公司报告 | 年报点评报告 安琪酵母（600298） 证券研究报告 2024年03月23日 投资评级 23Q4 主业承压，静待后续改善 行业 食品饮料/调味发酵品 Ⅱ 6个月评级 买入（维持评级） 事件：2023 年公司收入/归母净利润分别为 135.81/12.70 亿元（同比 +5.74%/-3.86%）；23Q4 公司收入/归母净利润分别为 39.28/3.58 亿元（同 当前价格 29.07元 比+1.76%/-15.48%）。 目标价格 元 酵母业务稳健增长，其他业务快速增长。23Q4 公司酵母及深加工/制糖/ 基本数据 包装类产品/其他收入26.01/6.18/1.02/5.74亿元（同比-1.79%/-20.56%/-14. A股总股本(百万股) 868.75 97%/+71.69%），收入占比分别同比变动-1.47/-4.18/-0.47/+6.12 个百分点 流通A股股本(百万股) 863.40 至66.78%/15.88%/2.61%/14.73%。全年看烘焙面食、YE食品、生物饲料、植 A股总市值(百万元) 25,254.63 保、酿造与生物能源、酶制剂等业务均保持了增长态势；微生物营养 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 13.58 billion yuan in 2023, a year-on-year increase of 5.7%, while the net profit attributable to shareholders was 1.27 billion yuan, a decrease of 3.9% [2] - The company plans to distribute a cash dividend of 5 yuan per 10 shares (tax included) [2] - The main business shows steady growth, with overseas revenue growth leading at 22% year-on-year, while domestic revenue decreased by 1.2% [2] - The company is the largest supplier of YE globally and the second-largest yeast supplier, with a total yeast production capacity of 370,000 tons [2] Financial Performance Summary - Revenue by category: Yeast and deep processing products generated 9.5 billion yuan (+5.4%), while sugar products generated 1.7 billion yuan (-3.2%) [2] - The company achieved a gross margin of 24.2%, a decrease of 0.6 percentage points year-on-year [2] - The net profit margin for the year was 9.7%, down 0.8 percentage points from the previous year [2] - The company expects net profits for 2024-2026 to be 1.35 billion yuan, 1.55 billion yuan, and 1.81 billion yuan respectively, with corresponding EPS of 1.55 yuan, 1.78 yuan, and 2.09 yuan [3][4] Capacity and Cost Management - The company is actively improving its self-produced hydrolyzed sugar process, which is expected to reduce costs effectively [2] - The company has successfully launched three production lines for hydrolyzed sugar, which will help lower single sugar costs [2] - The company is expanding its production capacity overseas, particularly in Egypt and Russia, which will enhance its cost advantages [2] Future Projections - Revenue is projected to grow to 15.67 billion yuan in 2024, with a growth rate of 15.39% [4] - The company anticipates a gradual improvement in gross margins, reaching 25.8% by 2024 [4] - The expected dynamic PE ratios for 2024, 2025, and 2026 are 19 times, 17 times, and 14 times respectively [3][4]

食品饮料 分析师：刘冉 海外市场持续繁荣，国内市场仍待复苏 登记编码：S0730516010001 l iuran@ccnew.com 021-50586281 ——安琪酵母(600298)2023 年年报点评 证券研究报告-年报点评 买入(维持) 市场数据(2024-03-20) 发布日期：2024年03月21日 收盘价(元) 29.50 投资要点： 一年内最高/最低(元) 41.75/29.50 ⚫ 公司发布2023年报：2023年，公司实现营收135.81亿元，同比增 沪深300指数 3,585.38 5.7%；实现归母扣非净利润11.04亿元，同比降0.9%。其中，第四 市净率(倍) 2.54 流通市值(亿元) 254.70 季度，公司实现收入39.28亿元，同比增1.8%；实现归母扣非净利 基础数据(2023-12-31) 润2.95亿元，同比降-3.8%。 每股净资产(元) 11.60 每股经营现金流(元) 1.52 ⚫ 海外市场好于国内市场。2023 年，国内、国外市场分别实现营收 毛利率(%) 24.19 87.61、47.86 亿元，分别同比增-1.20%、21.99%。考虑到 20231H ...

