ANGEL YEAST(600298) 东吴证券·2025-03-07 05:23Investment Rating - The report gives a "Buy" rating for Angel Yeast (600298) for the first time [1]. Core Views - The yeast industry is experiencing steady growth, with Angel Yeast leading the domestic market. The company is expected to benefit from cost advantages and expanding overseas markets, with a projected increase in net profit and earnings per share (EPS) over the next few years [1][7]. Summary by Sections 1. Yeast Industry Overview - The global yeast industry is mature, with a stable growth rate of around 6%, while China's yeast market has reached a scale of 13.3 billion yuan in 2023, with a CAGR of 8.21% from 2021 to 2023, surpassing the global average [1][7]. - Traditional baking and noodle yeast demand exceeds 500,000 tons, while yeast extract (YE) is expected to inject new momentum into the industry, with a market space of approximately 780,000 tons in 2023 [1][7]. 2. Angel Yeast's Market Position - Angel Yeast has a significant market share in China, with a strong focus on R&D and a differentiated product strategy. The company has established a robust overseas presence, with international revenue growing at a CAGR of 26.09% from 2001 to 2023, accounting for 35% of total revenue [1][7]. 3. Financial Outlook - The report forecasts Angel Yeast's net profit for 2024-2026 to be 13.66 billion yuan, 16.31 billion yuan, and 18.57 billion yuan, respectively, with corresponding EPS of 1.57 yuan, 1.88 yuan, and 2.14 yuan. The current P/E ratios are 22.27x, 18.65x, and 16.38x, indicating a favorable valuation compared to peers [1][7].