ANGEL YEAST(SH:600298) ZHESHANG SECURITIES·2024-11-02 08:23Investment Rating - The investment rating for the company is maintained as "Accumulate" [8] Core Views - The company achieved a revenue of 10.91 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.0%, with a net profit attributable to shareholders of 0.95 billion yuan, up 4.2% [1] - In Q3 2024 alone, the company reported a revenue of 3.74 billion yuan, marking a significant increase of 27.1% year-on-year, and a net profit of 0.26 billion yuan, which is a 7.0% increase [1] - The company is the largest supplier of YE globally and the second-largest yeast supplier, actively expanding its overseas market presence while maintaining its competitive position domestically [7] Financial Performance Summary - For the first three quarters of 2024, the revenue breakdown by product shows yeast and deep processing products at 7.71 billion yuan (+11.7%), sugar products at 0.90 billion yuan (-17.9%), packaging products at 0.31 billion yuan (-4.1%), and other products at 1.93 billion yuan (+44.2%) [3] - The revenue from domestic and international markets for the first three quarters was 6.58 billion yuan (+6.9%) and 4.26 billion yuan (+21.8%), respectively [3] - The gross margin for the first three quarters was 23.3%, down 1.4 percentage points, and the net margin was 8.9%, down 1.0 percentage points [5] - The company expects revenues of 15.61 billion yuan, 17.53 billion yuan, and 19.57 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 15%, 12%, and 12% [8]