公司报告 | 季报点评 安琪酵母（600298） 证券研究报告 2024年04月 23日 投资评级 业绩阶段性承压，海外维持较高增速 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：24Q1 公司收入/归母净利润分别为 34.83/3.19 亿元（同比 +2.52%/-9.45%）。 当前价格 29.12元 目标价格 元 酵母业务稳健增长，制糖业务有所下降。24Q1 公司酵母及深加工/制糖/ 包装类产品/其他收入24.50/3.98/1.00/5.26亿元（同比+5.37%/-17.61%/-8. 基本数据 38%/+14.33%），收入占比分别同比+1.68/-2.85/-0.35/+1.52个百分点至70. A股总股本(百万股) 868.67 52%/11.46%/2.87%/15.15%。酵母主业保持增长态势，制糖业务和包装类业 流通A股股本(百万股) 863.40 务有所下降。 A股总市值(百万元) 25,295.66 国外业务维持较高增速，经销商数量快速增长。24Q1公司国内/国外收入 流通A股市值(百万元) 25,142.07 分别为21.04/13.70亿元（同比-4.52% ...

公司研究 | 季报点评 安琪酵母 600298.SH 买入（维持） 业绩短期承压，静待经营拐点 股价（2024年04月23日） 29.12元 目标价格 41.08元 52周最高价/最低价 39.78/28.38元 ——安琪酵母2024年一季报点评 总股本/流通A股（万股） 86,867/86,340 A股市值（百万元） 25,296 核心观点 国家/地区 中国 行业 食品饮料 ⚫ 事件：公司发布2024年一季报，公司24Q1实现营收 34.83亿元/yoy+2.52%，归 报告发布日期 2024年04月23日 母净利润3.19亿元/yoy-9.45%，扣非归母净利润2.95亿元/yoy-10.74%。 ⚫ 国内需求仍有承压，海外相对稳健。1）分区域看，公司24Q1国内实现营收21.04 1周 1月 3月 12月 亿元/yoy-4.5%，海外实现营收13.70亿元/yoy+16.7%；2）分产品看，公司24Q1 绝对表现 -0.24 0.17 -10.07 -26.21 酵母及深加工产品实现营收24.50亿元/yoy+5.4%，制糖产品营收3.98亿元/yoy- 相对表现 -0.1 1.26 -18.56 -1 ...

证券代码：600298 证券简称：安琪酵母 公告编号：临 2024-053 号 安琪酵母股份有限公司 关于召开 2024 年第一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 05 月 20 日（星期一）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/） 一、说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年第一季度经营成果及财务指标的具体情况与投资者进行互动交流 和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行回 答。 二、说明会召开的时间、地点 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 05 月 13 日（星期一）至 05 月 17 日（星 期五）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 ...

