2025 年 11 月 26 日 安琪酵母(600298.SH) 酵母主业稳定增长，海外市场增速亮眼 事件： 公司发布 2025 三季报，2025Q1-Q3 实现营业收入 117.86 亿元，同比 增长 8.01%；实现归母净利润 11.16 亿元，同比增长 17.13%；实现扣 非归母净利润 9.65 亿元，同比增长 15.02%。根据计算，2025Q3 实现 营业收入 38.87 亿元，同比增长 4%；实现归母净利润 3.17 亿元，同 比增长 21%；实现扣非归母净利润 2.23 亿元，同比下降 8.17%。 主业保持稳定增长，海外市场延续高增 本报告版权属于国投证券股份有限公司，各项声明请参见报告尾页。 1 1）分产品看，25Q3 酵母及深加工产品/制糖产品/包装类产品分别实 现营收 26.4/2.6/0.7 亿元，同比+2.1%/-17.2%/-33.3%，制糖及包装 类业务剥离导致营收出现一定程度下滑。 2）分渠道看，25Q3 线下/ 线上分别实现营收 26.9/11.9 亿元，同比+8%/-2.1%。 3）分地区看， 25Q3 国内/国外分别实现营收 21.9/16.9 亿元，同比-3.5%/+ ...

公司报告 | 季报点评 安琪酵母（600298） 证券研究报告 海外延续高增，利润增长明显 事件：25Q1-3 公司营业收入/归母净利润为 117.86/11.16 亿元（同比 +8.01%/+17.13%）。25Q3 公司营业收入/归母净利润为 38.87/3.17 亿元（同 比+4.00%/+21.00%）。 酵母主业有所增长，其他业务下滑。25Q3 公司酵母及深加工/制糖/包装类 产品/其他收入 26.45/2.56/0.73/3.42 亿元（同比+2%/-17%/-34%/-50%），食 品原料收入 5.61 亿元。酵母主业增长放缓，制糖业务/包装业务均有下滑。 国内业务承压，国外延续较高增长。25Q3 公司国内/国外收入分别为 21.9 0/16.87 亿元（同比-3.49%/+17.72%），国内业务承压，海外业务维持较高 增速，并贡献主要增量。25Q3 线下/线上收入分别为 26.90/11.87 亿元（同 比+8.06%/-2.12%）。25Q3 末经销商同比增加 1274 家至 24954 家，其中国 内/国外分别同比增加 585/689 家至 18419/6535 家，平均经销商收入分别 ...

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]

Core Insights - The company reported a revenue of 11.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8% [1] - The net profit attributable to shareholders reached 1.12 billion yuan, up 17.1% year-on-year, while the net profit excluding non-recurring items was 970 million yuan, an increase of 15% [1] - In Q3 2025, the company achieved a revenue of 3.89 billion yuan, a 4% increase year-on-year, with a net profit of 320 million yuan, up 21% year-on-year [1] Revenue Breakdown - For the first three quarters of 2025, revenue from yeast and deep processing products was 8.4 billion yuan (+8.9%), sugar products 640 million yuan (-28.6%), and packaging products 270 million yuan (-12.7%) [1] - In Q3 2025, the revenue from these categories was 2.65 billion yuan (+2%), 260 million yuan (-17%), and 70 million yuan (-34%) respectively [1] - Domestic revenue in Q3 2025 was 2.19 billion yuan (-3.5%), while international revenue was 1.69 billion yuan (+17.7%) [1] Profitability and Cost Structure - The gross margin for the first three quarters was 25.5%, an increase of 2.3 percentage points year-on-year, while Q3 gross margin was 24.4%, up 3.1 percentage points [2] - The improvement in gross margin was attributed to a decline in molasses costs, reduced shipping costs, and continuous product structure improvement [2] - The net profit margin for Q3 2025 was 8.2%, an increase of 1.3 percentage points year-on-year [2] Market Outlook - The company is the largest YE supplier and the second-largest yeast supplier globally, with a total yeast production capacity exceeding 450,000 tons [2] - Domestic molasses prices are expected to decline, and expansion in Egypt and Russia will enhance overseas cost advantages [2] - The outlook for revenue growth remains positive due to improving domestic yeast market demand and successful overseas expansion [2] Earnings Forecast - EPS is projected to be 1.78 yuan, 2.10 yuan, and 2.43 yuan for 2025, 2026, and 2027 respectively, corresponding to dynamic PE ratios of 22x, 18x, and 16x [3] - The company maintains a "buy" rating based on these projections [3]

