ANGEL YEAST(SH:600298) Xin Lang Cai Jing·2025-10-31 02:24Core Insights - The company reported a Q3 revenue growth of +4.0% and a net profit growth of +21.0%, driven by strong overseas performance while domestic demand slightly declined [1][3] - The outlook remains positive with expectations of continued overseas advantages, potential domestic recovery, and further cost reductions leading to profit recovery [1][3] Financial Performance - For Q3, the company achieved revenues of 38.9 billion and a net profit of 3.2 billion, with year-on-year growth of +4.0% and +21.0% respectively [1] - For the first three quarters of 2025, the company reported revenues of 117.9 billion and a net profit of 11.2 billion, reflecting year-on-year increases of +8.0% and +17.1% [1] Regional Performance - Q3 revenues from domestic and international markets were 21.9 billion and 16.9 billion respectively, showing a year-on-year decline of -3.5% for domestic and an increase of +17.7% for international [2] - The yeast and deep-processed products segment generated 26.4 billion in revenue, marking a +2.0% increase, while sugar and packaging products saw declines of -17.0% and -34.0% respectively [2] Cost and Profitability - The gross margin for Q3 was 24.43%, an improvement of +3.08 percentage points year-on-year, attributed to lower raw material prices [2] - The net profit margin for Q3 increased to 8.2%, up by +1.1 percentage points year-on-year, indicating enhanced profitability [2] Investment Outlook - The company is expected to achieve net profits of 15.4 billion, 18.1 billion, and 20.2 billion for the years 2025 to 2027, with corresponding EPS estimates of 1.78, 2.09, and 2.32 [3] - A strong buy recommendation is maintained based on the anticipated continuation of brand momentum and channel development [3]