ANGEL YEAST(SH:600298)2024-08-08 02:01Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook for its performance relative to the market [7]. Core Insights - The company reported a revenue of 7.175 billion yuan for the first half of 2024, representing a year-on-year growth of 6.9%. The net profit attributable to shareholders was 691 million yuan, up 3.2% year-on-year, while the non-recurring net profit decreased by 2.5% [7]. - In Q2 2024, the company achieved a revenue of 3.69 billion yuan, a year-on-year increase of 11.3%, and a net profit of 370 million yuan, up 17.7% year-on-year, exceeding expectations [7]. - The report forecasts net profits for 2024-2026 to be 1.37 billion, 1.57 billion, and 1.86 billion yuan, respectively, with growth rates of 8%, 14.5%, and 18.4% [7]. - The company is expected to enhance its global position in the yeast industry through product expansion, overseas penetration, and capacity expansion [7]. Financial Summary - The total revenue for 2023 was 13.581 billion yuan, with projections of 15.621 billion for 2024, 17.506 billion for 2025, and 19.640 billion for 2026, reflecting a growth trajectory [9]. - The gross profit margin for Q2 2024 was reported at 23.9%, a slight increase of 0.3 percentage points year-on-year, supported by a decline in raw material costs [7]. - The company’s net profit margin for Q2 2024 was 10.1%, up 0.5 percentage points year-on-year, while the non-recurring net profit margin was 8.2%, down 0.3 percentage points [7].