ANGEL YEAST(SH:600298) Xinda Securities·2025-10-30 08:01Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company has achieved a continuous high growth in performance, with 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 the parent company reached 1.116 billion yuan, up 17.13% year-on-year [1][3]. - In Q3 2025, the company reported a revenue of 3.887 billion yuan, a 4.00% increase year-on-year, while the net profit attributable to the parent company was 317 million yuan, reflecting a 21.00% year-on-year growth [1][3]. - The company is focusing on product innovation and international expansion to capture growth opportunities, particularly in the yeast and derived products segment [3]. Financial Performance Summary - For Q3 2025, the company's gross margin reached 24.43%, an increase of 3.08 percentage points year-on-year, attributed to an improved product mix and reduced costs [3]. - The company expects to achieve a minimum revenue growth target of 10% due to stock incentive plans, with projected EPS for 2025-2027 being 1.81, 2.10, and 2.43 yuan respectively, corresponding to P/E ratios of 23X, 19X, and 17X [3][4]. - The total revenue forecast for 2025 is 16.779 billion yuan, with a year-on-year growth rate of 10.4% [4].