ANGEL YEAST(SH:600298) Minsheng Securities·2024-08-08 09:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 30.48 CNY [2]. Core Views - The company reported a revenue of 7.175 billion CNY for the first half of 2024, representing a year-on-year increase of 6.86%, and a net profit attributable to shareholders of 691 million CNY, up 3.21% year-on-year [1]. - The second quarter of 2024 saw a revenue of 3.692 billion CNY, reflecting an 11.31% year-on-year growth, with a net profit of 372 million CNY, which is a 17.65% increase year-on-year [1]. - Domestic demand improved in Q2 2024, while overseas demand continued to grow, with domestic revenue increasing by 6.64% and international revenue by 19.01% in Q2 [1]. - The company is expected to maintain steady growth in its core yeast business, with new product launches and flexible pricing strategies contributing to revenue growth [1]. Financial Summary - The company forecasts revenues of 15.17 billion CNY, 16.83 billion CNY, and 18.33 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11.7%, 10.9%, and 8.9% [6]. - Net profit attributable to shareholders is projected to be 1.412 billion CNY, 1.561 billion CNY, and 1.724 billion CNY for the same years, with growth rates of 11.2%, 10.5%, and 10.5% respectively [6]. - The company's PE ratios are expected to be 19, 17, and 15 for 2024, 2025, and 2026 respectively [6].