ANGEL YEAST(600298)2025-04-26 12:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 3.794 billion and a net profit of 370 million, representing a year-on-year growth of 8.95% and 16.02%, respectively, slightly exceeding previous expectations [7] - The overseas market showed a strong growth of 22.94% year-on-year, while the domestic market experienced a slight decline of 0.26% due to organizational adjustments [7] - The company is expected to see a significant improvement in March, with a projected year-on-year growth rate of nearly 20% [7] - The main business remains stable, with a focus on the gradual divestment of the sugar business [7] - Cost advantages continue to be realized, with a decrease in raw material prices contributing to improved gross and net profit margins [7] - The outlook for 2025 indicates domestic growth driven by food ingredients and related derivatives, with greater potential in international markets [7] - The company maintains a pricing strategy that adapts to market changes without initiating price cuts [7] - The impact of organizational adjustments is expected to be nearly eliminated, with most business units returning to normal operations [7] Financial Summary - Projected total revenue for 2023 is 13.585 billion, with a year-on-year growth of 5.78% [1] - Projected net profit for 2023 is 1.273 billion, with a year-on-year decline of 3.67% [1] - Earnings per share (EPS) for 2023 is projected at 1.47 yuan [1] - The company expects net profits to grow to 1.559 billion in 2025, representing a year-on-year increase of 17.74% [1] - The projected P/E ratios for 2025, 2026, and 2027 are 18.77, 15.66, and 13.71, respectively [1]