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 ...

Investment Rating - The investment rating for Angel Yeast is maintained as "Buy" [1] Core Views - The report highlights that Angel Yeast's revenue for Q4 2023 was 3.928 billion (up 1.8%), with a net profit attributable to the parent company of 358 million (down 15.5%) [1] - For the full year 2023, the total revenue was 13.581 billion (up 5.7%), while the net profit attributable to the parent company was 1.270 billion (down 3.9%) [1] - The report indicates a divergence in gross profit margins between domestic and international markets, with domestic margins declining due to high raw material costs, while overseas margins improved due to cost reductions and operational efficiency [1] - The company aims for a revenue target of 15.7 billion for 2024 (up 15.4%) and a net profit target of 1.4 billion (up 7.8%) [2] Revenue Analysis - Domestic demand remains weak, with Q4 domestic revenue at 2.6 billion (down 9% year-on-year) and a full-year decline [1] - International revenue for Q4 reached 1.3 billion (up 27% year-on-year), indicating strong growth in regions like North America [1] Profitability Metrics - Q4 gross margin was 23.02% (down 0.91 percentage points), with domestic margins declining significantly [1] - The net profit margin for Q4 was 9.22% (down 1.98 percentage points), influenced by gross margin changes and reduced government subsidies [1] Future Outlook - The company has a clear cost improvement strategy, with expectations of significant profit contributions from overseas subsidiaries as raw material costs decline [1] - Long-term capacity for yeast fermentation has reached 370,000 tons, with a domestic market share of 55% and over 18% globally, indicating room for further international penetration [1][2]

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]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][8] Core Views - The company achieved a revenue of 13.581 billion RMB in 2023, a year-on-year growth of 5.74%, while the net profit attributable to shareholders decreased by 3.86% to 1.270 billion RMB [1][4] - The company is focusing on its core yeast business, with a notable increase in the proportion of revenue from this segment, while sugar and packaging businesses are gradually declining [1] - The report anticipates that domestic demand will improve as downstream industries like baking and condiments recover, and overseas markets will continue to grow rapidly due to new market expansions and capacity increases [1][2] Summary by Sections Performance Overview - In Q4 2023, the company reported a revenue of 3.928 billion RMB, a 1.76% increase year-on-year, but the net profit attributable to shareholders fell by 15.48% to 358 million RMB [1] - The company’s yeast and deep-processed products generated revenue of 9.51 billion RMB, while sugar and packaging segments generated 420 million RMB and 1.71 billion RMB, respectively [1] Business Analysis - The yeast segment saw a sales volume of 348,500 tons in 2023, up 10.4% year-on-year, although the price per ton decreased by 4.5% due to increased promotional activities and product mix adjustments [1] - Domestic revenue decreased by 1.2% to 8.761 billion RMB, while international revenue grew by 22.0% to 4.786 billion RMB [1] Cost and Margin Analysis - The net profit margin for the full year 2023 was 9.4%, down 0.9 percentage points year-on-year, with the main raw material costs stabilizing but market competition impacting gross margins [1] - The report notes a decrease in the cost per ton of yeast by 3.1% due to lower logistics and energy costs [1] Profit Forecast and Valuation - The report projects net profits of 1.38 billion RMB, 1.61 billion RMB, and 1.89 billion RMB for 2024, 2025, and 2026, respectively, with growth rates of 8%, 17%, and 18% [2][4] - The price-to-earnings ratios for the next three years are estimated at 20x, 17x, and 14x [2]

公司研 究 证 券研究 报 告 其他食品 2024年03月19日 安 琪酵母（600298）2023年报点评 强 推 （维持） 目标价：37元 业绩低于预期，24 定调稳健 当前价：31.41元 事项： 华创证券研究所  公司发布2023年年度报告，2023年全年实现收入135.81亿元，同比+5.74%； 证券分析师：欧阳予 归母净利润12.7亿元，同比-3.86%；扣非归母净利润11.04亿元，同比-0.87%。 单Q4来看，公司实现收入39.28亿元，同比+1.76%；归母净利润3.58亿元， 邮箱：ouyangyu@hcyjs.com 同比-15.48%；扣非归母净利润2.95亿元，同比-3.84%。 执业编号：S0360520070001 评论： 证券分析师：范子盼  酵母主业同比下滑，海外维持较快增速。公司2023年全年实现收入135.81亿 邮箱：fanzipan@hcyjs.com 元，同比+5.74%，酵母主业全年量价分比同比+11.00%/-4.52%，单Q4实现收 执业编号：S0360520090001 入39.28亿元，同比+1.76%，低于市场预期。分品类来看，单Q4酵母系列/制 ...

证 券 2024 年 03 月 19 日 研 究 盈利端承压，海外市场延续势能 报 告 —安琪酵母（600298.SH）公司事件点评报告 买入(维持) 事件 分析师：孙山山 S1050521110005 2024 年 03 日18日，安琪酵母发布 2023 年年报。 sunss@cfsc.com.cn 投资要点 基本数据 ▌ 盈利略有承压，糖蜜成本下滑有望释放毛利 2024-03-18 当前股价（元） 31.41 2023 年总营业收入 135.81 亿元（同增 6%），营收增长主要 总市值（亿元） 273 为海外市场带动，归母净利润 12.70 亿元（同减 4%），扣非 总股本（百万股） 869 净利润 11.04 亿元（同减 1%），盈利能力承压。其中 2023Q4 总营业收入 39.28 亿元（同增 2%），归母净利润 3.58 亿元 流通股本（百万股） 863 （同减 15%），扣非净利润 2.95 亿元（同减 4%）。盈利端， 52周价格范围（元） 29.84-41.75 2023 年毛利率/净利率分别为 24.19%/9.66%，分别同比- 日均成交额（百万元） 210.93 1pct/-1pct ...

上 市 公 司 食品饮料 2024 年03月 19 日 安琪酵母 (600298) 公 司 研 究 ——23Q4 低于预期 静待需求恢复 / 公 司 点 报告原因：有业绩公布需要点评 评 增持 投资要点： （维持）  事件：公司发布2023年报，2023年公司实现营业收入135.8亿，同比增长5.7%，归母 净利润 12.7 亿，同比下降 3.86%，扣非归母净利润 11亿，同比下降 0.9%。测算 23Q4 证 市场数据： 2024年03月18日 单季度公司实现营业收入39.3亿，同比增长1.8%，归母净利润3.6亿，同比下降15.5%， 券 收盘价（元） 31.41 扣非归母净利润2.95亿，同比下降3.8%，收入与利润低于预期。分红方案为10派5元， 研 一年内最高/最低（元） 42.5/28.38 究 市净率 2.7 分红率33.8%。2024年公司收入目标156.69亿，同比增长15.37%，归母净利润目标13.69 报 息率（分红/股价） - 亿，同比增长7.8%。 告 流通A股市值（百万元） 27119 上证指数/深证成指 3084.93/9752.83  投资评级与估值：考虑到下游烘焙需求 ...