安琪酵母（ [Table_StockNameRptType] 600298） 公司点评 海外业务持续向上 ——安琪酵母 24 年半年报点评 主要观点： ⚫[Table_Summary] 公司发布 2024 半年报： ➢ Q2：收入 36.92 亿（+11.3%），归母净利润 3.72 亿（+17.7%）， 扣非归母净利润 3.01 亿（+7.3%） ➢ H1：收入 71.75 亿（+6.9%），归母净利润 6.91 亿（+3.2%），扣 非归母净利润 5.96 亿（-2.5%） ➢ 收入基本符合预期，利润略超预期。 -32% -21% -11% 0% 11% 8/23 11/23 2/24 5/24 安琪酵母 沪深300 [Table_Author] 分析师：邓欣 执业证书号：S0010524010001 邮箱：dengxin@hazq.com 分析师：陈姝 执业证书号：S0010522080001 邮箱：chenshu@hazq.com [Table_CompanyReport] 相关报告 1.国内需求环比改善 2024-04-20 2.争规模保利润新阶段 2024-03-19 3.海外布局逐步完善 202 ...

证券研究报告 | 半年报点评 2024 年 08 月 08 日 安琪酵母（600298.SH） 主业环比加速，国内显著修复 事件：公司发布 2024 年中报，24H1 实现营收 71.7 亿元，同比+6.9%；实 现归母净利润 6.9 亿元，同比+3.2%；实现扣非归母净利润 6.0 亿元，同比 -2.5%。其中 24Q2 实现营收 36.9 亿元，同比+11.3%；实现归母净利润 3.7 亿元，同比+17.3%；实现扣非归母净利润 3.0 亿元，同比+7.2%。 酵母及深加工主业环比加速，国内市场显著修复。分品类来看，24Q2 公司 酵母及深加工/制糖/包装类/其他产品分别实现营收 26.7/1.9/1.0/7.1 亿元， 同比分别+12.2%/-40.1%/-17.1%/+46.4%，低盈利业务持续剥离；酵母及 深加工主业收入增速环比加速，趋势向好；其他业务高增长。分渠道来看， 24Q2 线 上 / 线下渠道 分 别 实 现 营 收 11.9/24.7 亿 元 ， 同 比 分 别 +7.6%/+13.0%。分地区来看，24Q2 国内/国外分别实现营收 22.1/14.5 亿 元，同比分别+6.6%/+19 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 30.48 CNY [2]. Core Views - The company reported a revenue of 7.175 billion CNY for the first half of 2024, representing a year-on-year increase of 6.86%, and a net profit attributable to shareholders of 691 million CNY, up 3.21% year-on-year [1]. - The second quarter of 2024 saw a revenue of 3.692 billion CNY, reflecting an 11.31% year-on-year growth, with a net profit of 372 million CNY, which is a 17.65% increase year-on-year [1]. - Domestic demand improved in Q2 2024, while overseas demand continued to grow, with domestic revenue increasing by 6.64% and international revenue by 19.01% in Q2 [1]. - The company is expected to maintain steady growth in its core yeast business, with new product launches and flexible pricing strategies contributing to revenue growth [1]. Financial Summary - The company forecasts revenues of 15.17 billion CNY, 16.83 billion CNY, and 18.33 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.7%, 10.9%, and 8.9% [6]. - Net profit attributable to shareholders is projected to be 1.412 billion CNY, 1.561 billion CNY, and 1.724 billion CNY for the same years, with growth rates of 11.2%, 10.5%, and 10.5% respectively [6]. - The company's PE ratios are expected to be 19, 17, and 15 for 2024, 2025, and 2026 respectively [6].

