increase from CNY 1.270 billion in 2023 to CNY 1.852 billion in 2026 [1][2] - EPS is forecasted to rise from CNY 1.46 in 2023 to CNY 2.13 in 2026 [1][2] - Gross margin is expected to remain stable at around 25.2% from 2024 to 2026 [2] - ROE is projected to improve from 12.6% in 2023 to 13.3% in 2026 [2] Business Overview - The company is a leading producer of natural yeast in China, specializing in yeast and related products [2] - Main products include baking yeast, brewing yeast, yeast extracts, and nutritional health products [2] - Products are widely used in baking, brewing, food seasoning, pharmaceuticals, and animal nutrition [2] Market and Valuation - The company's market capitalization is approximately CNY 26.115 billion [2] - The stock's 52-week price range is between CNY 28.69 and CNY 40.28 [2] - The current P/E ratio is 19.03x for 2024E, expected to decline to 14.10x by 2026 [2] - EV/EBITDA is projected to decrease from 10.31x in 2024E to 9.51x in 2026 [2]

业绩简评 4 月 19 日公司发布 2024 年一季报，报告期内公司实现营业收入 34.83亿元，同比+2.52%；实现归母净利润3.19 亿元，同比-9.45%； 扣非归母净利润2.95 亿元，同比-10.74%，业绩低于预期。 经营分析 主业保持稳健增长，其他业务下滑拖累。1）产品端，24Q1 酵母及 深加工产品实现营收24.50 亿元，同比+5.37%。其中YE、动植物 营养下游需求恢复较好，预计增速快于大盘。烘焙酵母表现较为 稳健，预计仍为个位数增长。保健品、微生物营养等业务预计依 旧承压下滑。制糖/包装/其他业务分别实现收入 3.98/1.00/5.26 亿元，同比-17.61%/-8.39%/+14.32%，制糖及部分贸易类低毛利 业务逐步剥离，产品结构有望改善。2）分区域来看，国内/国外 分别实现收入 21.04/13.70 亿元，同比-4.52%/+16.73%。海外市 场延续高增，系公司强化海外渠道建设和营销人员的本土化，市 人民币(元) 成交金额(百万元) 场人员深入一线，推进渠道下沉和二次开发，大力开发新经销商 42.00 700 和大用户。 40.00 600 38.00 500 产品 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a Q1 2024 revenue of 3.48 billion yuan, a year-on-year increase of 2.5%, but a net profit attributable to shareholders of 320 million yuan, a decrease of 9.5% year-on-year [1]. - The overseas market continues to show strong growth, while domestic demand is under pressure. The revenue breakdown shows that yeast and deep processing achieved revenues of 2.45 billion yuan and 400 million yuan, respectively, with year-on-year growth of 5.4% and a decline of 17.6% for the sugar business [1]. - The gross margin slightly decreased to 24.7%, down 0.7 percentage points year-on-year, primarily due to changes in product mix and the increased share of overseas business [1]. Financial Summary - The company is expected 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% [2][3]. - The projected P/E ratios for the next three years are 19x, 16x, and 14x, respectively [2][3]. - The company’s revenue is forecasted to grow from 15.7 billion yuan in 2024 to nearly 20 billion yuan by 2026, reflecting a compound annual growth rate of approximately 12.3% [3][12].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Views - The company's performance in Q1 2024 was below expectations, with total revenue of 3.483 billion yuan (+3%) and net profit attributable to shareholders of 319 million yuan (-9%) [4] - The gross margin decreased by 1 percentage point to 24.66%, primarily due to the increased proportion of low-margin overseas market and trade business [4] - The company is expected to see a recovery in gross margin as costs for molasses, energy, and other raw materials decline [4] - The company is expanding its trade products as planned, with revenue from yeast and deep-processed products reaching 2.450 billion yuan (+5%), mainly driven by growth in overseas markets [5] - The company’s net profit margin decreased by 1 percentage point to 9.47%, but profitability is expected to gradually recover with the commissioning of projects in Egypt and Russia [4][5] Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 34.83 billion yuan, a 3% increase year-on-year, while net profit decreased by 9% to 3.19 billion yuan [4] - The sales and management expense ratios were stable at 4.84% and 3.69%, respectively [4] - The company’s revenue from the domestic market was 21.04 billion yuan (-5%), while revenue from the overseas market was 13.70 billion yuan (+17%) [5] Market Expansion - The company is experiencing high growth in overseas markets, with international revenue contributing significantly to overall performance [5] - The number of distributors increased to 22,812, with a net addition of 459 distributors since the end of 2023 [5] - E-commerce channels continue to face challenges, with online revenue declining by 3% to 1.130 billion yuan [5] Profitability Forecast - The company is expected to recover its profitability as it leverages its scale, channel, and service advantages for global expansion [6] - Earnings per share (EPS) forecasts for 2024, 2025, and 2026 are 1.59 yuan, 1.96 yuan, and 2.32 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19, 15, and 13 times [9]