Investment Rating - The report assigns a "BUY" rating for the company, indicating a potential upside of 15% to 35% [10][15]. Core Insights - The company reported a revenue of RMB 11.79 billion for the first three quarters of 2025, representing an 8% year-on-year increase, with a net profit attributable to shareholders of RMB 1.12 billion, up 17.1% year-on-year [10]. - The third quarter saw a revenue of RMB 3.89 billion, a 4% year-on-year increase, and a net profit of RMB 320 million, which is a 21% increase year-on-year [10]. - The company has maintained a positive outlook for its overseas business while expecting some recovery in domestic demand [14]. Company Overview - The company operates in the food and beverage industry, with a market capitalization of RMB 31.997 billion as of November 5, 2025 [3]. - The major shareholder is Hubei Angel Yeast Group Co., Ltd., holding 38.10% of the shares [3]. Financial Performance - The company's product mix includes 71.52% from yeast and deep processing, 5.45% from sugar production, 2.28% from packaging products, 12.34% from food ingredients, and 8.41% from other products [5]. - For the first three quarters, the gross profit margin improved by 2.26 percentage points to 25.54% [14]. - The company expects net profits of RMB 1.64 billion, RMB 1.93 billion, and RMB 2.24 billion for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 23.6%, 18.1%, and 16% [14]. Market Position - The company's stock price as of November 5, 2025, was RMB 37.33, with a 12-month high of RMB 42.51 and a low of RMB 31.43 [3]. - Institutional investors hold 7.4% of the circulating A-shares, while general corporations hold 54.5% [6]. Future Outlook - The report anticipates continued growth in overseas markets and a gradual recovery in domestic demand, with the company exploring new business directions such as yeast protein and synthetic biology [14].

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Insights - The company has shown steady growth in its main business, with overseas markets continuing to experience high growth [6] - Cost advantages are being realized, with a significant improvement in profitability due to lower raw material costs and reduced shipping pressures [5] - The company is expected to maintain its gross margin advantage in the coming years due to favorable sugar molasses prices [5] Financial Performance Summary - For the first three quarters of 2025, total revenue reached 11.786 billion yuan, an 8% increase year-on-year, while net profit attributable to shareholders was 1.116 billion yuan, up 17% [4] - In Q3 2025, total revenue was 3.887 billion yuan, a 4% increase year-on-year, with net profit of 317 million yuan, reflecting a 21% increase [4] - The gross margin in Q3 2025 increased by 3 percentage points to 24.43% [5] Product and Market Analysis - Revenue from yeast and deep processing products in Q3 2025 was 2.645 billion yuan, a 2% increase, driven by volume growth [6] - Domestic revenue decreased by 3% to 2.190 billion yuan, while international revenue increased by 18% to 1.687 billion yuan [6] - The company is actively promoting new products and expanding its market presence, particularly in overseas markets such as the Middle East, Africa, and Southeast Asia [6] Earnings Forecast - The company expects EPS for 2025, 2026, and 2027 to be 1.80 yuan, 2.17 yuan, and 2.53 yuan respectively, with corresponding PE ratios of 21, 18, and 15 times [7][8] - Revenue growth rates are projected at 10.1% for 2025, 10.9% for 2026, and 10.0% for 2027 [10]

Core Insights - The company reported a revenue of 11.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 8.0%, with a net profit attributable to shareholders of 1.12 billion yuan, up 17.1% year-on-year [1] - In Q3 2025, the company achieved a revenue of 3.89 billion yuan, a year-on-year increase of 4.0%, and a net profit of 320 million yuan, reflecting a 21.0% year-on-year growth [1] Revenue Breakdown - For the first three quarters of 2025, revenue from yeast and deep processing was 8.40 billion yuan, up 8.9% year-on-year, while sugar, packaging, and food raw materials saw revenues of 640 million yuan, 270 million yuan, and 2.44 billion yuan, with year-on-year changes of -28.6%, -12.7%, and +26.5% respectively [2] - In Q3 2025, revenue from yeast and deep processing was 2.65 billion yuan, a 2.0% year-on-year increase, while sugar, packaging, and food raw materials reported revenues of 260 million yuan, 70 million yuan, and 900 million yuan, with year-on-year changes of -17.0%, -34.0%, and +30.8% respectively [2] - Domestic revenue for the first three quarters was 6.59 billion yuan, up 0.2% year-on-year, while overseas revenue was 5.15 billion yuan, up 21.0% year-on-year [2] Distributor Network - As of the end of Q3 2025, the company had a total of 24,954 distributors, with a net increase of 365 from the end of Q2, including 173 in the domestic market and 192 internationally [3] Profitability and Costs - The company maintained a gross profit margin of 25.5% for the first three quarters, an increase of 2.3 percentage points year-on-year, with Q3 showing a year-on-year increase of 3.1 percentage points [4] - The net profit margin attributable to shareholders for the first three quarters was 9.5%, up 0.7 percentage points year-on-year, while the net profit margin for Q3 was 8.2%, reflecting a year-on-year increase of 1.2 percentage points [4] - The company received increased government subsidies in Q3, leading to a 313.1% year-on-year increase in other income, which contributed to the overall profitability [4] Future Outlook - The company anticipates steady growth in domestic revenue with the recovery of demand and improved organizational structure, while overseas capacity expansion is expected to support double-digit growth [5] - Revenue projections for 2025-2027 are 16.72 billion yuan, 18.55 billion yuan, and 20.44 billion yuan, with year-on-year growth rates of 10.0%, 11.0%, and 10.2% respectively [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company reported a revenue of 11.79 billion yuan for the first three quarters of 2025, representing an 8.0% year-on-year increase, and a net profit attributable to shareholders of 1.12 billion yuan, up 17.1% year-on-year [1]. - Domestic demand remains weak, while overseas markets continue to show growth. The revenue from yeast and deep processing products increased by 8.9%, while sugar and packaging saw declines of 28.6% and 12.7%, respectively [2]. - The gross profit margin for the first three quarters of 2025 was 25.5%, an increase of 2.3 percentage points year-on-year, driven by lower raw material costs [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 3.89 billion yuan, a 4.0% increase year-on-year, with a net profit of 320 million yuan, up 21.0% year-on-year [1]. - The company had 24,954 distributors by the end of Q3 2025, with a net increase of 365 distributors from the previous quarter [2]. Cost and Profitability - The company experienced a cost advantage due to the use of low-priced raw materials, leading to a significant improvement in gross profit margins [3]. - The net profit margin for Q3 2025 was 8.2%, an increase of 1.2 percentage points year-on-year, while the non-recurring net profit margin was 5.8%, slightly down by 0.8 percentage points [3]. Future Outlook - The company expects stable revenue growth driven by recovering domestic demand and organized structural adjustments, with overseas capacity expansion supporting double-digit growth [4]. - Revenue projections for 2025-2027 are 16.72 billion, 18.55 billion, and 20.44 billion yuan, with corresponding net profits of 1.55 billion, 1.85 billion, and 2.20 billion yuan, reflecting growth rates of 17.2%, 19.4%, and 18.8% respectively [4][5].