[利Table_T 润表现优 itle] ，需求正恢复 证券研究报告 公司研究 [公司点评报告 Table_ReportType] [Table_StockAndRank] 安琪酵母(600298) 投资评级 买入 上次评级 买入 | --- | --- | |----------------|---------------------------| | [Table_Author] | 赵丹晨 食品饮料行业分析师 | | 执业编号： | S1500523080005 | | 联系电话： | 13806086406 | | 邮 箱： | zhaodanchen@cindasc.com | | --- | --- | |------------|-------------------------------| | | 程远 行业分析师 | | 执业编号： | S150051910002 | | 联系电话： | 18601277343 | | | 邮 箱：chengyuan1@cindasc.com | [Table_ReportDate] 2024 年 8 月 8 日 [Table_S 事件：安琪酵母 umma ...

公 司 研 究 安琪酵母（600298.SH） 2024 年 08 月 08 日 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/7 | | 当前股价(元) | 29.61 | | 一年最高最低(元) | 37.20/27.22 | | 总市值(亿元) | 257.21 | | 流通市值(亿元) | 256.41 | | 总股本(亿股) | 8.69 | | 流通股本(亿股) | 8.66 | | 近 3 个月换手率(%) | 55.5 | 股价走势图 安琪酵母 沪深300 -24% -16% -8% 0% 8% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《股权激励落地，员工绑定加深、收 入确定性增强—公司信息更新报告》 -2024.6.4 《国际市场较快增长，关注国内需求 拐点—公司信息更新报告》-2024.4.23 《需求仍待恢复，成本有望下降 —公 司信息更新报告》-2024.3.25 食品饮料/调味发酵品Ⅱ 国内需求恢复，盈利能力改善 ——公司信息更新报告 张宇 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 7.175 billion yuan in H1 2024, representing a year-on-year growth of 6.86%. The net profit attributable to shareholders was 691 million yuan, with a year-on-year increase of 3.21% [2] - The company is expected to maintain steady growth in revenue, driven by its leading position in the yeast industry and rapid expansion in overseas markets. The report anticipates improvements in profitability as raw material costs stabilize [2][4] Financial Forecasts and Valuation - Revenue (in million yuan): - 2022A: 12,843 - 2023A: 13,581 - 2024E: 14,983 - 2025E: 16,658 - 2026E: 18,461 - Year-on-year growth rates: - 2022: 20% - 2023: 6% - 2024E: 10% - 2025E: 11% - 2026E: 11% [2] - Net Profit (in million yuan): - 2022A: 1,321 - 2023A: 1,270 - 2024E: 1,366 - 2025E: 1,564 - 2026E: 1,793 - Year-on-year growth rates: - 2022: 1% - 2023: -4% - 2024E: 8% - 2025E: 15% - 2026E: 15% [2] - Earnings per Share (in yuan): - 2022A: 1.52 - 2023A: 1.46 - 2024E: 1.57 - 2025E: 1.80 - 2026E: 2.06 [2] - Price-to-Earnings (P/E) Ratio: - 2022A: 19.5 - 2023A: 20.3 - 2024E: 18.8 - 2025E: 16.4 - 2026E: 14.3 [2] - Price-to-Book (P/B) Ratio: - 2022A: 2.8 - 2023A: 2.6 - 2024E: 2.3 - 2025E: 2.1 - 2026E: 1.9 [2] Key Investment Points - The company's main business of yeast is accelerating, with domestic growth rebounding. The revenue from yeast and deep-processed products in Q2 2024 reached 670 million yuan, a year-on-year increase of 12.24% [2] - The company is implementing a "one factory, one strategy" approach to enhance product application and maintain stable sales growth across its business units [2] - The report highlights that the company is focusing on maintaining its market share while expanding its overseas business, which is expected to contribute to steady revenue growth [2][4]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 37 CNY, while the current price is 29.61 CNY [2]. Core Insights - The company reported a revenue of 6.91 billion CNY for the first half of 2024, reflecting a year-on-year increase of 3.21%. The net profit attributable to shareholders was 3.01 billion CNY, up 7.18% year-on-year [2][5]. - The company's main yeast business showed significant improvement, driven by the expansion of new customers, with domestic and overseas revenues growing by 6.64% and 19.01% respectively [2]. - The gross margin slightly improved, and despite an increase in expense ratios, the company achieved double-digit growth in performance due to increased subsidies [2][5]. Financial Performance Summary - Total revenue for 2023 was reported at 13.581 billion CNY, with a projected growth rate of 5.7% for the year [8]. - The net profit attributable to shareholders for 2023 was 1.27 billion CNY, with a year-on-year decrease of 3.9% [8]. - The earnings per share (EPS) for 2023 was 1.46 CNY, with projections of 1.70 CNY for 2024 and 2.24 CNY for 2025 [8]. Revenue and Profit Growth - The company expects revenue growth to accelerate in the second half of the year, with a target of double-digit growth driven by new production capacity and improved cost efficiency [2]. - The report anticipates that the company's net profit margin will stabilize, supported by a favorable cost structure and product optimization [2][5].

