酵母及衍生品业务增长趋势向好，贸易糖出表加速。公司2024H1 酵母及深加工产品51.2亿元（同比+8.85%），单2024Q2（同比+12.24%）；制糖产品5.88 亿元（同比-26.5%），单2024Q2（同比-40.07%）；包装类产品1.95 亿元（同比-12.84%），单2024Q2（同比-17.05%）；其他12.36 亿元（同比+30.79%），单2024Q2（同比+46.42%）。公司酵母业务增长环比加速预计系国内面食酵母订单修复及其他类产品高增。公司制糖产品收入显著下行预计系去年同期白糖价格高基数及贸易糖出表影响。分地区看，公司国内43.15 亿元（同比+0.89%），单2024Q2（同比+6.64%）；国外28.24 亿元（同比+17.89%），单2024Q2（同比+19.01%）。海外业务继续维持高增，业务的良性增长有望延续。Description of the event
Angel Yeast released its 2024 annual report. In 2024H1, the company achieved total operating income of 7.175 billion yuan (+6.86% YoY); net profit to mother 0.691 billion yuan (+3.21% YoY), after deducting non-net profit of 0.596 billion yuan (-2.5% YoY). In 2024Q2, the company achieved total operating income of 3.692 billion yuan (YoY +11.3%); net profit to mother 0.372 billion yuan (YoY +17.26%), after deducting non-net profit of 0.301 billion yuan (+7.18% YoY).
Incident comments
The growth trend in the yeast and derivatives business is improving, and the export of trade sugar is accelerating. Company 2024H1 yeast and deep-processing products 5.12 billion yuan (YoY +8.85%), single 2024Q2 (YoY +12.24%); sugar products 0.588 billion yuan (YoY -26.5%), single 2024Q2 (YoY -40.07%); packaging products 0.195 billion yuan (YoY -12.84%), single 2024Q2 (YoY -17.05%); other 1.236 billion yuan (YoY +30.79%), single 2024Q2 (+46.42% YoY). The month-on-month acceleration in the company's yeast business is expected to result in a high increase in domestic orders for pasta yeast and other products. The significant decline in the company's revenue from sugar products is expected to be affected by the high sugar price base and trade sugar output for the same period last year. By region, the company is 4.315 billion yuan (YoY +0.89%), single 2024Q2 (+6.64% YoY); foreign 2.824 billion yuan (YoY +17.89%), single 2024Q2 (YoY +19.01%). Overseas business continues to grow at a high rate, and healthy business growth is expected to continue.
2024Q2's profitability increased slightly year-on-year, and declining raw material costs and government subsidies may be the main factors. The company's 2024H1 net profit margin fell 0.34 pct to 9.63% year on year, with gross margin -0.26 pct to 24.28% year on year, sales expenses ratio (+0.1 pct year over year), management expenses ratio (+ 0.02 pct year over year), R&D expenses ratio (-0.11 pct year over year), and financial expenses ratio (+0.38 pct year over year). The company's 2024Q2 net profit margin increased 0.51 pct to 10.08% year on year, with gross margin +0.27 pct to 23.92% year on year, sales expenses ratio (+0.56 pct year over year), management expenses ratio (-0.35 pct year over year), R&D expenses ratio (-0.55 pct year over year), and financial expenses ratio (+0.63 pct year over year). The company's profitability showed a year-on-year and month-on-month trend correction. The slight increase in gross margin is expected to be an initial reflection of the decline in the company's overseas costs and the impact of the recovery in the main yeast business in 2024Q2. On the other hand, the increase in the company's net interest rate to mother was also affected by a significant increase in government subsidies in 2024Q2 compared to the same period.
The leading position in the domestic industry is stable, and overseas business continues to expand. As of the 2024 mid-year report, the total production capacity of Angel Yeast yeast series products exceeds 0.4 million tons, accounting for 55% of the domestic market and 19% of the global market (further increase from the level at the end of 2023), ranking second in the world in terms of the scale of yeast products. The company's leading position in China is stable, while the market share of overseas business has shown an upward trend in recent years. In the future, relying on the steady rise in demand in the baking market, the accelerated expansion of overseas business, and the first-mover advantage in the field of yeast derivatives, the company is expected to continue to expand the market and optimize the pattern, achieve high-quality growth with the industry, and continue to reap the dividends of the large corporate landscape. The company's net profit for 2024/2025/2026 is expected to be 1.352/1.529/1.756 billion yuan, respectively, 1.56/1.76/2.02 yuan for EPS, and 20/18/15 times for PE, respectively, maintaining a “buy” rating.
Risk warning
1. The risk of slow recovery in demand;
2. Industry competition further exacerbates risks;
3. Risk of changes in consumer consumption habits.
