安琪酵母：24Q2业绩超预期，经营环比改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 38.39 [6][5]. Core Views - The company's Q2 2024 performance exceeded expectations, with revenue and net profit showing significant year-on-year growth, driven by improved domestic demand and strong overseas market performance [2][3]. - The company is expected to benefit from the recovery in core business demand, accelerated penetration of derivative products, and ongoing growth in overseas markets, which will enhance its growth momentum [2][3]. - Cost pressures are anticipated to ease due to declining raw material prices, which will further strengthen the company's cost control capabilities [2][4]. Financial Performance Summary - For H1 2024, the company reported revenue of RMB 718 million, a year-on-year increase of 6.9%, and a net profit of RMB 69 million, up 3.2% [2]. - In Q2 2024, revenue reached RMB 370 million, with a year-on-year growth of 11.3%, and net profit increased by 17.3% [2]. - The company's gross margin improved in Q2 2024, rising by 0.3 percentage points to 23.9%, attributed to faster revenue growth from higher-margin products [4]. Product and Market Analysis - The company's revenue from yeast and deep-processed products, sugar, packaging, and other products for H1 2024 was RMB 5.12 billion, with notable growth in small packaging products and continued demand for yeast extract [3]. - Domestic revenue for H1 2024 was RMB 4.31 billion, a slight increase of 0.9%, while overseas revenue grew by 17.9% to RMB 2.82 billion [3]. - The company added 884 new distributors by the end of Q2 2024, including 321 overseas distributors, indicating strong market expansion efforts [3]. Earnings Forecast - The report projects EPS for 2024, 2025, and 2026 to be RMB 1.60, RMB 1.80, and RMB 2.07 respectively, reflecting an upward revision from previous estimates [5][6]. - The expected revenue growth rates for the next few years are 10.22% for 2024, 11.09% for 2025, and 10.43% for 2026 [6].