Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company's main business shows steady growth with profit elasticity trending upwards. In Q1 2025, the company achieved a revenue of 3.79 billion yuan, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 370 million yuan, up 16.0% year-on-year [1]. - The company is expected to benefit from a reduction in molasses costs, which will enhance profitability. The gross profit margin in Q1 2025 increased by 1.3 percentage points to 26.0%, primarily due to a higher proportion of high-margin yeast business and lower molasses costs [2]. - The company aims for a revenue growth rate of over 10% in 2025, with a strong domestic market position and continued expansion in international markets [2]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenues of 3.79 billion yuan, with the yeast and deep processing/sugar/packaging/other segments generating revenues of 2.77/0.16/0.10/0.76 billion yuan, reflecting year-on-year changes of +13.2%/-60.7%/-4.4%/+44.1% respectively [1]. - The company’s net profit margin improved to 10.2%, an increase of 0.7 percentage points year-on-year, benefiting from the rising gross profit margin [2]. Profitability Outlook - The report anticipates that the profit elasticity will be more fully released starting Q2 2025, as molasses cost reductions are expected to positively impact profits, and shipping costs have already begun to decline [2]. - The company is projected to achieve net profits of 1.60 billion, 1.87 billion, and 2.22 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.5%, 17.4%, and 18.2% [3]. Valuation - The current stock price corresponds to a price-to-earnings (P/E) ratio of 18, 16, and 13 for the years 2025, 2026, and 2027, indicating that the valuation is at a historical low [3].
安琪酵母:主业稳健增长,利润弹性向上-20250428