安琪酵母：2024年三季报点评：Q3收入环比提速，盈利能力短期下滑

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months [1][10]. Core Insights - The company reported a revenue of 10.91 billion yuan for the first three quarters of 2024, a year-on-year increase of 13%, with a net profit attributable to shareholders of 0.95 billion yuan, up 4.2% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 3.74 billion yuan, representing a 27.1% year-on-year growth, and a net profit of 0.26 billion yuan, which is a 7% increase year-on-year [1][2]. - The company's gross margin for the first three quarters was 23.3%, down 1.4 percentage points year-on-year, with Q3 gross margin at 21.4%, down 3.6 percentage points year-on-year [2]. Summary by Relevant Sections Revenue Growth - The revenue from yeast and deep processing products reached 7.71 billion yuan, growing by 11.7%, while sugar products saw a decline of 17.9% [2]. - Domestic revenue for the first three quarters was 6.58 billion yuan, up 6.9%, and international revenue was 4.26 billion yuan, up 21.8% [2]. Profitability - The company's net profit margin for the first three quarters was 8.9%, down 1 percentage point year-on-year, affected by a reduction in government subsidies [2]. - The report highlights a temporary decline in profitability due to rising shipping costs, despite improvements in raw material costs [2][3]. Capacity and Cost Management - The company is the largest YE supplier globally, with a total yeast production capacity exceeding 400,000 tons [3]. - The report notes a significant potential for cost advantages as the company expands its operations in Egypt and Russia, alongside a joint venture in Indonesia [3]. Earnings Forecast - The forecast for net profit attributable to shareholders is 1.36 billion yuan for 2024, 1.57 billion yuan for 2025, and 1.79 billion yuan for 2026, with corresponding EPS of 1.57 yuan, 1.80 yuan, and 2.06 yuan [3][4].