安琪酵母(600298)：海外延续增长趋势 毛利率改善报表端兑现

Core Insights - The company reported Q1 2025 results with revenue of 3.79 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 370 million yuan, up 16.0% year-on-year [1] Revenue Breakdown - In Q1 2025, overseas revenue continued to grow, with a quarter-on-quarter increase compared to Q4 2024 - By product: - Yeast and deep processing products generated revenue of 2.77 billion yuan, up 13.2% year-on-year - Sugar products generated revenue of 160 million yuan, down 60.7% year-on-year - Packaging products generated revenue of 100 million yuan, down 4.4% year-on-year - Food ingredients and other products generated revenue of 760 million yuan, up 44.1% year-on-year [2] - By region: - Domestic revenue was 2.10 billion yuan, down 0.3% year-on-year - Overseas revenue was 1.68 billion yuan, up 22.9% year-on-year, continuing the growth trend with improved quarter-on-quarter growth compared to Q4 2024 [2] Profitability and Cost Management - The company achieved a gross margin of 26.0%, an increase of 1.3 percentage points year-on-year, primarily due to a decrease in molasses costs - The selling, administrative, research and development, and financial expense ratios changed year-on-year as follows: - Selling expenses: +0.7 percentage points - Administrative expenses: -0.2 percentage points - Research and development expenses: -0.5 percentage points - Financial expenses: -0.5 percentage points, mainly due to increased foreign exchange gains - Asset impairment losses decreased by 0.5 percentage points year-on-year, mainly due to increased inventory write-downs - The net profit margin attributable to shareholders and the net profit margin excluding non-recurring items increased by 0.6 and 0.4 percentage points to 9.8% and 8.9%, respectively [2] Future Outlook - For 2025, the company expects overseas business growth to exceed 20%, continuing the previous growth trend - The overseas market still has significant growth potential, and with the expansion of overseas subsidiaries' production capacity, the company anticipates sustained growth - On the cost side, favorable raw material costs are expected to continue reflecting positively in the financial statements - Projected revenues for 2025-2027 are 16.89 billion, 18.67 billion, and 20.54 billion yuan, with year-on-year growth rates of 11.2%, 10.5%, and 10.0%, respectively - Projected net profits attributable to shareholders for 2025-2027 are 1.56 billion, 1.76 billion, and 1.91 billion yuan, with year-on-year growth rates of 17.7%, 13.1%, and 8.2%, respectively [3]