安琪酵母：2024年中报点评：境外市场高增，二季度改善显著

Investment Rating - The report has downgraded the investment rating of the company to "Accumulate" [6] Core Views - The company reported a total revenue of 7.175 billion yuan for the first half of 2024, an increase of 6.87% year-on-year, while the net profit attributable to the parent company decreased by 2.47% to 596 million yuan [3] - The overseas market for yeast sales has shown significant growth, with revenue from overseas sales reaching 2.824 billion yuan, a year-on-year increase of 17.89%, accounting for 39.36% of total revenue [3] - The gross margin for the yeast business has improved to 26.26%, up 0.75 percentage points year-on-year, while the gross margin for the packaging business has decreased by 7.36 percentage points to 7.9% [3] - Domestic sales growth was limited to 0.89%, with revenue from domestic sales amounting to 4.315 billion yuan [3] Summary by Sections Financial Performance - The company achieved a total revenue of 71.75 billion yuan in the first half of 2024, with a second-quarter revenue of 36.92 billion yuan, reflecting an 11.31% increase [3] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.57 yuan, 1.80 yuan, and 2.05 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 19.34, 16.84, and 14.79 [6][7] - The net profit for 2024 is estimated at 1.362 billion yuan, with a growth rate of 7.24% [7] Market Dynamics - The overseas market continues to expand, with significant contributions from the Egyptian factory, which saw a 13.56% increase in sales to 536 million yuan [3] - The domestic market's yeast sales growth remains sluggish, with a second-quarter revenue of 2.211 billion yuan, a 6.66% increase year-on-year [3] Cost and Margin Analysis - The gross margin for the yeast segment has improved, while the packaging segment has faced challenges, leading to a decline in its gross margin [3] - Financial and sales expense ratios have increased, contributing to a decrease in the net profit margin to 9.88% [3]