ANGEL YEAST(SH:600298) HUAXI Securities·2025-08-18 11:35Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 7.899 billion yuan in the first half of the year, representing a year-on-year increase of 10.1%, with a net profit attributable to shareholders of 799 million yuan, up 15.66% year-on-year [2] - The company achieved a robust revenue growth driven by successful channel and customer development, new product launches, and an increase in brand value, with overseas business growing by 22.6% to 3.46 billion yuan [3] - The gross margin improved by 1.81 percentage points to 26.09%, primarily due to a decline in core raw material prices, leading to a net profit increase of 15.7% to 799 million yuan [4] - The company is expected to continue its steady growth trajectory, aiming to become a global benchmark enterprise in yeast production through strategic product innovation and market expansion [5] Summary by Sections Financial Performance - In the first half of the year, the company achieved a revenue of 7.899 billion yuan, with a net profit of 799 million yuan, and a non-recurring net profit of 742 million yuan, reflecting increases of 10.1%, 15.66%, and 24.49% respectively [2] - For Q2 2025, the company reported a revenue of 4.105 billion yuan, a year-on-year increase of 11.19%, and a net profit of 429 million yuan, up 15.32% year-on-year [2] Revenue Breakdown - Revenue from yeast and deep-processed products reached 5.754 billion yuan, with a year-on-year growth of 12.4%, while other segments showed varied performance [3] - The domestic business grew by 2.1% to 4.4 billion yuan, while overseas business saw a significant increase of 22.6% to 3.46 billion yuan [3] Profitability Analysis - The company's gross margin increased to 26.09%, with effective cost management reflected in stable expense ratios across sales, management, R&D, and financial costs [4] - The net profit margin improved to 10.12%, indicating a strong profit performance relative to revenue growth [4] Future Outlook - The company is positioned for continued growth, with strategic initiatives in new product development and market penetration expected to drive future revenue [5] - The revenue forecasts for 2025 and 2026 have been adjusted to 16.806 billion yuan and 18.779 billion yuan respectively, with EPS estimates revised to 1.84 yuan and 2.11 yuan [6]