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Angel Yeast is a typical "Moutai-type" company in consumer stocks, which does not rely on high turnover like Shuanghui, but on the level of profit margins.
Therefore, the fluctuation of raw materials is the core contradiction that determines the trend of Angel, and it also contributes to the ups and downs of Angel's trend in the past ten years.
So to analyze Anqi, molasses** is a key.
During the epidemic, molasses was used in a large number of alcohol manufacturing, which pushed up demand, while China's molasses production was relatively stable, and molasses was foreign garbage that could not be imported.
Such is the case with Angel's malaise.
Now, judging from various channels, especially the feedback from the sugar industry, molasses is likely to enter a downward range, so Angel has a bottom, and the space for going up is very large.
At the same time, Angel has also made more achievements in product upgrades, molasses substitution production lines, and overseas layouts.
The future should be a harvest cycle.
Here's a look at the highlights of the research report shared today:
Steady development, global layout.
The company is mainly engaged in the production and sales of baker's yeast, yeast extract, Saccharomyces cerevisiae, biological feed additives, nutritional health products, food raw materials and other products. The company has yeast and deep-processed product production bases in 13 cities around the world, including 11 domestic production bases such as Yichang, Chongzuo and Yili and 2 overseas production bases in Egypt and Russia. The company's product sales are mainly carried out in the mode of dealer ** + direct supply of large customers + Internet marketing. At the performance level, 2023 Q1-3 achieved operating income of 965.3 billion yuan, +746%；The net profit attributable to the parent company was 91.2 billion yuan, a year-on-year increase of +163%。Among them, the operating income in 2023Q3 will be 293.9 billion yuan, a year-on-year increase of +162%；Achieved net profit attributable to the parent company of 24.3 billion yuan, a year-on-year increase of +598%。
The scale advantage is obvious, and the overseas market is expected to contribute to the increase.
The scale advantage is obvious, reducing costs and increasing efficiency + technological transformation, and jointly promoting cost optimization.
1) Scale advantage: the company is the world's largest yeast business and the second largest yeast business, the company has yeast and deep processing product production bases in 13 cities around the world, including 11 domestic cities and 2 overseas cities, the total production capacity of yeast series products is 370,000 tons, accounting for 55% of the domestic market, accounting for more than 17% of the world, and the scale of yeast series products has ranked second in the world.
2) Reduce costs and increase efficiency: By optimizing planning and scheduling, carefully do a good job in the connection between production and marketing, and successfully solve the problem of ensuring the supply of a number of special varieties of products. In terms of cost reduction and efficiency increase, the company continued to expand the scope of public bidding for raw materials, promoted centralized procurement, and effectively controlled the cost of raw materials for production. Implement a series of cost reduction and optimization projects such as CIP cleaning optimization and new drying curve technology.
3) Technological innovation: The company vigorously carried out the research of self-made hydrolyzed sugar technology, and successfully achieved full production of 3 self-made hydrolyzed sugar production lines, and the cost of monosaccharide was reduced. The new yeast strains have been replaced on a large scale, and the product quality has been significantly improved. The key process parameters of yeast and extract are connected to the big data platform of the headquarters to realize the integrated management of process grouping. With the "5G + Industrial Internet" smart factory as the standard, the construction and acceptance of the informatization infrastructure of multiple factories have been completed.
Overseas markets contributed new increments.
1) Current time: The company has successfully entered the market of developed countries and regions such as the United States, Europe, and Japan. The company has formed a global-oriented, sensitive, responsive, unimpeded channels, and powerful marketing and marketing service network. 2) Looking forward to the future: in terms of brand and industry activities, the company actively participates in various exhibitions at home and abroad, excavates the demand to enhance the brand, strengthens the promotion of new products such as small packaging yeast and YE, and popularizes science.
Investment advice. The company's overseas business layout is gradually improving, and the penetration rate of overseas yeast extracts and other products is expected to increase. The cost side has entered the new crushing season + the replacement rate of hydrolyzed sugar has increased, and the cost controllability is expected to be enhanced, and the gross profit margin is expected to increase. We expect revenue for 2023-2025 to be: 1.2 billion yuan, the corresponding growth rates were. 1%, net profit attributable to the parent company respectively. 0.1 billion yuan, the corresponding growth rates were. 7%, corresponding to the 2023-2025 PE valuation of X, which is covered for the first time and given a "** rating."
This is an abridged excerpt from the report, the original PDF of the report
"Angel Yeast (600298) Overseas Layout Gradually Improved-Hua'an**[Chen Shu]-20240110 [Page 8]".
Report**: Value Catalog