安琪酵母（600298）：主业收入大幅增长，毛利率修复

Investment Rating - The report maintains an "Accumulate" rating for the company, predicting a relative increase of 5% to 15% compared to the CSI 300 index over the next six months [13]. Core Insights - The company reported a significant revenue growth of 10.10% year-on-year, achieving a total revenue of 7.899 billion yuan in the first half of 2025. The net profit attributable to the parent company, excluding non-recurring items, increased by 24.49% year-on-year to 742 million yuan [4]. - The yeast segment saw a substantial revenue increase of 13.67% year-on-year, totaling 7.159 billion yuan, with notable growth in various regions including a 38.05% increase in Egypt [9]. - The overseas market maintained high growth, with revenue reaching 3.462 billion yuan, a 22.60% increase year-on-year, while domestic market revenue grew modestly by 2.07% to 4.404 billion yuan [9]. - The gross margin for the yeast segment improved to 26.77%, up 0.51 percentage points year-on-year, attributed to a decline in key costs, particularly the price of molasses, which dropped by 35% [9]. - Earnings per share (EPS) forecasts for 2025, 2026, and 2027 are projected at 1.84 yuan, 2.20 yuan, and 2.60 yuan respectively, with corresponding price-to-earnings ratios of 21.75, 18.18, and 15.36 based on the closing price of 39.97 yuan on September 29 [9][10]. Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 7.899 billion yuan, a 10.10% increase year-on-year, and a net profit of 742 million yuan, reflecting a 24.49% growth [4]. - The yeast segment's revenue was 7.159 billion yuan, with a year-on-year growth of 13.67%, while the packaging segment generated 321 million yuan, up 5.54% [9]. - The overseas market contributed 3.462 billion yuan, marking a 22.60% increase, while domestic sales reached 4.404 billion yuan, a modest increase of 2.07% [9]. - The gross margin for the yeast segment improved to 26.77%, indicating a positive trend in profitability [9].