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Angel Yeast（600298）：2Q24 Earnings Beat； Operating Performance Improved Qoq

AI智能总结

1. Earnings and Revenue Growth

First Half of 2024 (1H24):
- Revenue: RMB 7,180 million (up 6.9% YoY)
- Attributable Net Profit: RMB 690 million (up 3.2% YoY)
- Recurring Attributable Net Profit: RMB 600 million (down 2.5% YoY)
Second Quarter of 2024 (2Q24):
- Revenue: RMB 3,700 million (up 11.3% YoY)
- Attributable Net Profit: RMB 370 million (up 17.3% YoY)
- Recurring Attributable Net Profit: RMB 300 million (up 7.3% YoY)

2. Domestic vs Overseas Performance

Domestic Revenue:
- First Half of 2024: RMB 4.31 billion (up 0.9% YoY)
- Second Quarter of 2024: RMB 2.82 billion (up 11.3% QoQ)
Overseas Revenue:
- First Half of 2024: RMB 2.58 billion (up 17.9% YoY)
- Second Quarter of 2024: Maintained high growth

3. Profit Margin and Cost Trends

Gross Profit Margin (GPM):
- First Half of 2024: 24.3% (down 0.3 percentage points YoY)
- Second Quarter of 2024: 23.9% (up 0.3 percentage points YoY)
Cost Reduction:
- Declining molasses prices at home and abroad have led to reduced cost pressure.

4. Key Financial Projections

Earnings Per Share (EPS):
- 2024: RMB 1.60
- 2025: RMB 1.80
- 2026: RMB 2.07
Price-to-Earnings Ratio (PE):
- 2024E: 24x

5. Analyst's Rating and Target Price

6. Risks

7. Financial Highlights

Revenue:
- 2022: RMB 12,843 million
- 2024E: RMB 14,969 million
- 2025E: RMB 18,384 million
- 2026E: RMB 20,364 million
Net Profit:
- 2022: RMB 1,312 million
- 2024E: RMB 1,789 million
- 2025E: RMB 2,158 million
- 2026E: RMB 2,587 million
Gross Profit Margin:
- 2024E: 25.21%
- 2025E: 25.06%
Return on Equity (ROE):
- 2024E: 14.04%
- 2025E: 12.38%
Price-to-Book Ratio (PB):
- 2024E: 2.26x
- 2025E: 1.76x
Enterprise Value to EBITDA:
- 2024E: 13.35x
- 2025E: 11.63x
Quick Ratio:
- 2024E: 0.85x
- 2025E: 0.75x