ANGEL YEAST(600298) 财信证券·2024-11-07 05:46Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 10.912 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.04%. The net profit attributable to shareholders was 0.953 billion yuan, up 4.23% year-on-year [3][4] - In Q3 2024, the company achieved a revenue of 3.738 billion yuan, a significant increase of 27.14% year-on-year, with a net profit of 0.262 billion yuan, growing by 7.02% year-on-year [3][4] - The company is expected to maintain double-digit growth in revenue over the next two years, driven by domestic demand recovery and international expansion [6] Summary by Sections Financial Performance - The company’s main revenue for 2022A, 2023A, and projected for 2024E, 2025E, and 2026E are 12.843 billion, 13.581 billion, 15.589 billion, 17.499 billion, and 19.398 billion yuan respectively [7] - The net profit attributable to shareholders for the same periods is projected to be 1.321 billion, 1.270 billion, 1.360 billion, 1.597 billion, and 1.859 billion yuan respectively [7] - The earnings per share (EPS) for 2024E is expected to be 1.57 yuan, with a projected P/E ratio of 24.20 [7] Revenue Growth - The core products, yeast and deep-processed products, saw a revenue increase of 17.76% year-on-year in Q3 2024, with online and offline channels both achieving over 20% growth [4] - Domestic revenue reached 2.269 billion yuan, growing by 20.70% year-on-year, while international revenue was 1.433 billion yuan, up 30.20% year-on-year [4] Cost and Profitability - The comprehensive gross margin for Q3 2024 was 21.35%, down 3.62 percentage points year-on-year, primarily due to increased shipping costs [5] - The net profit margin was 6.98%, a decrease of 1.59 percentage points year-on-year, while the non-recurring net profit margin was 6.51%, only down 0.24 percentage points [5] Future Outlook - The company is expected to achieve revenues of 15.589 billion, 17.499 billion, and 19.398 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 14.78%, 12.25%, and 10.85% [6] - The company is positioned as a global leader, with competitive advantages likely to enhance its market share and profitability [6]