食品饮料/调味发酵品Ⅱ 安琪酵母（600298.SH） 2025Q1 稳健起步，成本下降、弹性可期 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 35.62 | | 一年最高最低(元) | 40.00/27.22 | | 总市值(亿元) | 309.41 | | 流通市值(亿元) | 304.37 | | 总股本(亿股) | 8.69 | | 流通股本(亿股) | 8.54 | | 近 3 个月换手率(%) | 54.0 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 安琪酵母 沪深300 相关研究报告 《2024 年企稳回升双加速，2025 年利 润弹性有望释放—公司信息更新报 告》-2025.4.14 《国内、国际业务双加速，糖蜜价格 有 望 下 降 — 公 司 信 息 更 新 报 告 》 -2024.11.1 《国内需求恢复，盈利能力改善—公 司信息更新报告》-2024.8.8 张宇光（分析师） 方勇（分析师） zhang ...

食品饮料/调味发酵品Ⅱ 安琪酵母（600298.SH） 2025Q1 稳健起步，成本下降、弹性可期 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 35.62 | | 一年最高最低(元) | 40.00/27.22 | | 总市值(亿元) | 309.41 | | 流通市值(亿元) | 304.37 | | 总股本(亿股) | 8.69 | | 流通股本(亿股) | 8.54 | | 近 3 个月换手率(%) | 54.0 | 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-04 2024-08 2024-12 安琪酵母 沪深300 相关研究报告 《2024 年企稳回升双加速，2025 年利 润弹性有望释放—公司信息更新报 告》-2025.4.14 《国内、国际业务双加速，糖蜜价格 有 望 下 降 — 公 司 信 息 更 新 报 告 》 -2024.11.1 股价走势图 《国内需求恢复，盈利能力改善—公 司信息更新报告》-2024.8.8 张宇光（分析师） 方勇（分析师） zhang ...

证券研究报告 | 季报点评 gszqdatemark 2025 04 28 年 月 日 安琪酵母（600298.SH） 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 ...

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 investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 3.794 billion yuan in Q1 2025, representing a year-on-year growth of 8.95%, while the net profit attributable to shareholders was 370 million yuan, up 16.02% year-on-year, with an EPS of 0.43 yuan per share [6][7] Summary by Relevant Sections Recent Performance - The company's revenue continued to grow steadily at 8.95% in Q1 2025, with profit growth of 16.02% outpacing revenue growth. The main business saw a higher growth rate, with yeast and deep-processed products increasing by 13.2% year-on-year [7] Domestic and International Markets - In Q1 2025, domestic and international revenues were 2.099 billion yuan and 1.684 billion yuan, respectively, showing a decline of 0.3% domestically and an increase of 22.9% internationally. The overseas market continues to show strong growth, with significant expansion in regions like Africa, the Middle East, and Asia-Pacific [7] Cost and Profitability - The gross margin for Q1 2025 was 25.97%, an increase of 1.31 percentage points year-on-year, primarily due to a decline in raw material costs. The company expects continued improvement in gross margin as depreciation and amortization increases are anticipated to be lower than in 2024 [7] Financial Forecasts - Revenue projections for 2025-2027 are 16.678 billion yuan, 18.278 billion yuan, and 19.966 billion yuan, with year-on-year growth rates of 10%, 10%, and 9%, respectively. Net profit forecasts for the same period are 1.554 billion yuan, 1.796 billion yuan, and 2.059 billion yuan, with growth rates of 17%, 16%, and 15% [7][10]

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].

公 华福证券 调味发酵品Ⅲ 2025 年 04 月 12 日 司 研 究 公 司 财 安琪酵母（600298.SH） 全年酵母主业稳增， Q4 毛利率回升、期待业绩拐点 事件：公司披露 24 年报：24 年公司实现营收 151.97 亿元，同比+11.9%； 归母净利润 13.25亿元，同比+4.1%；扣非归母净利润 11.7 亿元，同比+5.9%。 其中 24Q4 公司实现营收 42.85 亿元，同比+9.1%；归母净利润 3.71 亿元， 同比+3.6%；扣非归母净利润 3.3 亿元，同比+12%。 Q4 酵母主业销售提速至 21%，24 年海外保持高质量快增 报 点 评 分品类看，24 年酵母及深加工、制糖产品、包装类、食品原料以及其 他主营产品营收分别同比+14%/-26%/-3%/+32%/+42%。其中，酵母系列 24 年销量/吨价分别同比+15.9%/-1.5%；食品原料及其他产品实现快增。分区 域看，国内、海外全年营收分别同比+7.5%/+19.4%，其中埃及工厂全年营 收，净利润分别同比 12.5%/59.3%，净利率达 33.5%；全年国内、国外经销 商数量分别净增 1006/661 家， ...

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 ...

