ANGEL YEAST(600298) 华创证券·2025-04-27 10:45Investment Rating - The report maintains a "Strong Buy" rating for Angel Yeast (600298) with a target price of 44 CNY [2][7]. Core Views - The Q1 performance of Angel Yeast exceeded expectations, driven by strong overseas growth and stable domestic performance. The company reported a revenue of 3.794 billion CNY in Q1 2025, a year-on-year increase of 8.95%, and a net profit attributable to shareholders of 370 million CNY, up 16.02% year-on-year [7][8]. - The report emphasizes that the improvement logic is being realized, breaking previous pessimistic expectations. The overseas market has become a core growth engine, with a projected double-digit revenue growth in the coming years [7][8]. Financial Summary - Revenue Forecasts: - Total revenue is projected to grow from 15.197 billion CNY in 2024 to 21.307 billion CNY in 2027, with year-on-year growth rates of 11.9%, 12.6%, 11.9%, and 11.3% respectively [3][14]. - Net Profit Forecasts: - Net profit attributable to shareholders is expected to increase from 1.325 billion CNY in 2024 to 2.179 billion CNY in 2027, with growth rates of 4.3%, 14.7%, 23.4%, and 16.2% respectively [3][14]. - Earnings Per Share (EPS): - EPS is forecasted to rise from 1.52 CNY in 2024 to 2.51 CNY in 2027, corresponding to price-to-earnings (PE) ratios of 22, 19, 16, and 13 [3][14]. - Market Performance: - The current market capitalization is approximately 292.65 billion CNY, with a circulating market value of 287.88 billion CNY [4][7]. Operational Insights - The report highlights that the company's Q1 gross margin was 25.97%, an increase of 1.31 percentage points year-on-year, despite some depreciation pressures from new projects in Egypt and Russia [7][8]. - The report notes that the company has restructured its domestic sales organization into three segments, which is expected to enhance business collaboration and efficiency in the long term [7][8].