ANGEL YEAST(SH:600298) Xin Lang Cai Jing·2025-04-15 06:24Core Insights - The company reported a revenue of 15.197 billion in 2024, representing a year-on-year growth of 11.86%, and a net profit attributable to shareholders of 1.325 billion, up 4.07% year-on-year [1] - The company plans to distribute a dividend of 0.55 per share, with a total distribution amount of 477 million, resulting in a dividend payout ratio of 36% [1] - The company aims for a revenue growth of over 10% in 2025 [1] Financial Performance - In Q4 2024, the company achieved a revenue of 4.285 billion, a year-on-year increase of 9%, and a net profit of 371 million, up 3.6% year-on-year [1] - The gross margin for the year was 23.52%, a decrease of 0.67 percentage points, primarily due to high raw material costs and an increase in low-margin business [3] - The net profit margin for the year was 8.72%, down 0.64 percentage points, mainly due to the decline in gross margin [3] Product and Market Analysis - The company's yeast and deep processing products generated a revenue of 10.854 billion in 2024, with a year-on-year growth of 14.19% [2] - Domestic and international markets achieved revenues of 9.421 billion and 5.712 billion respectively, with year-on-year growth rates of 7.5% and 19.36% [2] - The sugar products segment saw a revenue decline of 26.05%, attributed to a decrease in trading business, with a negative gross margin [2][3] Future Outlook - The company has slightly adjusted its profit forecasts for 2025-2026, now predicting net profits of 1.55 billion and 1.8 billion respectively, with year-on-year growth rates of 17% for both years [1] - The company expects to benefit from a decrease in molasses costs in 2025, which may lead to an improvement in gross margins [3] - The company maintains a positive long-term outlook, anticipating further growth in the yeast industry and expansion in overseas markets [1]