ANGEL YEAST(SH:600298) Xinda Securities·2025-04-14 01:30Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 15.197 billion yuan in 2024, representing a year-on-year increase of 11.86%. The net profit attributable to the parent company was 1.325 billion yuan, up 4.07% year-on-year [1][4] - In Q4 2024, the company recorded a revenue of 4.285 billion yuan, with a year-on-year growth of 8.98%, and a net profit of 371 million yuan, reflecting a 3.68% increase year-on-year [1][4] - The company is focusing on expanding its market presence and enhancing production capacity, with a projected 21.6% increase in yeast product capacity in 2024 [4] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 15.197 billion yuan, with a year-on-year growth rate of 11.9%. The net profit attributable to the parent company was 1.325 billion yuan, showing a growth of 4.1% [5] - The gross profit margin for 2024 was 23.5%, slightly down by 0.67 percentage points compared to the previous year [4][5] - The company expects revenue growth of over 10% in 2025, despite a weak recovery in domestic demand in Q1 [4] Product and Market Development - In Q4, the revenue from yeast and deep-processed products was 31.43 billion yuan, marking a year-on-year increase of 20.83%. The company also introduced new food raw materials [4] - The company is expanding its overseas business, with a growth rate of 19.36% expected in 2024, and is actively establishing operations in Brazil, Algeria, and Indonesia [4] Earnings Forecast - The company forecasts EPS of 1.78 yuan, 1.99 yuan, and 2.33 yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 19X, 17X, and 14X [4][5]