ANGEL YEAST(SH:600298) ZHONGTAI SECURITIES·2024-08-08 06:30Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 7.175 billion yuan in H1 2024, representing a year-on-year growth of 6.86%. The net profit attributable to shareholders was 691 million yuan, with a year-on-year increase of 3.21% [2] - The company is expected to maintain steady growth in revenue, driven by its leading position in the yeast industry and rapid expansion in overseas markets. The report anticipates improvements in profitability as raw material costs stabilize [2][4] Financial Forecasts and Valuation - Revenue (in million yuan): - 2022A: 12,843 - 2023A: 13,581 - 2024E: 14,983 - 2025E: 16,658 - 2026E: 18,461 - Year-on-year growth rates: - 2022: 20% - 2023: 6% - 2024E: 10% - 2025E: 11% - 2026E: 11% [2] - Net Profit (in million yuan): - 2022A: 1,321 - 2023A: 1,270 - 2024E: 1,366 - 2025E: 1,564 - 2026E: 1,793 - Year-on-year growth rates: - 2022: 1% - 2023: -4% - 2024E: 8% - 2025E: 15% - 2026E: 15% [2] - Earnings per Share (in yuan): - 2022A: 1.52 - 2023A: 1.46 - 2024E: 1.57 - 2025E: 1.80 - 2026E: 2.06 [2] - Price-to-Earnings (P/E) Ratio: - 2022A: 19.5 - 2023A: 20.3 - 2024E: 18.8 - 2025E: 16.4 - 2026E: 14.3 [2] - Price-to-Book (P/B) Ratio: - 2022A: 2.8 - 2023A: 2.6 - 2024E: 2.3 - 2025E: 2.1 - 2026E: 1.9 [2] Key Investment Points - The company's main business of yeast is accelerating, with domestic growth rebounding. The revenue from yeast and deep-processed products in Q2 2024 reached 670 million yuan, a year-on-year increase of 12.24% [2] - The company is implementing a "one factory, one strategy" approach to enhance product application and maintain stable sales growth across its business units [2] - The report highlights that the company is focusing on maintaining its market share while expanding its overseas business, which is expected to contribute to steady revenue growth [2][4]