ANGEL YEAST(SH:600298) Xin Lang Cai Jing·2025-04-29 02:35Core Viewpoint - Anqi Yeast reported a solid performance in Q1 2025, with revenue and net profit showing significant year-on-year growth, indicating a positive trend in both domestic and international markets [1][2]. Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 3.794 billion yuan, representing an 8.95% year-on-year increase [1]. - The net profit attributable to shareholders was 370 million yuan, reflecting a 16.02% year-on-year growth, with earnings per share (EPS) at 0.43 yuan [1][2]. - The gross profit margin improved to 25.97%, up by 1.31 percentage points year-on-year, primarily due to a decline in raw material costs [3]. Group 2: Revenue Breakdown - The main business segments showed varied performance, with yeast and deep processing products growing by 13.2% year-on-year, while sugar, packaging, and other businesses saw declines of 60.7%, 4.4%, and 38.3% respectively [2]. - Domestic revenue was 2.099 billion yuan, slightly down by 0.3%, while international revenue reached 1.684 billion yuan, up by 22.9% year-on-year [2]. Group 3: Market Strategy and Outlook - The company is actively expanding its international presence, having established operations in Brazil and Algeria, and is preparing for projects in Indonesia [2]. - The global yeast market is expected to grow significantly, particularly in Africa, the Middle East, and the Asia-Pacific regions, indicating substantial future growth potential [2]. - The company has adjusted its domestic sales organization to optimize management structure and enhance operational efficiency [2]. Group 4: Cost Management and Cash Flow - The company’s selling, administrative, research and development, and financial expense ratios were 5.58%, 3.49%, 3.61%, and 0.09% respectively, with financial expenses decreasing due to increased foreign exchange gains [3]. - The depreciation and amortization increase in 2025 is expected to be less than in 2024, suggesting further improvement in gross margins [3]. Group 5: Future Projections - Revenue projections for 2025-2027 are estimated at 16.678 billion, 18.278 billion, and 19.966 billion yuan, with year-on-year growth rates of 10%, 10%, and 9% respectively [3]. - Net profit forecasts for the same period are 1.554 billion, 1.796 billion, and 2.059 billion yuan, with growth rates of 17%, 16%, and 15% respectively [3].