ANGEL YEAST(SH:600298) China Post Securities·2025-08-18 11:26Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company achieved a revenue of 7.99 billion yuan in net profit for the first half of 2025, reflecting a year-on-year growth of 15.66% [5]. - The core yeast business continues to show robust growth, with a revenue increase of 12.38% in the yeast and deep processing segment [6]. - The overseas market has maintained a high growth rate, with a year-on-year increase of 22.6% in foreign revenue [6]. - The company has optimized its sugar business by acquiring a 55% stake in Shengtong Sugar Industry, enhancing its upstream raw material control and overall competitiveness [6]. Financial Performance - For the first half of 2025, the company reported a gross margin of 26.09% and a net profit margin of 10.12%, both showing improvements compared to the previous year [7]. - The projected revenues for 2025 to 2027 are 170.49 billion yuan, 188.82 billion yuan, and 206.68 billion yuan, respectively, with corresponding net profits of 16.51 billion yuan, 19.17 billion yuan, and 22.01 billion yuan [8][10]. - The earnings per share (EPS) are forecasted to be 1.90 yuan, 2.21 yuan, and 2.54 yuan for the years 2025, 2026, and 2027, respectively [8][10].