ANGEL YEAST(SH:600298) GF SECURITIES·2024-08-09 10:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 34.70 CNY per share, compared to the current price of 29.61 CNY [4]. Core Insights - The company, Angel Yeast (600298.SH), reported a revenue of 7.175 billion CNY for H1 2024, representing a year-on-year increase of 6.86%. The net profit attributable to shareholders was 691 million CNY, up 3.21% year-on-year, while the net profit excluding non-recurring items was 596 million CNY, down 2.50% [2][3]. - In Q2 2024, the company achieved a revenue of 3.692 billion CNY, reflecting an 11.31% year-on-year growth, and a net profit of 372 million CNY, which is a 17.26% increase year-on-year [2]. - Domestic demand has improved, and overseas expansion continues, with Q2 2024 domestic and overseas revenues at 2.211 billion CNY and 1.454 billion CNY, respectively, showing increases of 6.64% and 19.01% year-on-year [2]. - The company’s product segments showed varied performance, with yeast and deep processing products generating 2.670 billion CNY in revenue, up 12.24% year-on-year, while the sugar and packaging segments saw declines [2]. Financial Forecast - The revenue projections for 2024-2026 are 15.020 billion CNY, 16.595 billion CNY, and 18.268 billion CNY, with year-on-year growth rates of 10.59%, 10.49%, and 10.08%, respectively. The net profit attributable to shareholders is expected to be 1.370 billion CNY, 1.548 billion CNY, and 1.747 billion CNY for the same period, with growth rates of 7.87%, 12.98%, and 12.87% [2][3]. - The report estimates a PE ratio of 19, 17, and 15 for the years 2024, 2025, and 2026, respectively [2].