研报掘金丨国金证券：维持安琪酵母“买入”评级，目标价49.25元

Core Viewpoint - Angel Yeast has established 16 yeast factories globally, with a fermentation capacity exceeding 450,000 tons in 2024, holding a domestic market share of nearly 55% and being the largest in Asia. The global market share exceeds 20%, exporting to over 170 countries and regions, currently ranking second globally [1] Group 1: Production and Market Position - The company has accelerated its overseas capacity layout, focusing on potential markets such as Africa and Southeast Asia, leveraging supply chain support and service advantages to continuously increase market share [1] - Currently, overseas revenue accounts for 40% of total revenue, with a projected CAGR of 20% over the next five years, and a long-term expectation of overseas revenue exceeding 50% [1] Group 2: Financial Outlook - It is anticipated that the pace of capacity construction will slow in the early stages of the 14th Five-Year Plan, with ongoing optimization of capacity deployment structure [1] - Under the self-production and self-sales model overseas, profit margins are expected to improve [1] - The company is given a target price of 49.25 yuan per share based on an industry average PE of 22x for 2026, maintaining a "buy" rating [1]