ANGEL YEAST(SH:600298) Guohai Securities·2025-08-17 13:34Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in overseas revenue, with a notable increase in profit margins due to cost improvements [5] - The company achieved a revenue of 7.9 billion yuan in H1 2025, representing a year-on-year increase of 10.1%, and a net profit of 800 million yuan, up 15.7% year-on-year [4][5] - The company is expected to continue its growth trajectory with projected revenues of 16.68 billion yuan, 18.28 billion yuan, and 19.97 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 1.596 billion yuan, 1.826 billion yuan, and 2.074 billion yuan [5][7] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 4.11 billion yuan, a year-on-year increase of 11.2%, and a net profit of 430 million yuan, up 15.4% year-on-year [4] - The company's gross margin reached 26.1% in H1 2025, an increase of 1.8 percentage points year-on-year, primarily due to cost improvements [5] - The operating cash flow for H1 2025 was 262 million yuan, showing a significant increase compared to the previous year [5] Revenue Breakdown - The company's yeast product revenue grew by 12.4% year-on-year, outpacing overall revenue growth [5] - In Q2 2025, revenue from domestic and international markets was 2.31 billion yuan and 1.78 billion yuan respectively, with year-on-year growth of 4.3% and 22.3% [5] Profitability Forecast - The company is projected to achieve an EPS of 1.84 yuan, 2.10 yuan, and 2.39 yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21, 18, and 16 [5][7]