ANGEL YEAST(600298) 长江证券·2025-05-09 05:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a total revenue of 3.794 billion yuan in Q1 2025, representing a year-on-year increase of 8.95%. The net profit attributable to the parent company was 370 million yuan, up 16.02% year-on-year, while the net profit excluding non-recurring items was 337 million yuan, an increase of 14.37% year-on-year [2][4]. Summary by Sections Company Performance - In Q1 2025, the revenue from yeast and deep-processed products was 2.773 billion yuan, a year-on-year increase of 13.17%. Revenue from sugar products was 157 million yuan, down 60.68%, while packaging products generated 95 million yuan, down 4.37%. Revenue from food ingredients and others was 758 million yuan, up 44.1% [8]. - Domestic revenue was 2.099 billion yuan, a slight decrease of 0.26% year-on-year, while international revenue reached 1.684 billion yuan, an increase of 22.94% year-on-year, indicating successful overseas business expansion [8]. Profitability - The net profit margin for Q1 2025 increased by 0.59 percentage points to 9.75%, and the gross profit margin rose by 1.31 percentage points to 25.97%. The operating expense ratio decreased by 0.47 percentage points to 12.77% [8]. - The improvement in gross margin is attributed to the decline in sugar molasses prices, suggesting a potential for enhanced profit release in subsequent quarters [8]. Future Outlook - The company is expected to enter a new profit growth cycle, with projected net profits for 2025, 2026, and 2027 estimated at 1.602 billion yuan, 1.844 billion yuan, and 2.077 billion yuan, respectively. Corresponding EPS for these years are forecasted to be 1.84 yuan, 2.12 yuan, and 2.39 yuan, with PE ratios of 20, 17, and 15 times [8].