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 编号：2024-004 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 ☐新闻发布会 ☐路演活动 类别 ☐现场参观 ☐电话会议 ☐其他 长江证券、财通证券、东方证券、国金证券、国海证券、国盛证券、 华创证券、华泰证券、华鑫证券、华金证券、开源证券、申万宏源 证券、太平洋证券、天风证券、兴业证券、中金公司、中泰证券、 参与单位名称 中信建设证券、中信证券、海通证券、招商证券、花旗环球、摩根 士丹利、方正证券、麦格理证券、国泰君安证券、摩根大通、高盛、 野村东方国际证券等 时间 2024年3月19日上午10:00-11:00 上市公司 董事会秘书：高路 接待人员姓名 地点 腾讯电话会议线上交流 与会人员就公司情况进行了交流，主要内容如下： 问题1：公司未来对于酶制剂公司有具体的展望吗？ 回复：酶制剂公司为本公司设立的全资子公司，其业务范围涵 盖工业酶制剂的生产、销售以及研发，其于2023年荣获高新技术企 业认定，2023年酶制剂业务保持了持续增长的态势。未来，公司将 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 39.50 CNY, down from the previous forecast of 44.70 CNY [1][2]. Core Insights - The company's performance in 2023 was below expectations, with a focus on stability in its annual budget targets. The main business remains under pressure, but there is potential for gradual improvement in costs despite facing competition [1][2]. - The report highlights that the company's revenue for 2023 was 13.58 billion CNY, a year-on-year increase of 6%, while the net profit attributable to shareholders was 1.37 billion CNY, down 4% year-on-year [1][2]. - The report anticipates a stable target for 2024, with expected revenue growth of 15.37% and net profit growth of 7.80% [1][2]. Financial Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2024E Revenue: 15.53 billion CNY - 2024E Net Profit: 1.85 billion CNY - 2025E Revenue: 17.35 billion CNY - 2026E Revenue: 19.18 billion CNY [2][1]. - The company's operating profit margin is projected to be 10.2% in 2024, with a net profit margin of 9.1% [1][2]. Market Position - The company is a leader in the yeast industry in China, focusing on the research and large-scale production of natural yeast. Its main products include bread yeast, brewing yeast, and nutritional health products [2][1]. - The report notes that the company's overseas business is growing rapidly, while domestic demand is gradually recovering [1][2].

Investment Rating - The report maintains a "Buy" rating for Angel Yeast (600298 SH) [4] Core Views - Angel Yeast achieved revenue of 13 58 billion yuan in 2023, a year-on-year increase of 5 7%, while net profit attributable to the parent company was 1 27 billion yuan, a year-on-year decrease of 3 9% [1] - Domestic demand remains weak, but overseas markets continue to expand rapidly, with overseas revenue growing 27 4% year-on-year in Q4 2023 [1] - The company's gross margin slightly declined by 0 6 percentage points to 24 2% in 2023, mainly due to changes in product and regional structure [1] - For 2024, the company targets revenue growth of 15 37% and net profit growth of 7 80%, with overseas business expected to maintain high growth [2] Financial Performance - In 2023, the company's revenue was 13 58 billion yuan, with a net profit of 1 27 billion yuan [1] - Q4 2023 revenue was 3 93 billion yuan, a year-on-year increase of 1 8%, while net profit was 360 million yuan, a year-on-year decrease of 15 5% [1] - The company's gross margin for 2023 was 24 2%, with yeast and deep-processed products contributing a gross margin of 30 7% [1] - Net profit margin and adjusted net profit margin for 2023 were 9 4% and 8 1%, respectively, down 0 9 and 0 5 percentage points year-on-year [1] Business Segments - In Q4 2023, yeast and deep-processed products contributed 2 6 billion yuan in revenue, a year-on-year decrease of 1 8%, while other businesses (including food ingredients and trade) grew 80 1% year-on-year [1] - Domestic revenue in Q4 2023 was 2 61 billion yuan, a year-on-year decrease of 9 2%, while overseas revenue was 1 29 billion yuan, a year-on-year increase of 27 4% [1] Future Outlook - The company expects cost benefits from lower molasses prices in 2024, which could boost profitability if demand recovers [2] - Revenue and net profit targets for 2024 are set at 15 37% and 7 80% growth, respectively, with overseas business and yeast extracts expected to drive growth [2] - The report forecasts net profit for 2024-2026 to be 1 38 billion yuan, 1 61 billion yuan, and 1 82 billion yuan, respectively, with year-on-year growth rates of 8 4%, 17 0%, and 13 2% [2] Valuation - The current PE ratio is 19x for 2024, 16x for 2025, and 14x for 2026 [2] - The PB ratio is 2 6x for 2023, expected to decrease to 2 4x in 2024 and 2 2x in 2025 [3]

