信达证券8月15日发布研报称，给予安琪酵母（600298.SH，最新价：38.04元）买入评级。评级理由主 要包括：1）国内恢复增长，海外持续高增；2）毛利率维持升势，扣非归母净利润高增；3）积极推进 经营，不断开拓创新。风险提示：食品安全问题，行业竞争加剧。 （文章来源：每日经济新闻） ...

68只个股今日获机构买入型评级，13股机构首次关注。 证券时报•数据宝统计显示，今日机构研报共发布94条买入型评级记录，共涉及68只个股。安琪酵母关注度最高，共获8次机构买入型评级记录。 今日获机构买入型评级个股中，共有37条评级记录中对相关个股给出了未来目标价。以公布的预测目标价与最新收盘价进行对比显示，共有17股 上涨空间超20%，纵横股份上涨空间最高，8月15日国金证券预计公司目标价为81.62元，上涨空间达50.29%，上涨空间较高的个股还有北汽蓝 谷、伟星新材等，上涨空间分别为42.15%、28.91%。 （原标题：68股今日获机构买入评级 17股上涨空间超20%） | 002913 奥士康 | 1 | 1.07 | 32.10 电子 | | --- | --- | --- | --- | | 002938 鹏鼎控股 | 1 | -0.61 | 49.00 电子 | | 002991 甘源食品 | 1 | 0.40 | 35.81 食品饮料 | | 003033 征和工业 | 1 | 9.99 | 18.60 汽车 | | 300017 网宿科技 | 1 | 5.72 | 40.05 计算机 | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 7.899 billion yuan in H1 2025, representing a year-on-year increase of 10.10%, and a net profit attributable to shareholders of 799 million yuan, up 15.66% year-on-year [1] - In Q2 2025, the company reported a revenue of 4.105 billion yuan, a year-on-year increase of 11.19%, and a net profit attributable to shareholders of 429 million yuan, up 15.35% year-on-year [1] - The company is experiencing recovery in domestic business and continued high growth in overseas markets, with Q2 revenue from domestic and international markets at 2.305 billion yuan and 1.778 billion yuan, respectively, showing year-on-year growth of 4.3% and 22.3% [3] Financial Performance Summary - The company maintained a gross margin of 26.19% in Q2, an increase of 2.27 percentage points year-on-year, driven by an increase in overseas business proportion and a decrease in molasses prices [3] - The company’s Q2 non-recurring net profit reached 405 million yuan, a year-on-year increase of 34.39% [1][3] - The company’s revenue is projected to grow from 13.585 billion yuan in 2023 to 20.694 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 10.4% [4] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.83 yuan, 2.12 yuan, and 2.46 yuan, respectively, corresponding to price-to-earnings (P/E) ratios of 21X, 18X, and 15X [3][4]

从资金流向上来看，当日调味发酵品板块主力资金净流出2603.68万元，游资资金净流出9365.8万元，散 户资金净流入1.2亿元。调味发酵品板块个股资金流向见下表： 证券之星消息，8月15日调味发酵品板块较上一交易日上涨0.98%，安琪酵母领涨。当日上证指数报收于 3696.77，上涨0.83%。深证成指报收于11634.67，上涨1.6%。调味发酵品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600298 | 安頂酵母 | 38.04 | 6.79% | 43.47万 | | 16.61亿 | | 603755 | 日辰股份 | 28.55 | 3.59% | 4.87万 | | 1.37亿 | | 600186 | 连化控股 | 6.19 | 1.14% | 45.08万 | | 2.78亿 | | 603317 | 天味食品 | 11.93 | 0.93% | 19.82万 | | 2.34亿 | | 603170 | 宝立食品 | 13.26 | ...

