研报掘金丨华泰证券：维持安琪酵母“买入”评级，核心壁垒稳固

Core Viewpoint - Anqihome is recognized as a leading company in the global yeast industry, with a domestic market share of 55% and a global market share of 22% in 2024, ranking first and second respectively by production capacity [1] Group 1 - The company is expected to strengthen its cost control capabilities following the production of hydrolyzed sugar and the peak of capital expenditure has passed, which will reduce the impact of depreciation and amortization on operations [1] - Concerns regarding the volatility of Anqihome's profit margins are addressed, with the belief that the cyclical nature of profit margin fluctuations is likely to weaken [1] - As the second-largest yeast leader globally, the company maintains solid core barriers, which will benefit its profit margin stability in the medium to long term [1] Group 2 - The company's profit margins are anticipated to benefit from its industry pricing power, locked cost ceilings for hydrolyzed sugar prices, reduced impact from future depreciation and amortization, and potential savings on transportation costs from overseas market capacity expansion [1] - The firm maintains a "buy" rating based on these positive outlooks for profitability and market positioning [1]