安琪酵母（600298.SH） 证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 主业稳健增长，利润弹性向上 事件：公司发布 2025 年一季报，25Q1 实现营收 37.9 亿元，同比+8.9%； 实现归母净利润 3.7 亿元，同比+16.0%；实现扣非净利润 3.4 亿元，同 比+14.4%。 酵母主业稳健增长，海外市场高增延续。25Q1 公司收入同比+8.9%，分 品类来看，酵母及深加工/制糖/包装/其他（含食品原料）分别实现营收 27.7/1.6/1.0/7.6 亿元，同比分别+13.2%/-60.7%/-4.4%/+44.1%，主业 酵母及衍生品主业稳健增长，我们预计前期公司内部组织架构调整的影响 已基本消除；制糖业务收入规模持续收缩，其他业务中预计食品原料等延 续高增长。分地区来看，25Q1 国内/国外实现营收 21.0/16.8 亿元，同比 -0.3%/+22.9%，国内业务若剔除制糖和包装影响则 25Q1 同比+15.0%， 预计酵母主业在春节错期影响下仍表现稳健，食品原料等其他业务贡献增 量；海外业务仍保持高增速。 业务结构改善+糖蜜成本红利，盈利能力企 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved a revenue of 2.196 billion yuan in 2024, representing a year-on-year increase of 4.25%, and a net profit attributable to shareholders of 127 million yuan, up 46.54% year-on-year [1]. - The company is focused on strengthening its core business while optimizing its distribution network, with a reduction in the number of distributors from 2044 at the end of 2023 to 2014 by the end of 2024 [2]. - The gross profit margin improved to 34.72% in 2024, an increase of 1.74 percentage points year-on-year, driven by a decline in raw material costs [3]. Financial Performance - In 2024, the main seasoning products generated revenue of 2.093 billion yuan, a slight increase of 0.73% year-on-year, with vinegar, wine, and sauce series revenues at 1.266 billion, 329 million, and 180 million yuan, respectively [2]. - The company reported a net profit margin of 5.80% in 2024, an increase of 1.67 percentage points year-on-year [3]. - The forecast for net profit attributable to shareholders for 2025-2027 is expected to grow by 37.8%, 23.1%, and 7.9%, reaching 180 million, 220 million, and 230 million yuan, respectively [4]. Strategic Focus - The company aims to transition from a vinegar-focused business to a broader seasoning industry, establishing itself as a benchmark in the seasoning sector [3]. - The company emphasizes shareholder returns, with a cash dividend of approximately 111 million yuan in 2024, representing a payout ratio of 87.08% and a dividend yield of about 1.25% [3].

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 03 年 月 日 海天味业（603288.SH） 旺季提速明显，成本红利兑现 事件：公司发布 2024 年年报，2024 年实现营业收入 269.01 亿元，同比 +9.53%，实现归母净利润 63.44 亿元，同比+12.75%，其中 2024Q4 实现营 业收入 65.02 亿元，同比+10.03%，实现归母净利润 15.29 亿元，同比 +17.82%。 旺季提速明显，线上渠道亮眼。分产品来看，2024 年公司酱油/调味酱/耗油/ 其他收入分别 138/27/46/41 亿元，同比+8.9%/+10.0%/+8.6%/ +16.8%； 2024Q4 公司酱油 / 调 味 酱 / 耗 油 / 其 他 收 入 34/6/12/9 亿元，同比 +13.6%/+13.2%/+15.4%/+7.1%，旺季三个大品类收入增速提升显著。分渠 道来看，2024 年公司线上/线下收入分别 12/239 亿元，同比+39.8%/+8.9%。 2024 年 Q4 公司线上/线下收入 3/59 亿元，同比+59.2%/ +11.2%，主要系 线上运营水平 ...