安琪酵母：Q3海外延续高增，经营向上改善

Investment Rating - The report maintains a "Buy" rating for Angel Yeast (600298) with a target price of 42.32, compared to the last closing price of 35.83 [1][3]. Core Views - The report highlights that Angel Yeast's Q3 overseas revenue continues to grow significantly, with a year-on-year increase of 30.2%, while domestic revenue also shows a recovery trend [1][3]. - The company reported a total revenue of 10.912 billion in the first three quarters of 2024, representing a year-on-year growth of 13.04%, and a net profit attributable to shareholders of 0.953 billion, up 4.23% year-on-year [1][3]. - The main yeast business saw a revenue increase of 17.7% in Q3, reaching 2.59 billion, while other products, including enzyme preparations and food ingredients, surged by 76.7% [1][3]. Summary by Sections Financial Performance - For Q3, the company achieved a revenue of 3.738 billion, reflecting a year-on-year growth of 27.14%, with a net profit of 0.262 billion, up 7.02% year-on-year [1]. - The gross profit margin for the first three quarters decreased by 1.4 percentage points to 23.3%, with Q3 gross margin at 21.4%, down 3.6 percentage points year-on-year [1][3]. - The report projects revenues of 15.234 billion, 16.982 billion, and 18.714 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 12.17%, 11.48%, and 10.20% [4]. Market Dynamics - The report notes that the demand for packaged yeast is improving, and the company expects continued growth of over 20% in both domestic and overseas markets [1][3]. - The report anticipates that the company will achieve its incentive targets for the year, driven by strong growth in emerging markets such as the Middle East, Africa, and Asia-Pacific [1][3]. Cost and Profitability - The report indicates that shipping costs have returned to normal levels, and both domestic and international molasses prices are on a downward trend, which is expected to positively impact profitability [1][3]. - The company is expected to benefit from a gradual recovery in demand for its main yeast products, supported by effective pricing strategies [1][3].