公司简介 公司前身是1984年在宜昌成立的食用酵母基地，2000年在上交所上市。目前在全球共建有16家酵母工 厂，2024发酵总产能超45万吨，酵母产品在国内市占率近55%，产销量亚洲第一。全球市占率超20%， 产品远销170多个国家和地区，目前全球市占率第二。 投资逻辑 利润端：成本高位回落、资本开支已过小高峰，27年净利率有望修复至10%+：1）公司核心原材料糖蜜 约占比总成本25-30%，受供需错配影响价格持续3年高涨，对毛利造成显著冲击。公司自22年开始自建 水解糖产能，目前可替代30%糖蜜原材料。同时伴随着上游扩产、粮食作物价格下行，25Q1-Q3毛利率 顺利实现2.3pct修复，我们预计25/26年新榨季成本有望进一步下降至1000元/吨，对应毛利率有望改善 1pct。2）十四五期间伴随着国内扩产及项目搬迁，23/24年折旧费用7.1/8.1亿元，占主业成本比重约 10%。参照近年来产能设计较为宽裕（24年产能/销量分别为45/41万吨），我们认为十五五初期产能建 设速度有望放缓，且产能投放结构持续优化，海外自产自销模式下利润率有望改善。 盈利预测、估值和评级 预计公司25-27年归母净利润分别为 ...

Group 1 - The company announced three capacity expansion plans with a total investment exceeding 1.5 billion RMB to enhance competitiveness and ensure supply of yeast products [1] - The Russian subsidiary plans to increase registered capital and implement a production line expansion project with an annual capacity of 22,000 tons of yeast, with a total investment of 1.062 billion RMB [1] - The company aims to achieve over 600,000 tons of total production capacity in the future, positioning itself as the world's largest yeast company [2][3] Group 2 - As of the first three quarters of this year, the company's revenue reached 11.786 billion RMB, representing a year-on-year growth of 8.01% [2] - The company has a domestic capacity utilization rate of over 90% and an overseas utilization rate of 100%, indicating a capacity shortfall [2] - The yeast industry is characterized by significant economies of scale, with high capacity utilization being crucial for maintaining gross margins [3]

上述大规模扩产动作的背后，是公司产能存在缺口的情况。安琪酵母在11月初接受投资者调研时提到， 目前公司国内产能利用率在90%以上，海外的产能利用率是100%，根据明年销售计划，目前整体产能 还有缺口。在产能规划上，安琪酵母表示，目前公司整体发酵产能在45万吨左右，加上在建的产能合计 约50万吨左右，公司未来目标是全球第一大酵母公司，未来计划产能超过60万吨。 为保障食品原料、酵母产品供应，增强产品竞争力，近日，安琪酵母推出三项产能建设计划，合计投资 逾15亿元。 根据公告，为满足公司"十五五"市场规划需求，进一步保障公司海外酵母类产品供应，全资子公司安琪 酵母（俄罗斯）有限公司（以下简称"俄罗斯公司"）计划增加注册资本暨实施年产2.2万吨酵母生产线 扩建项目，总投资金额为10.62亿元。项目建设期为24个月，预计2026年上半年开工，项目所需资金由 俄罗斯公司自筹，其中借款9.12亿元，剩余部分由公司和安琪酵母（滨州）有限公司以同比例增加俄罗 斯公司资本金方式投入，拟增加资本金折合人民币1.5亿元。 此外，为满足公司"十五五"市场规划需求，进一步保障公司食品原料产品供应，安琪酵母园区工厂计划 实施年产6万吨食 ...

