ANGEL YEAST(600298) 中原证券·2024-11-22 09:23Investment Rating - The report maintains an "Accumulate" rating for the company [3][6] Core Views - The company has experienced significant growth in both domestic and international markets, with overseas growth being particularly notable. In Q3 2024, the company achieved revenue of 3.738 billion yuan, representing a year-on-year increase of 27.17%, with a growth rate improvement of 25.55 percentage points compared to the previous year [3][6] - The domestic molasses prices are steadily declining, alleviating cost pressures for the company. As of November 22, 2024, the average trading price of molasses in Guangxi was 1,336 yuan per ton, down 70 yuan from the previous month, marking a decrease of 5.02% [3][6] - The company's profitability has seen a decline due to a decrease in gross margin and an increase in expense ratios. The gross margin for the first three quarters of 2024 was 23.28%, down 1.39 percentage points year-on-year, while the net profit margin was 8.89%, a decrease of 0.95 percentage points [3][6] Financial Performance Summary - For the first three quarters of 2024, the company recorded a revenue of 10.912 billion yuan, a year-on-year increase of 13.05%, with an expansion of 5.59 percentage points in growth rate [3][6] - The company forecasts earnings per share (EPS) of 1.57, 1.80, and 2.05 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 21.96, 19.12, and 16.80 [3][6][7] - The company's total assets are projected to grow from 19.270 billion yuan in 2023 to 24.703 billion yuan by 2026, indicating a strong growth trajectory [10][11]