研报掘金丨华西证券：维持安琪酵母“买入”评级，收入稳健增长，海外加速扩张

Core Viewpoint - Anqi Yeast's net profit attributable to shareholders for the first half of the year reached 799 million yuan, representing a year-on-year increase of 15.66% [1] - The company achieved a net profit of 429 million yuan in Q2, with a year-on-year growth of 15.32% [1] Financial Performance - The company's revenue increased by 10.1% year-on-year to 7.899 billion yuan, driven by significant improvements in channel and customer development [1] - The strong profit performance is attributed to high overseas growth and declining costs [1] Strategic Initiatives - Short-term growth is expected from the strategic new product yeast protein and increased penetration in overseas markets [1] - Long-term growth will be supported by capacity expansion, technological innovation, and a transition towards health-oriented products [1] Future Outlook - The company aims to become a "global benchmark enterprise in yeast" and is optimistic about its sustained and steady growth [1] - The target is to achieve the status of "the largest yeast company globally and an internationally leading biotechnology company" [1] - The investment rating remains at "buy" [1]