安琪酵母：经营边际改善，看好全年表现

Investment Rating - The report assigns a "Buy" rating to the company, indicating a positive outlook for investment [1][3]. Core Views - The company has shown improvement in operational margins and is expected to perform well throughout the year. The revenue for H1 2024 reached 7.175 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to shareholders was 691 million yuan, up 3.21% year-on-year [1]. - The report highlights the company's successful market expansion strategies and strong overseas growth, particularly in Q2 2024, where revenue grew by 11.30% year-on-year [1]. - The company is positioned as a leader in the yeast industry, with expectations for continued growth driven by new product development and market penetration [9]. Revenue Analysis - The company achieved a revenue of 71.75 billion yuan in H1 2024, with Q2 showing a significant increase of 11.30% compared to the previous quarter. The growth is attributed to the expansion into new markets and sustained high growth in overseas operations [1]. - The breakdown of revenue by product in Q2 2024 includes 2.67 billion yuan from yeast and deep-processed products, 190 million yuan from sugar products, 95 million yuan from packaging products, and 710 million yuan from other products, reflecting a year-on-year growth of 12.24% for yeast products [1]. Profit Analysis - The gross profit margin for Q2 2024 was reported at 23.92%, an increase of 0.28 percentage points year-on-year, primarily due to effective cost control of raw materials [1]. - The report notes a slight increase in the expense ratio, which rose by 0.29 percentage points to 12.57% in Q2, with sales and management expenses contributing to this increase [1]. Future Outlook - The company is expected to maintain good growth in the second half of 2024, with overseas markets continuing to show high growth rates. New production capacities in Egypt and Russia are anticipated to enhance market share [1]. - The report forecasts revenue growth of 10.19% for 2024, with a gradual improvement in profit margins as raw material costs stabilize [8]. Investment Recommendation - The company is recognized as a domestic leader in the yeast industry with strong market competitiveness. The report suggests that the company is likely to see gradual improvement in domestic demand and accelerated overseas expansion, leading to an overall positive trend in profitability [9][10].