安琪酵母：业绩增势喜人，看好全年目标完成

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5][3]. Core Views - The company is expected to achieve its annual targets due to a recovery in demand and strong growth in international markets. The revenue forecasts for 2024-2026 have been adjusted upwards, with projected revenues of 156 billion, 172 billion, and 190 billion yuan respectively, reflecting year-on-year growth of 15%, 10%, and 10% [3][4]. - The net profit attributable to the parent company is projected to be 13.6 billion, 16.1 billion, and 18.5 billion yuan for 2024-2026, with year-on-year growth rates of 7.3%, 17.9%, and 15.2% [3][4]. Financial Performance Summary - For Q1-Q3 2024, the company reported revenues of 10.912 billion yuan, a year-on-year increase of 13.04%, and a net profit of 0.953 billion yuan, up 4.23% [1]. - In Q3 2024, the company achieved revenues of 3.738 billion yuan, with a net profit of 0.262 billion yuan, reflecting increases of 27.14% and 7.02% year-on-year respectively [1]. - The company's main business in yeast showed steady growth, with significant increases in other product categories, particularly a 76.54% increase in other income [1]. Domestic and International Business Performance - Domestic revenue for Q3 2024 was 2.269 billion yuan, up 20.70%, while international revenue reached 1.433 billion yuan, growing by 30.20% [2]. - The number of distributors increased by 1,855 to 23,680, with domestic and international distributors growing by 1,228 and 627 respectively [2]. Profitability and Cost Management - The gross margin and net margin for Q3 2024 were 21.35% and 6.98%, reflecting a decrease of 3.62 and 1.59 percentage points year-on-year [2]. - The company effectively controlled its expense ratios, with sales, management, and financial expense ratios showing slight improvements or stability [2]. Financial Data and Valuation - The company's projected revenues for 2024E, 2025E, and 2026E are 15.622 billion, 17.237 billion, and 19.012 billion yuan respectively, with corresponding net profits of 1.362 billion, 1.607 billion, and 1.851 billion yuan [4][7]. - The price-to-earnings (P/E) ratios for the next three years are projected at 23X, 20X, and 17X [3][4].