安[Ta琪ble酵_Sto母ckN（am6eR0p0tT2yp9e8] ） 公司研究/公司点评 国内需求环比改善 ——安琪酵母 24 年一季报点评 [T投a资ble评_R级an：k]买 入（维持） 主要观点： 报告日期： 2024-04-20 ⚫[ T公ab司le发_S布um 2m0a2r4y ]一 季报： [收Ta盘bl价e_（Ba元se）D ata] 30.06 ➢ 24年Q1：收入34.83亿（+2.52%），归母3.19亿（-9.45%），扣 近12个月最高/最低（元） 40.64/28.38 非2.95亿（-10.74%）。 总股本（百万股） 869 流通股本（百万股） 863 ⚫ 收入端国内环比恢复 流通股比例（%） 99.38 ➢ 国内：24Q1收入21亿元，同比-5%，环比降幅收窄（23Q4同比 总市值（亿元） 261 流通市值（亿元） 260 -9%），国内需求环比复苏，预计YE产品及流通渠道恢复较好。 ➢ 国外：24Q1收入14亿元，同比+17%，环比降速（23Q4同比 [公Ta司ble价_C格ha与rt]沪 深300走势比较 +27%），但北美、东南亚等地区持续扩张，海外渗透率提升。 1 ...

证券代码：600298 证券简称：安琪酵母 临 2024-049 号 会关于公司第九届监事会第二十七次会议相关事项的核查 意见》。 本次会议的召集和召开符合《中华人民共和国公司法》 《安琪酵母股份有限公司章程》《安琪酵母股份有限公司监 事会议事规则》等有关法律、法规的规定，会议决议有效。 二、监事会会议审议情况 （一）2024 年第一季度报告 内容详见上海证券交易所网站（www.sse.com.cn）上披 露的《安琪酵母股份有限公司 2024 年第一季度报告》。 监事会核查意见详见上海证券交易所网站 （www.sse.com.cn）上披露的《安琪酵母股份有限公司监事 安琪酵母股份有限公司 第九届监事会第二十七次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 安琪酵母股份有限公司（以下简称公司）于2024年4月8 日以电话及邮件的方式发出召开第九届监事会第二十七次 会议的通知，会议于2024年4月18日在公司五楼会议室召开， 本次会议由监事会主席李林主持，会议应到监事3名，实到监 事3名。 ...

