安琪酵母：2024年三季报点评：经营加速改善，盈利短期承压

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, 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 [2]. - The yeast main business has accelerated, with strong overseas demand. In Q3 2024, revenue from yeast and deep processing products reached 2.592 billion yuan, a year-on-year increase of 17.76% [2]. - The gross profit margin has been under pressure due to changes in product structure and rising shipping costs, with Q3 2024 gross margin at 21.35%, down 3.62 percentage points year-on-year [2]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 3.738 billion yuan, a year-on-year increase of 27.17%, and a net profit of 0.262 billion yuan, up 7.84% year-on-year [2]. - The company’s gross profit margin for the first three quarters of 2024 was 23.28%, compared to 21.35% in Q3 2024, reflecting a decline due to increased shipping costs and a higher proportion of other business [2]. Revenue Breakdown - In Q3 2024, revenue from various product categories was as follows: yeast and deep processing products (2.592 billion yuan), sugar products (0.309 billion yuan), packaging products (0.111 billion yuan), and other products (0.690 billion yuan) [2]. - Revenue from domestic and international markets in Q3 2024 was 2.269 billion yuan and 1.433 billion yuan, respectively, with year-on-year growth of 20.70% and 30.20% [2]. Future Outlook - The company expects continued growth in the yeast main business, with projected revenues of 15.49 billion yuan, 17.21 billion yuan, and 18.75 billion yuan for 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 14.0%, 11.1%, and 8.9% [2][5]. - The net profit attributable to shareholders is projected to be 1.37 billion yuan, 1.61 billion yuan, and 1.82 billion yuan for the same years, with growth rates of 7.6%, 18.0%, and 13.1% [2][5].