安琪酵母深度报告（二）：寸积铢累，蓄势待发

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - Anqi Yeast is a stable domestic food additive manufacturer with growth potential in its product tiers and international market expansion [2][4] - The yeast industry is influenced by raw material price fluctuations and heavy asset characteristics, but Anqi Yeast's increasing revenue scale and stable investment pace are smoothing the impact on profitability [2][6] - The current peak of the raw material price cycle for yeast has likely passed, indicating a potential new upward trend in profitability for Anqi Yeast [2][5] Summary by Sections Growth Potential - Anqi Yeast has a stable main business and growth potential in food additives, with investments in capacity expansion abroad enhancing its international market prospects [2][4] - The company has seen a significant decline in domestic molasses prices, with prices dropping below 1100 RMB/ton compared to over 1400 RMB/ton in the previous year [5] Capacity Expansion and Profitability - The cyclical nature of the yeast industry, characterized by the relationship between molasses prices and capacity expansion, has historically led to greater elasticity in profitability compared to revenue [4][14] - The company is expected to benefit from a new round of molasses price stabilization due to its investments in starch hydrolysis sugar production, which will help mitigate cost fluctuations [5][59] International Market and Strategic Positioning - Anqi Yeast's international market share has increased from over 15% in 2021 to approximately 19% by mid-2024, positioning it as the second-largest globally [6] - The company is diversifying its product offerings and exploring new categories, such as yeast extracts, while solidifying its traditional yeast market base [6][7] Financial Projections - The expected earnings per share (EPS) for Anqi Yeast are projected to be 1.58, 1.92, and 2.16 RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 23, 19, and 17 [7]