ANGEL YEAST(600298) 东吴证券·2025-04-11 10:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to see strong overseas momentum and profit improvement, with a projected revenue growth of 11.86% in 2024 and a net profit growth of 4.07% [4][9] - The company is expanding its overseas market presence, with significant growth in international revenue, which is anticipated to continue driving future growth [9] Financial Summary - Total revenue for 2023 is reported at 13,585 million, with projections of 15,197 million for 2024, 17,068 million for 2025, and 21,194 million for 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.07% [1][10] - The net profit attributable to the parent company is expected to grow from 1,273 million in 2023 to 1,325 million in 2024, and further to 2,134 million by 2027, indicating a strong upward trend [1][10] - The earnings per share (EPS) is projected to increase from 1.47 in 2023 to 2.46 in 2027, showcasing a positive growth trajectory [1][10] Operational Insights - The company is facing slight declines in gross margin due to increased depreciation and shipping costs in 2024, but improvements are expected in 2025 as shipping costs decrease and raw material prices stabilize [3][4] - The company is expected to benefit from new production capacities coming online in Egypt, Russia, and other locations, which will enhance its operational efficiency and profitability [4][9]