Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [9]. Core Views - The company reported a revenue of 10.9 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 13.04%, with a net profit of 0.953 billion yuan, up 4.23% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 3.738 billion yuan, a significant year-on-year growth of 27.14%, and a net profit of 0.262 billion yuan, increasing by 7.02% year-on-year [1]. - The company anticipates continued improvement in its core business operations, with expectations for a cost advantage in the new sugar season, which could enhance profit margins [4]. Financial Performance - The Q3 gross margin was reported at 21.35%, a decrease of 3.6 percentage points year-on-year, primarily due to increased export shipping costs and changes in business structure [3]. - The total revenue for 2024 is projected to reach 15.494 billion yuan, with a growth rate of 14% [7]. - The net profit for 2024 is forecasted at 1.398 billion yuan, reflecting a 10% increase year-on-year [7]. Sales and Market Dynamics - The sales of yeast and deep processing products in Q3 increased by 17.76% year-on-year, driven by high-quality growth in international markets and improved domestic demand [2]. - The company saw a net increase of 848 domestic distributors and 479 overseas distributors in the first three quarters of 2024, with overseas average revenue per distributor rising by 8.7% year-on-year [2]. - Both offline and online sales channels experienced recovery in Q3, with year-on-year growth of 25.3% and 22.03%, respectively [2]. Future Outlook - The company expects to achieve a 15% revenue growth target for the year, supported by strong domestic demand and the ramp-up of new overseas production capacity [4]. - The anticipated decline in domestic molasses prices and reduced shipping costs are expected to contribute to a profit turnaround for the company [4].
安琪酵母:Q3主业销售提速,期待新榨季成本红利