安琪酵母：淡季收入环比提速，盈利能力短暂承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.05%, and a net profit attributable to shareholders of 0.953 billion yuan, up 4.55% year-on-year. In the third quarter of 2024, the revenue reached 3.738 billion yuan, a year-on-year increase of 27.17%, with a net profit of 0.262 billion yuan, up 7.84% year-on-year, indicating that revenue slightly exceeded expectations while profit met expectations [2][5] - The company experienced a seasonal revenue acceleration, with strong performance in overseas markets. The domestic market revenue for Q3 2024 was 2.269 billion yuan, a year-on-year increase of 20.70%, while the overseas market revenue was 1.433 billion yuan, up 30.20% year-on-year [6] - The company is expected to face temporary pressure on profitability due to rising shipping costs and concentrated factory maintenance, leading to a year-on-year decline in gross margin by 3.62 percentage points to 21.35% in Q3 2024 [6] Summary by Sections Financial Performance - For 2024-2026, the company is projected to achieve revenues of 15.450 billion yuan, 17.380 billion yuan, and 19.434 billion yuan, with year-on-year growth rates of 13.76%, 12.49%, and 11.82% respectively. The net profit attributable to shareholders is expected to be 1.371 billion yuan, 1.608 billion yuan, and 1.898 billion yuan for the same period, with growth rates of 7.91%, 17.29%, and 18.08% respectively [7] - The earnings per share (EPS) are projected to be 1.58 yuan, 1.85 yuan, and 2.19 yuan for 2024, 2025, and 2026 respectively [7] Market Analysis - The company’s product lines, including yeast and deep processing products, generated revenue of 2.592 billion yuan in Q3 2024, a year-on-year increase of 17.76%. The company’s main business is recovering well, with significant growth in other product categories, which saw a revenue increase of 76.54% year-on-year [6] - The company is focusing on cost reduction and efficiency improvement strategies, with a slight decrease in sales, management, and R&D expense ratios [6]