2024 年 03 月 19 日 公司研究 评级：买入(维持) 研究所： [Table_Title] 国内需求承压，关注海外拓展和成本趋势 证券分析师： 刘洁铭 S0350521110006 liujm@ghzq.com.cn 证券分析师： 秦一方 S0350523120001 ——安琪酵母（ ） 年年报点评 600298 2023 qinyf@ghzq.com.cn 最近一年走势 事件 : 2024年3月18日，安琪酵母发布2023年年度报告，2023年实现营业 收入 135.81 亿元，同比+5.74%；实现归母净利润 12.70 亿元，同比 -3.86%；实现扣非净利润11.04亿元，同比-0.87%。对应公司Q4单季 度实现营业收入39.28亿元，同比+1.75%；实现归母净利润3.58亿元， 同比-15.48%；实现扣非净利润2.95 亿元，同比-3.84%。公司每10股 派发现金红利5元。 投资要点 : 相对沪深300表现 2024/03/19 表现 1M 3M 12M  国内需求短期承压，国际化战略积蓄势能。分地区看，2023年国内 安琪酵母 -9.5% -16.2% -20.5% / 国 外 ...

[Table_Page] 年报点评|调味发酵品Ⅱ 证券研究报告 [安Table_琪Title] 酵母（600298.SH） [公Tab司le_I评nves级t] 买入 当前价格 31.41元 业绩短期承压，静待需求改善 合理价值 31.57元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-03-19  需求弱复苏，2023年业绩短期承压。公司发布2023年报，2023年收 相[Ta对ble市_Pi场cQu表ote现] 入135.81亿元，同比+5.74%；归母净利润12.70亿元，同比-3.86%。 其中，23Q4收入39.28亿元，同比+1.76%；归母净利润3.58亿元， 8% 同比-15.48%。分区域看， 2023年国内收入87.61亿元，同比-1.20%； 2% 海外收入47.86亿元，同比+21.99%。其中，23Q4国内收入26.05亿 -4%03/23 05/23 07/23 09/23 11/23 01/24 元，同比-9.17%，主要受国内需求较弱影响；海外收入 12.89 亿元， -10% 同比+27.38%，预计来自海外渠道下沉贡献。分产品看 ...

安[Ta琪ble酵_Sto母ckN（am6eR0p0tT2yp9e8] ） 公司研究/公司点评 争规模保利润新阶段 ——安琪酵母 23 年报点评 [T投a资ble评_R级an：k]买 入（维持） 主要观点： 报告日期： 2024-03-19 ⚫[ T公ab司le发_S布um 2m0a2r3y ]年 报： ➢ Q4：收入39.28亿（+1.8%），归母3.58亿（-15.5%），扣非2.95 [收Ta盘bl价e_（Ba元se）D ata] 30.28 近12个月最高/最低（元） 41.21/29.84 亿（-3.8%）。 总股本（百万股） 869 ➢ Q1-4：收入135.81亿（+5.7%），归母12.7亿（-3.9%），扣非 流通股本（百万股） 863 11.04亿（-0.9%）。 流通股比例（%） 99.38 总市值（亿元） 263 流 通市值（亿元） 261 ⚫ 收入：国内需求较弱+国外实现高增 [公Ta司ble价_C格ha与rt]沪 深300走势比较 ➢ 国内：Q4收入26亿元，同比-9%，Q3-1%，环比降速。23A同比 微降，国内需求尚待恢复，C端表现较弱。 18% ➢ 国外：Q4收入13亿元，同 ...