证 2024 年 08 月 08 日 报 告 公 司 研 究 -25 -20 -15 -10 -5 0 5 (%) 安琪酵母 沪深300 ▌二季度烘焙需求修复，产品结构优化拉升毛利 市场表现 ▌酵母主业销量回升，产品推新贡献增量 ▌国内业务成本下降，海外产能建设持续推进 | --- | --- | |----------------------|-------------| | 基本数据 | 2024-08-07 | | 当前股价（元） | 29.61 | | 总市值（亿元） | 257 | | 总股本（百万股） | 869 | | 流通股本（百万股） | 866 | | 52 周价格范围（元） | 27.88-36.73 | | 日均成交额（百万元） | 204.17 | 券 研 究 需求边际修复，盈利持续改善 —安琪酵母（600298.SH）公司事件点评报告 买入(维持) 事件 2024 年 8 月 7 日，安琪酵母发布 2024 年半年度报告。 分析师：孙山山 S1050521110005 sunss@cfsc.com.cn 投资要点 公司 2024H1 实现营收 71.75 亿元（同增 7%），归母净 ...

C o m p a n y U p d a t e 安琪酵母(600298.SH) BUY 买进 公司基本资讯 | --- | --- | --- | --- | |--------------------|--------|--------|--------------| | 产业别 | | | 农林牧渔 | | A 股价(2024/8/7) | | | 29.61 | | 上证指数(2024/8/7) | | | 2869.83 | | 股价 12 个月高/低 | | | 36.61/27.22 | | 总发行股数(百万) | | | 868.67 | | A 股数(百万) | | | 865.97 | | A 市值(亿元) | | | 256.41 | | 主要股东 | | | 湖北安琪生物 | | | | | 集团有限公司 | | | | | (38.07%) | | 每股净值(元) | | | 11.72 | | 股价/账面净值 | | | 2.53 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | | --- | |------------| | 近期评等 | | ...

华福证券 安琪酵母（600298.SH） Q2 业绩提速，期待 H2 成本红利 事件：公司披露 24 年半年报：24 年 H1 公司实现营收 71.75 亿元，同比+6.86%； 归母净利润 6.91 亿元，同比+3.2%；扣非归母净利润 5.96 亿元，同比-2.5%。 其中，24Q2 营收 36.92 亿元，同比+11.3%；归母净利润 3.72 亿元，同比+17.26%； 扣非归母净利润 3.01 亿元，同比+7.18%。公司 Q2 营收、利润增长提速，H1 业绩整体符合预期。 Q2 酵母主业增长提速，海外业务延续高增 分产品看，Q2 酵母及深加工、制糖产品、包装类以及其他产品营收分别 同比+12.2%/-40.1%/-17.1%/+46.4%；其中，酵母深加工业务环比提速，同时公 司 H1 发酵总产量达 20.4 万吨，同比+11.5%，总产能在滨州项目与特种酶制剂 项目投产下扩张到 40 万吨，占全球 19%。分渠道看，Q2 公司线上、线下渠道 销售均有所恢复，分别同比+7.6%/+13.0%。分区域看，国内、海外 Q2 营收分 别同比+6.6%/+19%，其中海外安琪埃及子公司 H1 营收同比+1 ...