吃喝板块午后拉升！反映吃喝板块整体走势的食品ETF（515710）早盘低位震荡，午后拉升翻红，截至发稿，场内价格涨0.33%。 成份股方面，大众品涨幅居前，部分白酒龙头亦表现优异。截至发稿，安琪酵母飙涨超7%，盐津铺子大涨超4%，山西汾酒、舍得酒业、妙可蓝多等多股涨 超1%。 | 分时 | | 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | F9 盘前盘后 叠加 九转 | 画线 T | 3 > | 食品ETF ① | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.615 | | | | 515710[食品ETF] 13:49 价 0.613 涨跌 0.002(0.33%) 均价 0.611 成交量 1.21万 IOPV 0.6135 | | | 2025/08/15 | 0.6596 | 0.61 3 | +0.00 | | | | | | | | | | | SSE CNY 13:49:56 交易中 | | | 0.613 | | | | | ABATAN | | | 0.33% ...

Investment Rating - The report maintains a "Buy" rating for the company, considering the profit elasticity contributed by cost benefits [3][6]. Core Views - The company reported a revenue of 7.9 billion yuan for the first half of 2025, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 800 million yuan, up 15.7% year-on-year [1]. - The second quarter of 2025 saw a revenue of 4.1 billion yuan, reflecting an 11.2% year-on-year growth, with the main business segments showing stable growth [1][2]. - The gross profit margin increased by 2.3 percentage points to 26.2% in Q2 2025, primarily due to the decline in molasses costs and shipping fees [2]. Summary by Sections Financial Performance - For Q2 2025, the company achieved a net profit margin of 10.5%, with a year-on-year increase of 0.4 percentage points, despite a decrease in government subsidies impacting net profit [2]. - The company expects to maintain a revenue growth target of over 10% for the full year 2025, with contributions from overseas market expansion [2]. Profit Forecast - The profit forecasts for 2025-2027 have been slightly adjusted, with expected net profits of 1.64 billion, 1.92 billion, and 2.19 billion yuan respectively, reflecting year-on-year growth rates of 23.6%, 17.1%, and 14.4% [3]. Valuation Metrics - The current price-to-earnings (P/E) ratios are projected at 19, 16, and 14 times for 2025, 2026, and 2027 respectively, indicating that the valuation is at a historical low [3].

Group 1 - The food and beverage sector showed a rebound in the afternoon, with the Food ETF (515710) rising by 0.33% after a period of low volatility in the morning [1] - Major consumer goods stocks led the gains, with notable performances from liquor companies, including Angel Yeast surging over 7% and Yanjinpuzi rising over 4% [1] - The overall inventory pressure in the liquor industry is highlighted, with the total inventory of A-share listed liquor companies reaching 168.39 billion yuan by the end of 2024, a year-on-year increase of 12.9% [1][3] Group 2 - Despite a recent market rally, the food and beverage sector remains at a low valuation, presenting a potential opportunity for investment [3] - The current price-to-earnings ratio of the Food ETF (515710) is 19.96, which is at the 4.51% percentile of the past decade, indicating a favorable long-term investment value [3] - The white liquor sector faced significant challenges in Q2 due to the ongoing impact of the "drinking ban," leading to increased inventory levels and a downtrend in the short-term fundamentals [4] Group 3 - The Food ETF (515710) tracks the China Securities Index's segmented food and beverage industry index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks [5] - The top ten weighted stocks in the ETF include major brands such as Moutai, Wuliangye, and Yili, indicating a strong focus on established market leaders [5] - The upcoming launch of a new high-end beer by Xianlin Ecological Brewery, a subsidiary of Wuliangye, is seen as a strategic move to explore new market segments amid competitive pressures in the liquor industry [1][4]

