安琪酵母：收入高速增长，扣非利润表现亮眼

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company has achieved a revenue of 10.912 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.04%. The net profit attributable to the parent company is 0.953 billion yuan, up 4.23% year-on-year, while the net profit excluding non-recurring items is 0.839 billion yuan, an increase of 3.44% year-on-year [1] - In Q3 2024, the company reported a revenue of 3.738 billion yuan, a year-on-year increase of 27.14%, with a net profit of 0.262 billion yuan, up 7.02% year-on-year, and a net profit excluding non-recurring items of 0.243 billion yuan, an increase of 21.60% year-on-year [1] - The company has seen strong domestic and international demand, with Q3 revenue from various product segments showing significant growth, including yeast and deep-processed products (2.592 billion yuan, +17.76%), sugar products (0.309 billion yuan, +5.47%), packaging products (0.111 billion yuan, +16.29%), and others (0.690 billion yuan, +76.54%) [1] - The gross profit margin in Q3 2024 was 21.35%, a decrease of 3.62 percentage points year-on-year, primarily due to rising shipping costs. However, the company improved operational efficiency, leading to a decrease in overall expense ratios [1] - The outlook for Q4 is positive, with expectations of strong sales during the peak season and a favorable trend in raw material prices, which may support profit growth [1] Financial Summary - Total revenue for 2022 was 12.843 billion yuan, with a growth rate of 20.3%. For 2023, the revenue is projected at 13.581 billion yuan (+5.7%), and for 2024, it is expected to reach 15.483 billion yuan (+14.0%) [2] - The net profit attributable to the parent company for 2022 was 1.321 billion yuan, with a growth rate of 1.0%. The projected net profit for 2023 is 1.270 billion yuan (-3.9%), and for 2024, it is expected to be 1.374 billion yuan (+8.2%) [2] - The gross profit margin is expected to decline slightly from 24.8% in 2022 to 23.6% in 2024 [2] - The earnings per share (EPS) for 2024 is projected to be 1.58 yuan, with corresponding price-to-earnings (P/E) ratios of 23X for 2024, 22X for 2025, and 20X for 2026 [1][2]