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中邮证券:给予安琪酵母买入评级

Core Viewpoint - Anqi Yeast (600298) has shown strong revenue growth in Q2 2025, with a buy rating maintained by Zhongyou Securities, highlighting robust performance in overseas markets and a recovery in profit margins [1][5]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 7.899 billion yuan, net profit attributable to shareholders of 799 million yuan, and net profit excluding non-recurring items of 742 million yuan, representing year-on-year growth of 10.1%, 15.66%, and 24.49% respectively [2]. - For Q2 2025, the company reported operating revenue of 4.105 billion yuan, net profit attributable to shareholders of 429 million yuan, and net profit excluding non-recurring items of 405 million yuan, with year-on-year increases of 11.19%, 15.35%, and 34.39% respectively [2]. Business Segmentation - The core yeast business maintained double-digit growth, with revenue from yeast and deep processing reaching 5.754 billion yuan, a year-on-year increase of 12.38%. The low-margin sugar business was further divested, impacting overall revenue [3]. - Revenue from offline and online channels in the first half of 2025 was 5.740 billion yuan and 2.126 billion yuan, showing year-on-year growth of 19.23% and a decline of 8.52% respectively [3]. - Domestic and international revenue for the first half of 2025 was 4.404 billion yuan and 3.462 billion yuan, with year-on-year growth of 2.07% and 22.6% respectively, indicating strong overseas market performance [3]. Cost and Profitability - The gross margin for Q2 2025 recovered to 26.19%, with a net profit margin of 10.46%, reflecting a year-on-year increase of 2.27 and 0.38 percentage points respectively [4]. - The company’s gross margin and net profit margin for the first half of 2025 were 26.09% and 10.12%, showing year-on-year increases of 1.8 and 0.49 percentage points [4]. Earnings Forecast - The company maintains its revenue forecasts for 2025-2027 at 17.049 billion yuan, 18.882 billion yuan, and 20.668 billion yuan, representing year-on-year growth of 12.19%, 10.75%, and 9.46% respectively [5]. - The net profit forecasts for the same period are set at 1.651 billion yuan, 1.917 billion yuan, and 2.201 billion yuan, with year-on-year growth of 24.62%, 16.14%, and 14.80% respectively [5].