ANGEL YEAST(600298) 新浪财经·2025-04-11 02:41Core Insights - The company reported a revenue of 15.2 billion yuan for the year 2024, representing a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 1.325 billion yuan, up 4.1% year-on-year [1] - The overseas market showed significant growth, while the trading sugar business continued to be divested [1] - The company expects continued improvement in cost structure and revenue growth in the upcoming years, with projected revenues of 16.89 billion yuan, 18.67 billion yuan, and 20.54 billion yuan for 2025, 2026, and 2027 respectively [3] Revenue Breakdown - For the year 2024, revenue from various product segments was as follows: yeast and deep processing products 10.85 billion yuan (+14.2%), sugar products 1.27 billion yuan (-26.1%), packaging products 410 million yuan (-2.8%), food raw materials 1.44 billion yuan (+31.7%), and other products 1.17 billion yuan (+42.1%) [1] - Domestic and international revenue for 2024 increased by 7.5% and 19.4% respectively, with international business showing strong growth [1] Profitability Analysis - The overall gross margin for 2024 decreased by 0.7 percentage points to 23.5%, primarily due to increased shipping costs in Q3 [2] - The net profit margin and adjusted net profit margin for 2024 were 8.7% and 7.7%, reflecting a decline of 0.7 and 0.4 percentage points year-on-year [2] - In Q4, the net profit margin decreased by 0.5 percentage points, while the adjusted net profit margin increased by 0.2 percentage points year-on-year [3] Future Outlook - The company anticipates cost improvements in the new sugar season, with new capacities in Egypt and Russia expected to enhance competitiveness in international markets [3] - Projected revenue growth rates for 2025, 2026, and 2027 are 11.2%, 10.5%, and 10.0% respectively, with net profit growth rates of 17.7%, 13.8%, and 7.6% [3]