ANGEL YEAST(600298) 长江证券·2025-04-20 15:26Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to see a recovery in profit margins, with a positive outlook for long-term profit improvement [6] - In 2024, the company achieved total revenue of 15.197 billion yuan, a year-on-year increase of 11.86%, and a net profit attributable to shareholders of 1.325 billion yuan, a year-on-year increase of 4.07% [2][4] - The company anticipates net profits of 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.84, 2.12, and 2.39 yuan [6] Summary by Sections Financial Performance - In Q4 2024, the company reported total revenue of 4.285 billion yuan, a year-on-year increase of 8.98%, and a net profit of 371 million yuan, a year-on-year increase of 3.68% [2][4] - The revenue from yeast and deep processing products was 10.854 billion yuan, a year-on-year increase of 14.19%, with a significant increase in sales volume by 15.90% despite a slight decline in average prices [6] - The company’s gross profit margin for 2024 was 23.52%, down 0.67 percentage points year-on-year, while the net profit margin was 8.72%, down 0.65 percentage points year-on-year [6] Market and Product Insights - Domestic revenue reached 9.421 billion yuan, a year-on-year increase of 7.53%, while international revenue was 5.712 billion yuan, a year-on-year increase of 19.36% [6] - The company has actively expanded its marketing efforts, resulting in a slight increase in the number of domestic and international distributors [6] - The company’s sales expense ratio increased slightly due to proactive marketing strategies, while the cost optimization for raw materials began to show effects in Q4 2024 [6] Future Projections - The company expects to enter a new phase of profit growth as the high point of the current raw material price cycle has passed [6] - Forecasts for net profit in the coming years indicate a steady increase, with projected PE ratios decreasing from 18 in 2025 to 14 in 2027 [6]