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]

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-122 号 安琪酵母股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 11 月 14 日（星期四）上午 10:00-11:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2024 年 11 月 7 日（星期四）至 11 月 13 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 gaolu@angelyeast.com 进行提问。公司将在说明会上对投资者普 遍关注的问题进行回答。 安琪酵母股份有限公司（以下简称公司）已于 2024 年 10 月 31 日发 布了公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公 司 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for Angel Yeast (600298) with a target price of 42.32, compared to the last closing price of 35.83 [1][3]. Core Views - The report highlights that Angel Yeast's Q3 overseas revenue continues to grow significantly, with a year-on-year increase of 30.2%, while domestic revenue also shows a recovery trend [1][3]. - The company reported a total revenue of 10.912 billion in the first three quarters of 2024, representing a year-on-year growth of 13.04%, and a net profit attributable to shareholders of 0.953 billion, up 4.23% year-on-year [1][3]. - The main yeast business saw a revenue increase of 17.7% in Q3, reaching 2.59 billion, while other products, including enzyme preparations and food ingredients, surged by 76.7% [1][3]. Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 3.738 billion, reflecting a year-on-year growth of 27.14%, with a net profit of 0.262 billion, up 7.02% year-on-year [1]. - The gross profit margin for the first three quarters decreased by 1.4 percentage points to 23.3%, with Q3 gross margin at 21.4%, down 3.6 percentage points year-on-year [1][3]. - The report projects revenues of 15.234 billion, 16.982 billion, and 18.714 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 12.17%, 11.48%, and 10.20% [4]. Market Dynamics - The report notes that the demand for packaged yeast is improving, and the company expects continued growth of over 20% in both domestic and overseas markets [1][3]. - The report anticipates that the company will achieve its incentive targets for the year, driven by strong growth in emerging markets such as the Middle East, Africa, and Asia-Pacific [1][3]. Cost and Profitability - The report indicates that shipping costs have returned to normal levels, and both domestic and international molasses prices are on a downward trend, which is expected to positively impact profitability [1][3]. - The company is expected to benefit from a gradual recovery in demand for its main yeast products, supported by effective pricing strategies [1][3].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.05%, and a net profit attributable to shareholders of 0.953 billion yuan, up 4.55% year-on-year [2]. - The yeast main business has accelerated, with strong overseas demand. In Q3 2024, revenue from yeast and deep processing products reached 2.592 billion yuan, a year-on-year increase of 17.76% [2]. - The gross profit margin has been under pressure due to changes in product structure and rising shipping costs, with Q3 2024 gross margin at 21.35%, down 3.62 percentage points year-on-year [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.738 billion yuan, a year-on-year increase of 27.17%, and a net profit of 0.262 billion yuan, up 7.84% year-on-year [2]. - The company’s gross profit margin for the first three quarters of 2024 was 23.28%, compared to 21.35% in Q3 2024, reflecting a decline due to increased shipping costs and a higher proportion of other business [2]. Revenue Breakdown - In Q3 2024, revenue from various product categories was as follows: yeast and deep processing products (2.592 billion yuan), sugar products (0.309 billion yuan), packaging products (0.111 billion yuan), and other products (0.690 billion yuan) [2]. - Revenue from domestic and international markets in Q3 2024 was 2.269 billion yuan and 1.433 billion yuan, respectively, with year-on-year growth of 20.70% and 30.20% [2]. Future Outlook - The company expects continued growth in the yeast main business, with projected revenues of 15.49 billion yuan, 17.21 billion yuan, and 18.75 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 14.0%, 11.1%, and 8.9% [2][5]. - The net profit attributable to shareholders is projected to be 1.37 billion yuan, 1.61 billion yuan, and 1.82 billion yuan for the same years, with growth rates of 7.6%, 18.0%, and 13.1% [2][5].