Group 1: 华盛锂电 - Company plans to invest in a project to produce 60,000 tons of vinyl carbonate annually, with the first phase targeting 30,000 tons [1] - Total investment for the project is approximately 950 million yuan, funded by the company's own or raised funds [1][2] Group 2: 万里扬 - Shareholder plans to reduce holdings by up to 1.5% of the company's total shares, equating to a maximum of 19.69 million shares [3] - The reduction is due to the shareholder's own funding needs [3][4] Group 3: 云南旅游 - Company intends to raise no more than 191 million yuan through a private placement of up to 304 million shares [5] - Funds will be used for the construction of a cultural tourism equipment industrial park and to repay debts [5][6] Group 4: 冠农股份 - Company reported a 71.58% decline in net profit for 2024, amounting to 205 million yuan [9] - Revenue decreased by 11.15% to 3.863 billion yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [9][10] Group 5: 华光新材 - Company achieved a 93.78% increase in net profit for 2024, totaling 80.6174 million yuan [11] - Revenue grew by 35.52% to 1.918 billion yuan, with a proposed cash dividend of 2.77 yuan per 10 shares [11][12] Group 6: 南大光电 - Company reported a 28.15% increase in net profit for 2024, reaching 271 million yuan [13] - Revenue increased by 38.08% to 2.352 billion yuan, with a proposed cash dividend of 1 yuan per 10 shares and a stock bonus of 2 shares for every 10 shares held [13][14] Group 7: 博瑞医药 - Company experienced a 6.57% decrease in net profit for 2024, amounting to 189 million yuan [15] - Revenue increased by 8.74% to 1.283 billion yuan, with a proposed cash dividend of 0.96 yuan per 10 shares [15][16] Group 8: 贵州茅台 - Company reported a 15.38% increase in net profit for 2024, totaling 862 million yuan [17] - Revenue grew by 15.71% to 170.9 billion yuan, with a proposed cash dividend of 276.24 yuan per 10 shares [17][18] Group 9: 西部建设 - Company reported a net loss of 263 million yuan for 2024, compared to a profit of 645 million yuan in 2023 [19] - Revenue decreased by 11.01% to 20.347 billion yuan, with a proposed cash dividend of 1.25 yuan per 10 shares [19][20] Group 10: 锡业股份 - Company achieved a 2.55% increase in net profit for 2024, totaling 1.444 billion yuan [21] - Revenue slightly decreased by 0.91% to 41.973 billion yuan, with a proposed cash dividend of 1.9 yuan per 10 shares [21][22] Group 11: 海天味业 - Company reported a 12.75% increase in net profit for 2024, amounting to 6.344 billion yuan [23] - Revenue increased by 9.53% to 26.901 billion yuan, with a proposed cash dividend of 8.6 yuan per 10 shares [23][24] Group 12: 台基股份 - Company experienced an 18.77% decrease in net profit for 2024, totaling 25.2935 million yuan [25] - Revenue increased by 10.76% to 354 million yuan, with a proposed cash dividend of 0.8 yuan per 10 shares [25][26] Group 13: 金盘科技 - Company reported a 13.82% increase in net profit for 2024, amounting to 574 million yuan [27] - Revenue grew by 3.5% to 6.901 billion yuan, with a proposed cash dividend of 5.06 yuan per 10 shares [27][28] Group 14: 中油资本 - Company reported an 8.14% decrease in net profit for 2024, totaling 4.652 billion yuan [29] - Revenue slightly increased by 0.08% to 39.024 billion yuan, with a proposed cash dividend of 0.57 yuan per 10 shares [29][30] Group 15: 锐捷网络 - Company achieved a 43.09% increase in net profit for 2024, amounting to 574 million yuan [31] - Revenue increased by 1.36% to 11.699 billion yuan, with a proposed cash dividend of 6.06 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [31][32] Group 16: 华瓷股份 - Company reported a 14.21% increase in net profit for 2024, totaling 205 million yuan [33] - Revenue grew by 8.79% to 1.34 billion yuan, with a proposed cash dividend of 4 yuan per 10 shares [33][34] Group 17: 金龙羽 - Company experienced a 14.14% decrease in net profit for 2024, amounting to 14 million yuan [35] - Revenue decreased by 6.53% to 3.675 billion yuan, with a proposed cash dividend of 3 yuan per 10 shares [35][36] Group 18: 恒帅股份 - Company reported a 5.75% increase in net profit for 2024, totaling 214 million yuan [37] - Revenue increased by 4.21% to 962 million yuan, with a proposed cash dividend of 4 yuan per 10 shares and a stock bonus of 4 shares for every 10 shares held [37][38] Group 19: 爱玛科技 - Company expects a 25.12% increase in net profit for the first quarter of 2025, amounting to 605 million yuan [39] - Main business includes the development, production, and sales of electric bicycles and motorcycles [39][40] Group 20: 西王食品 - Company reported a net loss of 444 million yuan for 2024, compared to a loss of 16.8658 million yuan in 2023 [41] - Revenue decreased by 9.43% to 4.972 billion yuan [41][42]

3月26日晚间重要公告一览 中国铝业：2024年净利润同比增长85.38% 拟10派0.135元 3月26日晚，中国铝业（601600）发布2024年年度报告，公司2024年实现营业收入2370.66亿元，同比增 长5.21%；归属于上市公司股东的净利润为124亿元，同比增长85.38%；基本每股收益为0.723元/股，同 比增长85.86%。公司拟以现金方式按每股0.135元（含税）向全体股东派发2024年末期股息。 资料显示，中国铝业成立于2001年9月，主营业务是集铝土矿、煤炭等资源开采，氧化铝、炭素、原铝 和铝合金产品生产、销售、技术研发，国际贸易，物流产业，火力及新能源发电于一体的大型铝生产。 所属行业：有色金属–工业金属–铝 力合科创：2024年净利润同比下降25.41% 拟10派0.7元 3月26日晚，力合科创（002243）发布2024年年度报告，公司2024年实现营业收入23.21亿元，同比下降 7.75%；归属于上市公司股东的净利润为2.45亿元，同比下降25.41%；基本每股收益为0.2028元/股，同 比下降25.39%。公司拟向全体股东每10股派发现金红利0.7元（含税）。 资料显示 ...