来源：光明日报 红烧肉为什么红亮诱人？ 可能加了红曲米。 水煮肉为什么软嫩入味？ 记者在某电商平台搜索"肉宝王"，发现相关产品销量不俗。一款500克规格的售价70元左右，单店销量 可达近万件。不少买家反馈其"香味浓郁""烧卤味更出香"。 商家告诉记者，"肉宝王"属于国标允许使用的复合调味料，适用于卤制品、烧烤及肉制品加工。用于卤 肉和烤鸡时，一般在腌制环节添加，每公斤肉添加1–2克，"不宜多用"。 据商家介绍，其主要成分包括麦芽糊精、食用盐、味精、食用香精及着色剂"诱惑红铝色淀"等。 或许用了含木瓜酶的"嫩肉粉"。 烧鸡、卤味香气扑鼻？ 背后可能是增香调料"肉宝王"的作用…… 如今，市场上的食品添加剂五花八门，早已悄悄走进我们的一日三餐。近日，深圳一位经营烤鸡的少年 因使用复合调味料"肉宝王"受到关注，也让这类调味品再次进入公众视野。 12月25日，中国工程院院士孙宝国教授接受记者采访时表示："只要是国家批准使用的食品添加剂，合 法合规使用就是安全的。"他多年从事食品风味研究，多年前就曾成功研发多种肉香味食品香料技术。 在他看来，没有食品添加剂，就没有现代食品工业——盐会结块，油会酸败，熟食更容易变质。 "肉 ...

Core Insights - The fermentation industry in China has been developing for many years, but it faces challenges such as low quality and efficiency, as well as insufficient innovation capabilities. The government has been implementing policies to support industry development [2] - During the "12th Five-Year Plan" period, the national level proposed research on biological fermentation processes and separation coupling technology. In the "14th Five-Year Plan" period, the focus is on bio-based materials, new fermentation products, and biomass energy, aiming to build a technology system for biomass circular utilization [2] Policy Support - In January 2024, the "Guiding Opinions on Accelerating the Transformation and Upgrading of Traditional Manufacturing" was issued, emphasizing the development of biological manufacturing and enhancing core strains and high-performance enzyme preparations [3] - The "Action Plan for Accelerating the Innovation and Development of Non-Grain Biological Materials" was released in January 2023, highlighting breakthroughs in non-grain biomass technology and large-scale saccharification technology [3] - The "Outline of the Strategy for Expanding Domestic Demand (2022-2035)" issued in December 2022 aims to accelerate the industrialization development of biomedicine, bio-agriculture, and biological manufacturing [3] Market Growth - The Chinese yeast market reached a scale of 13.276 billion yuan in 2023, accounting for 31% of the global market share, with a CAGR of 8.3% from 2019 to 2023, which is higher than the global average growth rate [3][5] - Domestic yeast production increased from 403,000 tons in 2019 to 491,000 tons in 2021, with active yeast and yeast extract accounting for 68% and 26% of the total production, respectively [5] Industry Analysis - The yeast industry has been industrialized in China since the mid-1980s, with government support leading to the introduction of advanced overseas technologies and capacity expansion by leading domestic companies [3] - The traditional baking and noodle sectors have shown steady growth, providing a solid foundation for domestic yeast demand, while yeast extract has ample penetration space, injecting new momentum into the industry [5] Research Methodology - The research team from Huajing Industry Research Institute utilized a combination of desktop research, quantitative surveys, and qualitative analysis to comprehensively analyze the yeast industry's market capacity, industrial chain, operational characteristics, profitability, and business models [8]

Core Insights - The food and beverage industry is increasingly focusing on "super" products, moving beyond traditional taste evaluations to emphasize health and functionality [3][5][46] - The trend of "super" extends across demographics, with products tailored for adults, children, and specific gender needs [5][6] - Innovations in food technology are leading to a more diverse and refined product offering, including natural sweeteners and plant-based alternatives [9][13][39] Industry Trends - The concept of "superfoods" is prevalent, with various ingredients being marketed as health-enhancing, such as "medicinal foods" and unique plant extracts [3][46] - The integration of food and pet industries is notable, with similar health trends appearing in both sectors [6][7] - The rise of "XX waters" and plant-based beverages indicates a shift towards healthier hydration options, with numerous new products emerging [27][29] Technological Advancements - Advances in food technology are focusing on "restoration" of natural flavors, with the use of yeast extracts and other natural ingredients to enhance taste without added sugars [9][13] - The development of new sweeteners, such as "tagatose," offers lower-calorie options while maintaining sweetness, reflecting a trend towards healthier alternatives [13][39] - Companies are increasingly utilizing a formulaic approach to create new beverage products, combining various plant and herbal ingredients to appeal to health-conscious consumers [30][32] Consumer Behavior - The shift towards health-oriented products is evident, with consumers increasingly seeking functional benefits from their food and beverages rather than just taste [46] - The food industry is adapting to consumer preferences, moving from a production-driven model to a consumer-driven one, where brands must respond to specific health needs [29][39] - Despite the health trends, indulgent products like high-calorie snacks and desserts continue to thrive, indicating a complex consumer landscape [44][45]

Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) with a target price of 44 CNY, indicating a potential upside of over 30% from the current price of 33.69 CNY [2][3][7]. Core Views - The report emphasizes that Angel Yeast is entering a new profit cycle, driven by significant cost reductions and a peak in depreciation, which will lead to at least two years of profit improvement. The company is positioned to become the global leader in the yeast industry, with substantial growth opportunities in emerging markets [2][7][8]. Financial Summary - **Revenue Forecast**: Projected total revenue for 2024 is 15,197 million CNY, with a year-on-year growth rate of 11.9%. By 2027, revenue is expected to reach 21,307 million CNY, growing at a rate of 11.3% [3]. - **Net Profit Forecast**: The net profit attributable to shareholders is forecasted to be 1,325 million CNY in 2024, increasing to 2,179 million CNY by 2027, with a compound annual growth rate (CAGR) of 16.2% in the final year [3]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 1.52 CNY in 2024 to 2.51 CNY in 2027, reflecting a strong upward trend [3]. - **Valuation Ratios**: The price-to-earnings (PE) ratio is projected to decrease from 22 in 2024 to 13 by 2027, indicating improving valuation as earnings grow [3]. Profit Cycle Analysis - **Cost and Depreciation Dynamics**: The report highlights that the profit cycle is influenced by cost fluctuations and production cycles. A significant reduction in sugar molasses costs is anticipated, with a projected decline of over 15% in 2025, which will enhance profit margins [7][10]. - **Profit Margin Outlook**: The net profit margin is expected to improve, with a target of reaching 12% in the current cycle, compared to historical peaks of 15% [7][9]. Long-term Growth Drivers - **Global Market Expansion**: Angel Yeast currently holds a 20% global market share, but its overseas market share is below 10%. The company is focused on expanding its presence in developing countries, which presents significant growth potential [8][9]. - **Overseas Revenue Growth**: The report notes that overseas revenue has been growing at a compound annual growth rate (CAGR) of 26.5% from 2022 to 2024, driven by strategic reforms and market penetration efforts [8][9]. Investment Recommendations - The report suggests that the current price offers a good entry point for investors, given the expected improvement in profitability and the long-term growth potential in both domestic and international markets [7][9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 44 CNY, indicating a potential upside of over 30% from the current price of 33.69 CNY [2][3][7]. Core Views - The report emphasizes that the company is entering a new profit cycle, driven by significant cost reductions and a peak in depreciation, which will lead to at least two years of profit improvement. The company is positioned to become the global leader in the yeast market, with substantial growth opportunities in developing countries [2][7][8]. - The report highlights the company's strong pricing power, which allows it to increase prices during cost-up cycles, and the expected decline in sugar molasses costs, which will enhance profit margins [8][9][22]. Financial Summary - Projected total revenue (in million CNY) for the years 2024 to 2027 is as follows: 15,197 (2024), 17,110 (2025), 19,138 (2026), and 21,307 (2027), with year-on-year growth rates of 11.9%, 12.6%, 11.9%, and 11.3% respectively [3]. - The projected net profit (in million CNY) for the same period is: 1,325 (2024), 1,519 (2025), 1,876 (2026), and 2,179 (2027), with growth rates of 4.3%, 14.7%, 23.4%, and 16.2% respectively [3]. - Earnings per share (EPS) are forecasted to be 1.52 CNY (2024), 1.75 CNY (2025), 2.16 CNY (2026), and 2.51 CNY (2027) [3]. Profit Cycle Analysis - The report discusses the profit cycle, indicating that the company is at the bottom of its profit cycle, with a clear path for improvement over the next two years due to falling costs and a peak in depreciation [8][9][14]. - The report quantifies the potential for profit improvement, estimating that gross margins could increase by at least 2.5 percentage points due to favorable sugar molasses pricing [8][9][10]. Long-term Growth Drivers - The company is expected to benefit from accelerated overseas expansion, with a current global market share of approximately 20%, and significant growth potential in emerging markets [8][9][10]. - The report outlines the company's strategy for overseas market penetration, which includes establishing local subsidiaries and leveraging competitive pricing and service advantages [8][9][10]. Investment Recommendations - The report suggests that the current price offers a good entry point for investors, given the expected improvement in profit margins and the long-term growth potential in both domestic and international markets [8][9][10].