ANGEL YEAST(SH:600298) GF SECURITIES·2024-06-13 03:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 33.87 CNY per share, compared to the current price of 31.05 CNY [4][10]. Core Views - The company has launched a broad-based stock incentive plan for 1,006 employees, aiming to enhance team motivation and drive operational improvements. The plan includes performance targets for revenue, profit, and asset management over the next three years [2][3]. - Domestic demand is recovering, with significant contributions expected from overseas markets. The company anticipates a 15.37% increase in revenue for 2024, with domestic revenue projected to grow by around 10% and overseas revenue by approximately 20% [2][3]. - The report forecasts a rebound in gross margin due to a decrease in costs related to raw materials, transportation, and depreciation, despite an expected increase in expense ratios to address industry competition [2][3]. Financial Summary - Revenue projections for 2024-2026 are 152.48 billion CNY, 169.53 billion CNY, and 189.84 billion CNY, reflecting year-on-year growth rates of 12.27%, 11.18%, and 11.98% respectively [3][9]. - Net profit estimates for the same period are 13.38 billion CNY, 15.09 billion CNY, and 16.98 billion CNY, with growth rates of 5.30%, 12.80%, and 12.54% respectively [3][9]. - The report indicates a projected PE ratio of 20, 18, and 16 for the years 2024, 2025, and 2026 [3][9].