ANGEL YEAST(600298) 国盛证券·2025-04-11 10:23Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year increase of 11.9%, and a net profit attributable to shareholders of 1.325 billion yuan, up 4.1% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.285 billion yuan, with a year-on-year growth of 9.0%, and a net profit of 371 million yuan, reflecting a 3.7% increase year-on-year [1][2] - The company is expected to benefit from a significant decline in molasses procurement prices in 2025, contributing positively to profit margins [4] Summary by Sections Financial Performance - In 2024, the company reported a gross margin of 23.5%, a decrease of 0.7 percentage points year-on-year, primarily due to increased shipping costs [3] - The fourth quarter of 2024 showed an improvement in gross margin by 1.1 percentage points, attributed to a higher proportion of high-margin yeast products [3] - The company’s net profit margin for the fourth quarter was 8.7%, down 0.5 percentage points year-on-year, while the adjusted net profit margin increased by 0.2 percentage points to 7.7% [3] Revenue Breakdown - In Q4 2024, the revenue from yeast and deep processing, sugar, packaging, and other segments was 3.14 billion, 370 million, 100 million, and 680 million yuan respectively, with year-on-year growth rates of 20.8%, -40.4%, 1.4%, and 18.2% [2] - Domestic revenue in Q4 2024 was 2.84 billion yuan, up 8.9% year-on-year, while international revenue reached 1.46 billion yuan, growing by 12.8% year-on-year [2] Future Outlook - The company targets a revenue growth of over 10% in 2025, with net profit expected to grow steadily [4] - The anticipated recovery in domestic demand and sustained high growth in overseas business could enhance profit elasticity for the company [4]