Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - In 3Q2024, the company achieved revenue of RMB 37.38 billion, a YoY increase of 27.14%, with net profit attributable to shareholders of RMB 2.62 billion, a YoY increase of 7.02%, and adjusted net profit of RMB 2.43 billion, a YoY increase of 21.60% [2] - Revenue growth was driven by strong performance in the yeast business, improvement in derivative products, and significant growth in overseas markets, particularly in the Middle East, Africa, and Asia-Pacific regions [2] - Domestic and international revenues were RMB 22.69 billion and RMB 14.33 billion, respectively, with YoY growth rates of 20.70% and 30.20% [2] - Gross margin in 3Q2024 was 21.35%, down 3.63 percentage points YoY due to rising shipping costs, while adjusted net margin remained stable at 6.5% [3] - The company is expected to achieve full-year revenue growth close to its 15% target, with steady profit growth and potential cost improvements in the next fiscal year [3] Financial Projections - Revenue for 2024-2026 is projected to be RMB 154.42 billion, RMB 173.31 billion, and RMB 194.56 billion, with YoY growth rates of 13.70%, 12.24%, and 12.26%, respectively [4] - Net profit attributable to shareholders for 2024-2026 is expected to be RMB 13.97 billion, RMB 16.17 billion, and RMB 19.36 billion, with YoY growth rates of 9.96%, 15.80%, and 19.71%, respectively [4] - EPS for 2024-2026 is forecasted to be RMB 1.61, RMB 1.86, and RMB 2.23, with corresponding P/E ratios of 22.85x, 19.73x, and 16.48x [4] Financial Metrics - Gross margin is expected to improve from 24.2% in 2023 to 26.0% in 2026, driven by cost reductions and operational efficiencies [5] - ROE is projected to increase from 12.61% in 2023 to 14.49% in 2026, reflecting improved profitability and capital efficiency [5] - The company's asset turnover is expected to improve, with total asset turnover days decreasing from 480 days in 2023 to 421 days in 2026 [5] Operational Highlights - The company's overseas business has shown strong growth, contributing significantly to overall revenue, with a focus on expanding market share in emerging markets [2] - Cost pressures from rising shipping expenses have impacted gross margins, but the company expects cost improvements in the next fiscal year due to lower raw material prices [3] - The company's R&D expenses are expected to increase steadily, reflecting continued investment in product innovation and market expansion [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - The company has shown strong revenue growth, with a Q3 revenue increase of 27.14% year-on-year, and a total revenue of 10.912 billion yuan for the first three quarters of 2024, representing a 13.04% increase year-on-year [5] - The company is expected to recover its profit margins as raw material prices decline, despite a current gross margin decrease of 3.62 percentage points in Q3 [6] - The company has experienced significant growth in its other product lines, particularly with a 76.54% increase in revenue from other products in Q3 [6] - The company has achieved notable growth in both domestic and international markets, with Q3 revenue from domestic sales at 2.269 billion yuan (+20.7%) and international sales at 1.433 billion yuan (+30.2%) [7] - The earnings per share (EPS) forecast for 2024-2026 is projected to be 1.57, 1.72, and 1.98 yuan respectively, with a reasonable valuation range of 39.25 to 47.1 yuan based on a price-to-earnings (PE) ratio of 25-30 times for 2024 [7] Financial Performance Summary - For Q3 2024, the company reported a revenue of 3.738 billion yuan, with a net profit of 262 million yuan, reflecting a year-on-year increase of 7.02% [5] - The company’s cash flow from operations for Q3 was 1.208 billion yuan, up 44.11% year-on-year [5] - The gross margin for Q3 was 21.35%, down 3.62 percentage points year-on-year, while the net profit margin was 6.51%, down 0.24 percentage points [6] - The company’s total revenue for 2023 is projected to be 13.581 billion yuan, with a year-on-year growth of 5.7% [8] Revenue Breakdown - The revenue and growth rates for various product lines in Q3 2024 are as follows: - Yeast and deep-processed products: 2.592 billion yuan (+17.76%) - Sugar products: 309 million yuan (+5.48%) - Packaging products: 111 million yuan (+16.3%) - Other products: 690 million yuan (+76.54%) [6] Market Comparison - The company’s stock performance over the past three months shows an absolute increase of 28.5% compared to the CSI 300 index [4] - The company’s market capitalization is approximately 32.904 billion yuan, with a circulating market value of 32.368 billion yuan [2] Future Outlook - The company is expected to maintain a positive growth trajectory, with projected revenues of 15.408 billion yuan in 2024, 17.046 billion yuan in 2025, and 18.664 billion yuan in 2026 [10] - The net profit is forecasted to grow from 1.365 billion yuan in 2024 to 1.724 billion yuan in 2026, indicating a strong growth potential [10]

