安琪酵母（600298）：Q1业绩亮眼，海外持续高增

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a strong Q1 performance with revenue of 3.794 billion, a year-on-year increase of 8.95%, and a net profit attributable to shareholders of 370 million, up 16.02% year-on-year [1][3] - The company's overseas business continues to grow significantly, while domestic demand remains weak, particularly in the yeast segment [3] - The gross margin improved to 25.97%, an increase of 1.31 percentage points year-on-year, attributed to a decrease in molasses prices [3] - The company has restructured its organization to enhance operational efficiency, which is expected to support its growth objectives [3] Financial Summary - For 2025, the company is projected to achieve total revenue of 16.779 billion, with a year-on-year growth rate of 10.4% [4] - The net profit attributable to shareholders is expected to reach 1.544 billion in 2025, reflecting a year-on-year growth of 16.6% [4] - The projected EPS for 2025 is 1.78, with corresponding P/E ratios of 19X for 2025, 17X for 2026, and 15X for 2027 [3][4]