ANGEL YEAST(SH:600298) Huachuang Securities·2025-10-30 02:50Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 55 yuan [2][8]. Core Insights - The company reported a revenue of 11.786 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.01%. The net profit attributable to shareholders was 1.116 billion yuan, up 17.13% year-on-year [2][8]. - The report highlights that the company's operational quality remains high, with a clear improvement cycle expected. Despite a slowdown in revenue growth in Q3 2025, the long-term outlook remains positive due to cost reductions and a peak in depreciation [2][8]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 3.887 billion yuan, a year-on-year increase of 4%. The net profit for the same period was 317 million yuan, reflecting a 21% increase year-on-year [2][8]. - The gross margin for Q3 2025 was reported at 24.43%, an increase of 3.08 percentage points year-on-year, primarily due to lower sugar molasses costs [2][8]. - The report projects total revenue for 2025 to reach 16.763 billion yuan, with a year-on-year growth rate of 10.3% [4][8]. Market and Product Insights - The company is accelerating the divestment of its sugar and packaging businesses, which contributed to the revenue slowdown in Q3 2025. The revenue from yeast and deep processing products was 2.645 billion yuan, while sugar products saw a decline of 17.03% [2][8]. - The domestic market experienced a slight revenue decline of 3.49% in Q3 2025, while the international market continued to grow at 17.72% [2][8]. Future Outlook - The report emphasizes that the company is expected to achieve a revenue growth target of 10% for the year, with Q4 2025 anticipated to see a sequential acceleration in revenue [2][8]. - The company is projected to maintain a double-digit revenue growth in the coming years, supported by overseas capacity expansion and channel development [2][8].