Investment Rating - The investment rating for the company is "Accumulate" [2][6][19] Core Views - The company's profit margin continues to improve, with rapid growth in foreign revenue and a recovery in domestic growth, indicating stable performance growth is expected [3][12] - The company achieved a revenue of 7.899 billion yuan in H1 2025, a year-on-year increase of 10.10%, and a net profit attributable to the parent company of 799 million yuan, a year-on-year increase of 15.66% [12] - The target price for the company is set at 44.12 yuan, based on a 25X PE for 2025 [12][19] Financial Summary - Total revenue is projected to grow from 13.585 billion yuan in 2023 to 20.425 billion yuan in 2027, with a CAGR of approximately 9.6% [5][13] - Net profit attributable to the parent company is expected to increase from 1.273 billion yuan in 2023 to 2.048 billion yuan in 2027, reflecting a CAGR of about 10.6% [5][13] - The earnings per share (EPS) is forecasted to rise from 1.47 yuan in 2023 to 2.36 yuan in 2027 [5][13] Revenue Breakdown - In Q2 2025, the company reported a revenue of 4.105 billion yuan, a year-on-year increase of 11.19%, with a net profit of 429 million yuan, up 15.35% year-on-year [12] - Domestic revenue reached 2.31 billion yuan in Q2 2025, a year-on-year increase of 4.3%, while foreign revenue was 1.78 billion yuan, growing by 22.3% [12] - The revenue from the yeast and deep processing segment was 2.98 billion yuan, reflecting a year-on-year increase of 11.7% [12] Market Position and Strategy - The company is undergoing internal restructuring in the domestic market, which is expected to enhance sales recovery [12] - The company is actively expanding its overseas market presence, with a focus on yeast and yeast extract products, which have higher profit margins [12]

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Views - The company's main business is steadily expanding, with continuous optimization in profitability [5][6] - Revenue for H1 2025 reached 7.899 billion yuan, a year-on-year increase of 10%, while net profit attributable to shareholders was 799 million yuan, up 16% [4] - The company is experiencing a downtrend in costs, leading to improved profitability, with Q2 2025 gross margin increasing by 2 percentage points to 26.19% [5] - The company is actively promoting strategic new products, such as yeast protein, leveraging existing channel resources for market introduction [6] Financial Performance - In Q2 2025, revenue was 4.105 billion yuan, a year-on-year increase of 11%, with net profit attributable to shareholders at 429 million yuan, up 15% [4] - The company achieved a sales and management expense ratio increase of 0.1 percentage points and 0.2 percentage points, respectively, leading to a net profit margin increase of 1 percentage point to 10.82% [5] - The company’s fermentation output for H1 2025 was 228,000 tons, a year-on-year increase of 12% [6] Future Earnings Forecast - The company expects continuous improvement in performance, with projected EPS for 2025-2027 at 1.81, 2.06, and 2.31 yuan, respectively [7] - The current stock price corresponds to a PE ratio of 20, 17, and 15 times for the years 2025, 2026, and 2027, respectively [7] Market Expansion - The company is expanding its overseas market presence, with Q2 2025 domestic and international revenues of 2.305 billion yuan and 1.778 billion yuan, respectively, showing year-on-year growth of 4% and 22% [6] - The number of overseas distributors increased by 315 to 6,343 by the end of H1 2025, indicating strong growth in international markets [6]

业绩概要： 安琪酵母 公告2025年上半年实现营收79亿，同比增10%，录得归母净利润8亿，同比增15.7%，扣非后净利润7.4 亿，同比增24.5%；据此计算，第二季度实现营收41亿，同比增11.2%，录得归母净利润4.3亿，同比增 15.4%，扣非后净利润4.1亿，同比增34.4%。25Q2业绩超预期。 点评与建议： 收入符合预期，经营呈积极变化。上半年，公司加快薄弱市场渠道覆盖，推行差异化服务策略，渠道和客 户开发取得显著成效，同时，新产品、新业务积极推进，战略新品酵母蛋白推广顺利，多个新品市场开拓 进展顺利。以产品来看，H1酵母及深加工业务实现营收57.5亿，同比增12.4%，制糖业务实现营收3.8亿， 同比下降34.6%，包装类产品营收1.9亿，同比下降0.5%，食品原料实现收入8.9亿，其他产品实现收入6.5 亿；渠道上，上半年净新增经销商569个，其中境内254个，境外315个。单季度，2Q酵母类产品实现营收 29.8亿，同比增11.7%，制糖业务收入2.3亿，同比增20%，包装产品收入约1亿，同比增3.6%。 群益证券(香港)有限公司顾向君近期对安琪酵母（600298）进行研究并发布了研究报告 ...