Financial Performance - The company's operating revenue for Q1 2024 was RMB 3,482,528,863.98, representing a 2.52% increase compared to the adjusted revenue of RMB 3,396,815,398.88 in the same period last year[4]. - Net profit attributable to shareholders decreased by 9.45% to RMB 319,015,411.62 from RMB 352,321,475.54 in the previous year[4]. - Basic and diluted earnings per share were both RMB 0.37, down 9.76% from RMB 0.41 in the previous year[5]. - The company's operating profit for Q1 2024 was 387,232,226.30 CNY, a decrease of 7.5% compared to 420,001,543.03 CNY in Q1 2023[23]. - The total profit for Q1 2024 was 388,410,918.97 CNY, down 8.2% from 423,291,916.91 CNY in Q1 2023[23]. - Net profit for Q1 2024 was approximately ¥66.29 million, down 46.8% from ¥124.62 million in Q1 2023[29]. - The company reported a net profit margin improvement, with net profit for Q1 2024 expected to be higher than the previous year, although specific figures were not disclosed[21]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -659,301,132.10, a significant decline of 623.26% compared to RMB 125,998,723.35 in the same period last year[4]. - Cash flow from operating activities decreased by 623.26% compared to the same period last year, primarily due to increased procurement expenses and strategic reserves[9]. - Cash received from financing activities increased by 383.44% compared to the same period last year, primarily due to increased borrowings[11]. - Cash and cash equivalents as of March 31, 2024, amounted to CNY 1,227,716,992.89, compared to CNY 1,193,658,292.40 at the end of 2023, showing a growth of 2.9%[18]. - The company reported a net cash increase of ¥34,058,700.49 in cash and cash equivalents for Q1 2024, compared to a decrease of ¥169,165,688.12 in Q1 2023[26]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 20,468,007,233.04, reflecting a 6.02% increase from RMB 19,305,881,373.72 at the end of the previous year[5]. - Total liabilities increased to CNY 9,765,948,742.28 from CNY 8,689,492,279.77, marking a rise of 12.4%[20]. - Short-term borrowings as of March 31, 2024, were CNY 3,868,464,318.99, compared to CNY 2,904,233,424.22 at the end of 2023, reflecting a significant increase of 33.2%[19]. - Total assets increased to ¥14,682,580,461.01 as of March 31, 2024, up from ¥13,457,934,624.29 at the end of 2023, representing a growth of approximately 9.1%[28]. - The company's total liabilities rose to ¥7,002,296,083.63 in Q1 2024, compared to ¥5,626,565,847.59 in Q1 2023, indicating an increase of about 24.4%[28]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 97,847[12]. - The largest shareholder, Hubei Angel Biotechnology Group Co., Ltd., holds 330,707,745 shares, accounting for 38.07% of the total shares[12]. - The company repurchased 10,944,008 shares, representing 1.2597% of the total share capital at the end of the reporting period[13]. Expenses and Investments - Total operating costs for Q1 2024 were CNY 3,108,769,864.05, up from CNY 2,988,923,669.39 in Q1 2023, reflecting a year-over-year increase of 4.0%[21]. - Research and development expenses increased to 144,443,397.45 CNY in Q1 2024, up from 130,102,451.06 CNY in Q1 2023, reflecting a growth of 11%[23]. - Financial expenses increased by 47.09% compared to the same period last year, mainly due to an increase in interest expenses[9]. - The company recorded a net loss from investments of -690,993.91 CNY in Q1 2024, compared to a loss of -569,622.38 CNY in Q1 2023[23]. - The company acquired 100% equity of Yichang Angel Biotechnology Co., Ltd. for RMB 20.89 million, which was completed on March 27, 2024[5].

证券代码：600298 证券简称：安琪酵母 临 2024-052 号 安琪酵母股份有限公司 2024 年第一季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 年第一季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 （二）销售渠道 单位：万元 币种：人民币 | 渠道 | 本期营业收入 | | --- | --- | | 线下销售 | 234,441.67 | | 线上销售 | 112,981.36 | | 总计 | 347,423.03 | 单位：万元 币种：人民币 产品类别 本期营业收入 酵母及深加工产品 245,015.17 制糖产品 39,819.72 包装类产品 9,966.91 其他 52,621.23 总计 347,423.03 (三) 地区分布 单位:万元 币种:人民币 | 区域 | 本期营业收入 | | --- | --- | | ...