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Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.05%, and a net profit attributable to shareholders of 0.953 billion yuan, up 4.55% year-on-year. In the third quarter of 2024, the revenue reached 3.738 billion yuan, a year-on-year increase of 27.17%, with a net profit of 0.262 billion yuan, up 7.84% year-on-year, indicating that revenue slightly exceeded expectations while profit met expectations [2][5] - The company experienced a seasonal revenue acceleration, with strong performance in overseas markets. The domestic market revenue for Q3 2024 was 2.269 billion yuan, a year-on-year increase of 20.70%, while the overseas market revenue was 1.433 billion yuan, up 30.20% year-on-year [6] - The company is expected to face temporary pressure on profitability due to rising shipping costs and concentrated factory maintenance, leading to a year-on-year decline in gross margin by 3.62 percentage points to 21.35% in Q3 2024 [6] Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 15.450 billion yuan, 17.380 billion yuan, and 19.434 billion yuan, with year-on-year growth rates of 13.76%, 12.49%, and 11.82% respectively. The net profit attributable to shareholders is expected to be 1.371 billion yuan, 1.608 billion yuan, and 1.898 billion yuan for the same period, with growth rates of 7.91%, 17.29%, and 18.08% respectively [7] - The earnings per share (EPS) are projected to be 1.58 yuan, 1.85 yuan, and 2.19 yuan for 2024, 2025, and 2026 respectively [7] Market Analysis - The company’s product lines, including yeast and deep processing products, generated revenue of 2.592 billion yuan in Q3 2024, a year-on-year increase of 17.76%. The company’s main business is recovering well, with significant growth in other product categories, which saw a revenue increase of 76.54% year-on-year [6] - The company is focusing on cost reduction and efficiency improvement strategies, with a slight decrease in sales, management, and R&D expense ratios [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 results with revenue of 3.74 billion yuan, an increase of 27.1% year-on-year, and a net profit attributable to shareholders of 260 million yuan, up 7.0% year-on-year [1] - The overseas and domestic revenue showed a sequential improvement, with overseas revenue reaching 1.43 billion yuan, a year-on-year increase of 30%, and domestic revenue at 2.27 billion yuan, up 20.7% year-on-year [1] - The company is expected to achieve a revenue growth target of 10% and is planning to build a factory in Indonesia to alleviate overseas capacity pressure [1] Revenue Analysis - Q3 revenue breakdown: overseas revenue of 1.43 billion yuan (+30% YoY), domestic revenue of 2.27 billion yuan (+20.7% YoY) [1] - Product revenue growth: yeast (+18%), sugar (+5.5%), packaging (+16%), and food ingredients (+76.5%) [1] Profitability Insights - Q3 gross margin decreased by 3.6 percentage points to 21.4% due to a higher proportion of low-margin food ingredients and rising shipping costs [1] - The net profit margin for Q3 was 7.0%, down 1.3 percentage points year-on-year, attributed to last year's government subsidies and a higher tax rate [1] Financial Forecast - Revenue projections for 2024-2026 are 15.4 billion yuan, 17.3 billion yuan, and 19.2 billion yuan, respectively, with year-on-year growth rates of 13.6%, 11.9%, and 11.2% [3] - Net profit forecasts for the same period are 1.4 billion yuan, 1.6 billion yuan, and 1.8 billion yuan, with growth rates of 10.1%, 14.1%, and 12.4% [3] Valuation Metrics - Current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 22, 20, and 17 times, respectively [1][3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has seen a significant recovery in domestic revenue, while short-term gross margins are under pressure due to rising shipping costs and geopolitical factors [1] - The company is expected to maintain steady revenue growth driven by its leading market position in yeast production and rapid expansion in overseas markets [1][2] Summary by Relevant Sections Revenue and Profit Forecast - The company's revenue is projected to grow from 13,581 million in 2023 to 18,444 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10% [1][2] - Net profit attributable to the parent company is expected to increase from 1,270 million in 2023 to 1,780 million in 2026, with a notable growth rate of 17% in 2025 [1][2] - Earnings per share (EPS) is forecasted to rise from 1.46 in 2023 to 2.05 in 2026 [1][2] Financial Performance - The company reported a revenue of 10.912 billion in the first three quarters of 2024, a year-on-year increase of 13.04% [1] - The gross margin has faced pressure, decreasing to 21.35% in Q3 2024, primarily due to increased shipping costs and geopolitical influences [1] - The company’s net profit margin has also declined, with a reported net profit of 2.62 billion in Q3 2024, reflecting a year-on-year growth of 7.02% [1] Market Position and Growth Drivers - The company is recognized as a leader in the domestic yeast market, continuously focusing on its core business and expanding its market share [1][2] - The overseas business is expected to maintain rapid growth, contributing significantly to overall revenue [1][2] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 24.5 in 2023 to 17.5 by 2026, indicating a more attractive valuation over time [1][2] - The price-to-book (P/B) ratio is expected to decline from 3.1 in 2023 to 2.2 in 2026, further supporting the investment case [1][2]