ANGEL YEAST(SH:600298) GOLDEN SUN SECURITIES·2024-11-03 06:23Investment Rating - The report maintains a "Buy" rating for the company [5] 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%. The net profit attributable to shareholders was 0.95 billion yuan, up 4.2% year-on-year [1] - In Q3 2024, the company reported a revenue of 3.74 billion yuan, a significant year-on-year increase of 27.1%, with a net profit of 0.26 billion yuan, up 7.0% year-on-year [1] - The company is expected to achieve its annual targets with a projected revenue of 15.669 billion yuan and a net profit of 1.369 billion yuan for Q4 2024, corresponding to growth rates of 21% and 16% respectively [3] Revenue Growth - Revenue growth for the first three quarters of 2024 was 2.5%, 11.3%, and 27.1% respectively, indicating a continuous recovery in demand [1] - The revenue breakdown for Q3 2024 shows significant contributions from yeast and deep processing (2.59 billion yuan, +17.8%), sugar processing (0.31 billion yuan, +5.5%), packaging (0.11 billion yuan, +16.3%), and other segments (0.69 billion yuan, +76.5%) [1] Profitability and Cost Management - The gross margin for Q3 2024 decreased by 3.6 percentage points to 21.4%, primarily due to rising shipping costs and an increase in low-margin business segments [2] - The company optimized its expense ratios, with sales, management, R&D, and financial expense ratios showing improvements, leading to a slight decrease in the net profit margin to 7.0% [2] Future Outlook - The upcoming sugarcane molasses procurement prices are expected to decline significantly, which may lead to cost advantages and profit releases in the next fiscal year [3] - The company is projected to achieve net profits of 1.38 billion yuan, 1.61 billion yuan, and 1.82 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 8.4%, 17.0%, and 13.2% [3][4]