海外延续亮眼，国内需求有待修复

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company reported a Q1 2024 revenue of 3.48 billion yuan, a year-on-year increase of 2.5%, but a net profit attributable to shareholders of 320 million yuan, a decrease of 9.5% year-on-year [1]. - The overseas market continues to show strong growth, while domestic demand is under pressure. The revenue breakdown shows that yeast and deep processing achieved revenues of 2.45 billion yuan and 400 million yuan, respectively, with year-on-year growth of 5.4% and a decline of 17.6% for the sugar business [1]. - The gross margin slightly decreased to 24.7%, down 0.7 percentage points year-on-year, primarily due to changes in product mix and the increased share of overseas business [1]. Financial Summary - The company is expected to achieve net profits of 1.38 billion yuan, 1.61 billion yuan, and 1.82 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 8.4%, 17.0%, and 13.2% [2][3]. - The projected P/E ratios for the next three years are 19x, 16x, and 14x, respectively [2][3]. - The company’s revenue is forecasted to grow from 15.7 billion yuan in 2024 to nearly 20 billion yuan by 2026, reflecting a compound annual growth rate of approximately 12.3% [3][12].