安琪酵母股份有限公司 2024 年第六次临时股东大会会议资料 2024 年 11 月 15 日 安琪酵母股份有限公司 2024 年第六次临时股东大会会议议程 ● 会议召开时间：2024 年 11 月 15 日 ● 现场会议时间：2024 年 11 月 15 日下午 14:00 ● 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2024 年 11 月 15 日的 9:15-9:25、9:30-11:30、13:00-15:00；通过互联网投票平台的 投票时间为 2024 年 11 月 15 日的 9:15-15:00。 ● 会议召开地点：公司一楼会议室 ● 会议召开方式：现场投票与网络投票相结合的方式 二、选举监票人（两名股东代表和一名监事）； 三、审议会议议案： 1.关于在印度尼西亚设立子公司的议案； 2.关于变更回购股份用途并注销的议案。 四、股东及股东代表对议案进行提问、发言； 五、现场与会股东及股东代表对上述议案进行书面表决，等 待网络投票结果； 六、计票员计票，监票人、律师共同参与负责计票、监票； 七、宣布议案表决结果； 八、湖北瑞通天元律师事务所律师作股东大会律师 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.80 RMB, up from the previous target of 38.88 RMB [5] Core Views - The company's Q3 2024 performance showed significant improvement, driven by growth in domestic small-packaged yeast and YE products, as well as continued strong growth in overseas business [3] - Domestic business improved quarter-over-quarter, while overseas business maintained high growth momentum [11] - The company's revenue and net profit for Q3 2024 exceeded expectations, with revenue reaching 3.738 billion RMB, up 27.14% YoY, and net profit reaching 262 million RMB, up 7.02% YoY [11] - The company's competitive advantages are becoming more evident, with potential for gradual improvement in profitability due to cost reductions and better pricing strategies [11] Financial Performance - For Q1-Q3 2024, the company achieved revenue of 10.912 billion RMB, up 13.04% YoY, and net profit of 953 million RMB, up 4.23% YoY [11] - The company's gross margin for Q3 2024 was 21.4%, down 3.6 percentage points YoY, mainly due to rising shipping costs [11] - The company's net profit margin for Q3 2024 was 7.0%, down 1.3 percentage points YoY [11] Business Segments - In Q3 2024, the company's yeast and deep processing business grew by 17.8% YoY, while the sugar business grew by 5.5% YoY, and the packaging business grew by 16.3% YoY [11] - Domestic revenue grew by 20.7% YoY, while overseas revenue grew by 30.2% YoY [11] - Online and offline sales grew by 22.0% and 25.3% YoY, respectively [11] Future Outlook - The company is expected to benefit from cost reductions in raw materials such as molasses, and shipping costs are expected to decline starting from Q4 2024, which will improve profit margins [11] - The company's EPS forecasts for 2024-2026 are maintained at 1.58, 1.79, and 2.13 RMB, respectively [11] Valuation and Market Data - The company's current market capitalization is 31.914 billion RMB, with a share price of 36.74 RMB [6] - The company's P/E ratio is 24.16x based on the latest diluted share capital [10] - The company's ROE is expected to improve from 12.7% in 2024 to 14.2% in 2026 [10]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [1][10]. Core Insights - The company reported a revenue of 10.91 billion yuan for the first three quarters of 2024, a year-on-year increase of 13%, with a net profit attributable to shareholders of 0.95 billion yuan, up 4.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 3.74 billion yuan, representing a 27.1% year-on-year growth, and a net profit of 0.26 billion yuan, which is a 7% increase year-on-year [1][2]. - The company's gross margin for the first three quarters was 23.3%, down 1.4 percentage points year-on-year, with Q3 gross margin at 21.4%, down 3.6 percentage points year-on-year [2]. Summary by Relevant Sections Revenue Growth - The revenue from yeast and deep processing products reached 7.71 billion yuan, growing by 11.7%, while sugar products saw a decline of 17.9% [2]. - Domestic revenue for the first three quarters was 6.58 billion yuan, up 6.9%, and international revenue was 4.26 billion yuan, up 21.8% [2]. Profitability - The company's net profit margin for the first three quarters was 8.9%, down 1 percentage point year-on-year, affected by a reduction in government subsidies [2]. - The report highlights a temporary decline in profitability due to rising shipping costs, despite improvements in raw material costs [2][3]. Capacity and Cost Management - The company is the largest YE supplier globally, with a total yeast production capacity exceeding 400,000 tons [3]. - The report notes a significant potential for cost advantages as the company expands its operations in Egypt and Russia, alongside a joint venture in Indonesia [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 1.36 billion yuan for 2024, 1.57 billion yuan for 2025, and 1.79 billion yuan for 2026, with corresponding EPS of 1.57 yuan, 1.80 yuan, and 2.06 yuan [3][4].

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]