ANGEL YEAST(600298)2025-04-13 05:23Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown steady demand recovery and continued high growth overseas, with 2024 revenue reaching 151.97 billion yuan, a 12% year-on-year increase, and net profit of 13.25 billion yuan, up 4% [4][5] - The company is expected to benefit from cost advantages due to declining raw material prices, particularly molasses, which has led to an improvement in gross margin [5] - The company is expanding its production capacity, with significant growth in yeast and deep processing products, and is focusing on increasing its overseas business [6][7][8] Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 42.85 billion yuan, a 9% increase year-on-year, and a net profit of 3.71 billion yuan, also up 4% [4] - The gross margin for Q4 2024 was 24.15%, an increase of 1 percentage point, while the net margin slightly decreased to 8.94% [5] Revenue Breakdown - Revenue from yeast and deep processing products was 108.54 billion yuan in 2024, a 14% increase, with domestic demand showing signs of recovery [6] - Domestic revenue for 2024 was 94.21 billion yuan, an 8% increase, while international revenue reached 57.12 billion yuan, a 19% increase [7] Capacity Expansion and Future Outlook - The company is advancing its production capacity expansion, with projects in Yunnan and other regions expected to contribute to growth [6][8] - Earnings per share (EPS) are projected to be 1.80 yuan in 2025, with a corresponding price-to-earnings (PE) ratio of 19 times [9]