食品饮料/调味发酵品Ⅱ 公 司 研 安琪酵母（600298.SH） 国际市场较快增长，关注国内需求拐点 究 2024年04月23日 ——公司信息更新报告 投资评级：买入（维持） 张宇光（分析师） 方勇（分析师） zhangyuguang@kysec.cn fangyong@kysec.cn 日期 2024/4/22 证 书编号：S0790520030003 证书编号：S0790520100003 当前股价(元) 29.00  收入略有增长，维持“买入”评级 公 一年最高最低(元) 40.30/28.38 2024Q1 公司营业总收入 34.83 亿元，同比+2.52%；扣非前后归母净利润 3.19、 司 信 总市值(亿元) 251.91 2.95 亿元，同比-9.45%、-10.74%。短期竞争加剧，我们下调 2024-2026 年归母 息 流通市值(亿元) 250.38 净利润至13.66/17.07/21.57亿元（前值14.67/18.67/23.40亿元），对应2024-2026 更 总股本(亿股) 8.69 年EPS 1.57/1.97/2.48元，当前股价对应2024-2026年18.4/14. ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 37 CNY, compared to the current price of 30.06 CNY [2][3]. Core Views - The company reported a revenue of 3.483 billion CNY in Q1 2024, reflecting a year-on-year increase of 2.52%. However, the net profit attributable to shareholders decreased by 9.45% to 319 million CNY [2][3]. - The domestic business experienced a decline, impacting revenue expectations. Domestic revenue fell by 4.5% year-on-year, while overseas revenue grew by 16.7% [3]. - The gross margin for Q1 2024 was 24.66%, a slight increase of 0.75 percentage points year-on-year, attributed to a weak recovery in the domestic market and increased promotional activities [3]. - The report anticipates a gradual recovery in demand throughout the year, with revenue expected to accelerate in the second half as the base effect diminishes [3]. Financial Summary - Total revenue for 2023 was 13.581 billion CNY, with projected revenues of 14.906 billion CNY for 2024, 16.757 billion CNY for 2025, and 18.792 billion CNY for 2026, indicating a growth rate of 9.8% in 2024 [4]. - The net profit attributable to shareholders for 2023 was 1.270 billion CNY, with forecasts of 1.377 billion CNY for 2024, 1.568 billion CNY for 2025, and 2.124 billion CNY for 2026, reflecting an 8.4% growth in 2024 [4]. - Earnings per share (EPS) are projected to be 1.59 CNY in 2024, 1.81 CNY in 2025, and 2.45 CNY in 2026, with corresponding price-to-earnings (PE) ratios of 19, 17, and 12 respectively [4][3]. Market Performance - The company has a total market capitalization of 261.15 billion CNY and a circulating market value of 259.54 billion CNY [7]. - The stock has shown a performance decline of approximately 28% over the past 12 months compared to the CSI 300 index [8].

证券研究报告 [利Tab润le_端Titl承e] 压，关注国内需求恢复 公司研究 [Table_ReportDate] 2024年4月22日 [公Ta司ble点_Re评po报rtT告ype] [Table_Summary] 事件：安琪酵母公布 2024 年一季报。24Q1 公司实现营业收入 34.83 亿 [安Ta琪bl酵e_母Sto(c6k0A0n2dR9a8n)k ] 元，同比+2.52%；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%。 投资评级 买入 上次评级 买入 点评： [马Ta铮b le _ A u t食ho品r]饮 料行业首席分析师 执业编号：S1500520110001 ➢ 国内需求偏弱，收入略有增长。分产品看，24Q1酵母及深加工产品、 联系电话：13392190215 制糖产品、包装类产品和其他分别实现营收 24.50 亿元、3.98 亿元、 邮 箱：mazheng@cindasc.com 9967 万元和 5.26 亿元，同比分别+5.37%、-8.38%、-17.61%和 +14.33%。分区域看，24Q1公司国内和国外分别录得营收 ...

[Table_StockInfo] 买入 2024年 04月 20日 （维持） 证券研究报告•2024年一季报点评 当前价： 30.06元 安琪酵母（600298） 食品饮料 目标价： ——元（6个月） 短期经营压力，全球布局明确 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2024年一季报，一季度实现营业收入34.8亿元，同比增长2.5%， [分Ta析bl师e_：Au朱th会or振] 实现归母净利润3.2亿元，同比下滑9.5%。 执业证号：S1250513110001 电话：023-63786049  国内收入下滑，海外带动增长。1、分品类看，酵母及深加工产品、制糖产品分 邮箱：zhz@swsc.com.cn 别实现营业收入24.5亿元（+5.4%）、4亿元（-17.6%）。2、分区域看，国内、 分析师：夏霁 国外分别实现营业收入21亿元（-4.5%）、13.7亿元（+16.7%）。国内经营仍有 执业证号：S1250523070006 压力，国外增速相对领先。公司经营面向全球，在国内、全球酵母市占率分别 电话：021-68415380 约 55%、18%，出口至160 ...

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]