Core Viewpoint - Angel Yeast (600298.SH) announced an investment of 232 million yuan in a smart manufacturing project for yeast extract blends, aiming to enhance product competitiveness and align with the company's strategic planning for the 14th Five-Year Plan [1] Group 1 - The investment amount for the yeast extract blending project is 232 million yuan, with an expected return on investment of 9.23% [1] - The project is in line with the company's strategic direction and is expected to improve operational quality, enhance sustainable profitability, and strengthen overall competitiveness [1] - The implementation of this project is projected to promote stable development without harming the interests of the company and its shareholders [1]

Core Viewpoint - Anqihome (600298.SH) plans to increase its registered capital and implement a production line expansion project in Russia, aiming for an annual production capacity of 22,000 tons of yeast, with an investment amount of 1.062 billion yuan [1] Group 1 - The investment is part of the company's strategy to accelerate its global production layout and build a regional supply chain [1] - This move is expected to enhance the company's overall competitiveness in the global yeast market [1]

Core Insights - Anqihome (600298.SH) announced plans to increase registered capital and implement a production line expansion project for yeast, aiming for an annual output of 22,000 tons [1] - The investment amount for this project is 1.062 billion yuan [1] - This investment is a strategic move to accelerate the company's global production layout and build a regional supply chain, enhancing its overall competitiveness in the global yeast market [1]

Core Viewpoint - Angel Yeast (600298.SH) announced an investment of 232 million yuan to enhance the competitiveness of its yeast extract products through the implementation of an intelligent manufacturing project at its Liuzhou facility [1] Company Summary - The investment amount for the yeast extract compounding intelligent manufacturing project is 232 million yuan [1] Industry Summary - The project aims to improve the competitiveness of yeast extract products within the industry [1]

Core Viewpoint - Angel Yeast (600298.SH) announced an investment of 232 million yuan to enhance the competitiveness of its yeast extract products through the implementation of an intelligent manufacturing project at its Liuzhou facility [1] Group 1 - The investment amount for the yeast extract compound intelligent manufacturing project is 232 million yuan [1]

格隆汇11月21日｜安琪酵母公告，安琪酵母（俄罗斯）有限公司计划增加注册资本暨实施年产2.2万吨 酵母生产线扩建项目，投资金额10.62亿元。本次交易尚需提交公司股东会审议及有关部门批准。该项 目在建设过程及经营过程中可能面临市场环境变化、糖蜜价格上涨等风险，敬请广大投资者注意投资风 险。 ...

Core Viewpoint - Anqi Yeast reported a revenue increase of 8.01% year-on-year for the first three quarters of 2025, with total revenue reaching 11.786 billion yuan and a net profit of 1.116 billion yuan, reflecting a 17.13% increase [1] Revenue Summary - The company's overseas revenue maintained high growth, while domestic yeast and derivative products faced some pressure. Domestic revenue for the first three quarters of 2025 was 6.593 billion yuan, up 0.15% year-on-year, but down 3.49% in Q3 2025. In contrast, overseas revenue reached 5.15 billion yuan, up 20.96% year-on-year, with a 17.72% increase in Q3 2025 [2] - Excluding the sugar business, domestic revenue for the first three quarters of 2025 increased by 4.68%, with Q3 showing a decline of 1.35%. The yeast and deep processing products generated 8.398 billion yuan, up 8.91% year-on-year, while sugar products fell by 28.57% to 640 million yuan, and packaging products decreased by 12.65% to 268 million yuan. Food ingredients and others saw a significant increase of 26.51% to 2.437 billion yuan [2] Profit Summary - The cost advantage of molasses gradually manifested, but rising expenses impacted profit release. In Q3 2025, the net profit margin increased by 1.15 percentage points to 8.16%, and the gross profit margin rose by 3.08 percentage points to 24.43%. However, the sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio all increased, which negatively affected profit margins [3] - The significant improvement in gross profit margin is attributed to the full utilization of molasses in the 2024/2025 sugar season, leading to cost benefits. The company is expected to see continued improvement in long-term profitability, with projected net profits of 1.563 billion yuan, 1.882 billion yuan, and 2.208 billion yuan for 2025, 2026, and 2027, respectively, corresponding to PE valuations of 22, 18, and 15 times [3]