Financial Performance - The company reported an undistributed profit of RMB 7,004,943,502.19 as of the end of 2023, with an undistributed profit per share of RMB 8.06[4] - The capital reserve at the end of 2023 was RMB 2,440,394,880.25, translating to a capital reserve per share of RMB 2.81[4] - The proposed cash dividend distribution is RMB 5 per 10 shares, amounting to an estimated total distribution of RMB 428,862,885.50[4] - The company has a total share capital of 868,752,279 shares, adjusted for repurchased shares, resulting in a base of 857,725,771 shares for the dividend distribution[4] - The company's operating revenue for 2023 reached ¥13,581,131,635.82, representing a year-on-year increase of 5.74% compared to ¥12,843,297,523.48 in 2022[19] - The net profit attributable to shareholders of the listed company for 2023 was ¥1,270,164,997.63, a decrease of 3.86% from ¥1,321,207,397.24 in 2022[19] - The net cash flow from operating activities for 2023 was ¥1,320,869,622.10, showing an increase of 23.58% compared to ¥1,068,813,772.57 in 2022[19] - The total assets at the end of 2023 amounted to ¥19,270,410,479.20, reflecting a year-on-year growth of 13.80% from ¥16,933,432,292.02 in 2022[19] - The basic earnings per share for 2023 was ¥1.47, down 6.37% from ¥1.57 in 2022[20] - The weighted average return on equity for 2023 was 13.03%, a decrease of 3.44 percentage points from 16.47% in 2022[20] - The company reported non-recurring gains of ¥165,719,771.36 for 2023, compared to ¥207,076,472.59 in 2022[23] - The net profit after deducting non-recurring gains for 2023 was ¥1,104,445,226.27, a slight decrease of 0.87% from ¥1,114,130,924.65 in 2022[19] Operational Highlights - The first quarter of 2023 saw operating revenue of ¥3,396,542,504.36, with a net profit of ¥352,412,349.97[22] - The total fermentation output reached 376,900 tons, a year-on-year increase of 15.09%[27] - The revenue from international business was 4.786 billion RMB, a year-on-year increase of 21.99%[26] - The company successfully developed new yeast strains, with the yeast protein approved as a new food material[27] - The company participated in 295 industry events and conferences to enhance market presence[26] - The company is the second largest yeast producer globally, with a significant market share in China[30] - The company achieved a revenue of 13.581 billion yuan, representing a year-on-year growth of 5.74%[37] - The total yeast fermentation capacity reached 370,000 tons, with a domestic market share of 55% and a global market share exceeding 18%[33] - The company operates in 13 cities globally, including 11 domestic and 2 overseas production bases[33] - The company has established a comprehensive marketing network, selling products in over 160 countries and regions[36] Research and Development - The company applied for 159 patents during the reporting period, with 90 patents granted[34] - Research and development expenses rose by 12.55% to 603.43 million RMB, indicating a continued investment in innovation[39] - The company employed 816 R&D personnel, making up 6.86% of the total workforce, with a significant portion holding master's degrees[55] - The company plans to invest 200 million yuan in new technology over the next two years[92] - Research and development expenses increased by 18%, focusing on innovative fermentation technologies[92] Governance and Compliance - The company has maintained a standard unqualified audit report from Da Xin Accounting Firm[3] - The board of directors and supervisory board members have all attended the board meeting, ensuring accountability for the report's accuracy[3] - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors, highlighting the importance of investment risk awareness[5] - The company held 4 shareholder meetings during the reporting period, approving a total of 28 proposals, ensuring compliance with legal and regulatory requirements[78] - The board of directors consists of 11 members, including 6 independent directors, and held 12 meetings during the reporting period, approving 57 proposals[80] - The supervisory board, composed of 3 members, held 12 meetings and approved 43 proposals, ensuring compliance with legal regulations[80] - The company disclosed 170 announcements in 2023, including 114 announcements and 56 attachments, fulfilling information disclosure obligations[80] Environmental Responsibility - The company invested ¥67,468.38 million in environmental protection during the reporting period[128] - The company has 20 key pollution discharge outlets, all of which are compliant with discharge standards[129] - The company achieved a chemical oxygen demand discharge concentration of 74 mg/L, which is below the standard limit of 150 mg/L[129] - The company reported a total annual emission of 1,197.63 tons for chemical oxygen demand and 1,076.10 tons for nitrogen oxides in 2023[131] - The company successfully started production at the Keke Dala and Puer companies, adding one wastewater and one gas discharge outlet each[132] - The company has implemented comprehensive environmental monitoring systems for wastewater and air emissions, ensuring compliance with regulatory standards[137] - The company has engaged in community outreach programs, including educational donations totaling 1 million yuan to support scholarships[144] Shareholder and Capital Management - The total cash dividend amount (including tax) is 578,848,407.96 RMB, representing 45.57% of the net profit attributable to ordinary shareholders in the consolidated financial statements[120] - The company plans to repurchase between 8,444,444 and 10,666,667 shares, representing 0.97% to 1.23% of the total share capital[200] - The total amount allocated for the share repurchase is between 380 million RMB and 480 million RMB[200] - The total number of shares decreased from 868,968,879 to 868,752,279 due to the cancellation of restricted stocks[181] - The company unlocked 2,662,400 shares from the restricted stock incentive plan during the reporting period[182] - The company repurchased a total of 4,176,563 shares, accounting for 0.48% of the total share capital[185] Future Outlook - The company aims to achieve a revenue target of CNY 15.669 billion in 2024, reflecting a year-on-year growth of 15.37%[73] - The net profit attributable to shareholders is projected to be CNY 1.369 billion in 2024, an increase of 7.80% year-on-year[73] - The company plans to focus on five key industries: yeast, health food ingredients, nutritional health food, new biotechnology, and new health packaging[72] - The company is positioned to become the world's largest yeast producer and a leading international biotechnology company[72] - The company plans to strengthen market control and adjust sales strategies based on market conditions to create differentiated products and services[75]