安琪酵母(600298)：改善逻辑兑现 Q1业绩超预期

Core Viewpoint - Anqi Yeast's Q1 2025 financial results exceeded expectations, with revenue growth driven by international markets while domestic performance remained stable [1][2][4] Financial Performance - Q1 2025 revenue reached 3.794 billion yuan, a year-on-year increase of 8.95%; net profit attributable to shareholders was 370 million yuan, up 16.02%; and net profit excluding non-recurring items was 337 million yuan, up 14.37% [1] - Gross margin for Q1 2025 was 25.97%, an increase of 1.31 percentage points year-on-year, despite depreciation pressures from new projects in Egypt and Russia [3] - The company reported a net profit margin of 10.2%, reflecting a year-on-year increase of 0.72 percentage points, indicating better-than-expected profitability [3] Regional Performance - Domestic revenue for Q1 2025 was 2.099 billion yuan, a slight decrease of 0.26% year-on-year, while international revenue was 1.684 billion yuan, showing a significant increase of 22.94% [2] - The company’s overseas revenue growth was primarily driven by strong performance in regions outside North America, which faced slight declines due to policy impacts [2][4] Product Performance - Revenue from yeast and deep processing products was 2.773 billion yuan, up 13.17% year-on-year, while sugar and packaging segments saw declines of 60.68% and 4.3%, respectively [2] - The newly disclosed food raw materials segment generated 434 million yuan, indicating a substantial year-on-year growth of 44.1% when combined with other businesses [2] Cost and Expense Management - The company experienced a decrease in molasses procurement costs by approximately 15%, contributing to improved gross margins [3] - Selling, general, and administrative expenses remained stable, with sales expense ratio slightly increasing due to overseas expansion efforts [3] Strategic Outlook - The company’s organizational restructuring in early 2025 is expected to enhance long-term business collaboration and efficiency, despite short-term challenges [4] - The ongoing expansion of production capacity is anticipated to support double-digit revenue growth in the coming years, with a focus on international markets as a key growth driver [4] Investment Recommendation - The company is positioned for growth with a target price of 44 yuan, corresponding to a PE ratio of approximately 25 times for 2025, reflecting a favorable investment opportunity at current valuation levels [5]