Macro Research - The report highlights the increasing divergence in the Federal Reserve's monetary policy path due to the "data fog" caused by the U.S. government shutdown and the realities of economic and inflation trends. The expectation for a rate cut in December has been adjusted downward compared to pre-meeting expectations [2][3][26] - The report anticipates a continued preventive rate cut cycle, with U.S. Treasury yields slowing down, sustained support for U.S. stocks, a fluctuating U.S. dollar index, and an ongoing long-term bull market for gold [4][27] Food and Beverage Research - Guizhou Moutai's Q3 2025 growth has slowed to flat with slight increases, impacted by price inversion in series wines and some direct sales channels. The company aims for sustainable high-quality growth and has adjusted its EPS forecasts for 2025-2027 [5][6][7] - The report indicates that Moutai's Q3 revenue was CNY 398.10 billion, a year-on-year increase of 0.3%, with net profit at CNY 192.24 billion, up 0.5%. The company is focusing on improving the quality of its financial reports and aligning with actual market demand [6][7] Paper and Light Industry Research - Hengan International is actively promoting product premiumization, with expectations for continued increases in sales prices. The decline in wood pulp costs is expected to enhance the company's profit elasticity [9][10] - The report notes that Hengan's market share has generally improved over the past decade, with a focus on increasing the penetration of high-end products to counteract price competition. The company has launched various high-end wet tissue products, contributing to revenue growth [10][12] Transportation Research - Southern Airlines reported a counter-cyclical profit growth in Q3 2025, exceeding market expectations and showing a trend of profitability. The company’s net profit for the first three quarters of 2025 was CNY 23 billion, with a year-on-year increase of over 17% [13][14] - The report emphasizes that the airline's passenger load factor reached a record high of 85.9% in Q3 2025, indicating strong demand recovery and optimistic future profitability trends [14][15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's gross profit margin significantly improved in Q3, and short-term expense fluctuations do not alter the upward profit trend [5] - The company is expected to maintain rapid growth in overseas revenue, with projected net profits for 2025-2027 at 1.595 billion, 1.993 billion, and 2.315 billion RMB, respectively, reflecting year-on-year growth rates of 20%, 25%, and 16% [5] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 11.79 billion RMB, a year-on-year increase of 8%, and a net profit attributable to shareholders of 1.12 billion RMB, up 17.1% year-on-year [7] - In Q3 alone, the company reported revenue of 3.89 billion RMB, a 4% increase year-on-year, and a net profit of 320 million RMB, up 21% year-on-year [7] - The overall gross profit margin for the first three quarters was 25.54%, an increase of 2.26 percentage points compared to the same period last year [7] - The company’s revenue projections for 2025-2027 are 16.741 billion, 19.092 billion, and 21.263 billion RMB, with corresponding year-on-year growth rates of 10.16%, 14.04%, and 11.37% [6][8] Profitability Metrics - The projected earnings per share (EPS) for 2025 is 1.84 RMB, with a price-to-earnings (P/E) ratio of 21.15 [6] - The return on equity (ROE) is expected to improve from 12.23% in 2024 to 15.57% in 2027 [6][8] - The company’s net profit margin is projected to increase from 8.90% in 2024 to 11.40% in 2027 [9]