需求有待复苏，海外高速拓展

Investment Rating - The report maintains a "Buy" rating for Angel Yeast (600298 SH) [4] Core Views - Angel Yeast achieved revenue of 13 58 billion yuan in 2023, a year-on-year increase of 5 7%, while net profit attributable to the parent company was 1 27 billion yuan, a year-on-year decrease of 3 9% [1] - Domestic demand remains weak, but overseas markets continue to expand rapidly, with overseas revenue growing 27 4% year-on-year in Q4 2023 [1] - The company's gross margin slightly declined by 0 6 percentage points to 24 2% in 2023, mainly due to changes in product and regional structure [1] - For 2024, the company targets revenue growth of 15 37% and net profit growth of 7 80%, with overseas business expected to maintain high growth [2] Financial Performance - In 2023, the company's revenue was 13 58 billion yuan, with a net profit of 1 27 billion yuan [1] - Q4 2023 revenue was 3 93 billion yuan, a year-on-year increase of 1 8%, while net profit was 360 million yuan, a year-on-year decrease of 15 5% [1] - The company's gross margin for 2023 was 24 2%, with yeast and deep-processed products contributing a gross margin of 30 7% [1] - Net profit margin and adjusted net profit margin for 2023 were 9 4% and 8 1%, respectively, down 0 9 and 0 5 percentage points year-on-year [1] Business Segments - In Q4 2023, yeast and deep-processed products contributed 2 6 billion yuan in revenue, a year-on-year decrease of 1 8%, while other businesses (including food ingredients and trade) grew 80 1% year-on-year [1] - Domestic revenue in Q4 2023 was 2 61 billion yuan, a year-on-year decrease of 9 2%, while overseas revenue was 1 29 billion yuan, a year-on-year increase of 27 4% [1] Future Outlook - The company expects cost benefits from lower molasses prices in 2024, which could boost profitability if demand recovers [2] - Revenue and net profit targets for 2024 are set at 15 37% and 7 80% growth, respectively, with overseas business and yeast extracts expected to drive growth [2] - The report forecasts net profit for 2024-2026 to be 1 38 billion yuan, 1 61 billion yuan, and 1 82 billion yuan, respectively, with year-on-year growth rates of 8 4%, 17 0%, and 13 2% [2] Valuation - The current PE ratio is 19x for 2024, 16x for 2025, and 14x for 2026 [2] - The PB ratio is 2 6x for 2023, expected to decrease to 2 4x in 2024 and 2 2x in 2025 [3]