Angie Yeast (600298) 2019 Interim Report Comment: Performance Improves Quarterly and Continues to 10 Billion Targets

Angie Yeast (600298) 2019 Interim Report Comment: Performance Improves Quarterly and Continues to 10 Billion Targets

The performance department improved the process, and the progress affected by the production inspection improved the company’s H1 2019 revenue of 37.

1.4 billion increased by 11.

63%, net profit attributable to mother 4.

6.4 billion with a decrease of 7.

66%, single Q2 income 18.

9.4 billion increased by 11.

65%, return to mother’s profit 2.

2.7 billion increased by 0.

83%, the performance is in the process of improving quarter by quarter, the improvement rate in the second quarter was slightly lower than expected.

In terms of revenue, due to the highest sugar price, the company’s reluctance to sell strategy led to a decrease in the sugar industry’s revenue by approximately 90 million. If this factor is excluded, revenue growth will reach more than 14%.

The profit side was affected by the advance inspection of some factories, and the proportion of depreciation and amortization increased, with a gross profit margin of 36 in Q2.

05% down with 0.

4pct, the decrease was flat on a sequential basis. In the early stage, the production limit factors of the Yili factory gradually improved, and the capacity utilization rate has started to rise from 60% to near full production. The company plans to occupy it.

800 million relocation of the plant, H1 is expected to complete the relocation in 2021, fundamentally solve the local production capacity uncertainty caused by environmental protection.

On the expense side, part of the cost of the nutrition and health business was transferred to the expense item and the expenses of the new spokesperson publicized the increase. The H1 sales expense ratio was 11.

17% increase by 1 pct, the increase is narrower than Q1, and the management expense + R & D expense ratio is 7 in total.

6% increased by 0.

7pct, the export growth rate increased, the exchange loss gains increased, and the financial expense ratio decreased by zero.

7pct to 1.

3%, the exchange rate factor is expected to continue to improve; the growth rate has reached a deductible limit after use up from the same period last year, the low base rose 7.

4pcts, a comprehensive impact of H1 net profit of 12.

97% decrease by 2.

7pcts, the decrease is narrower than Q1.

Initial sales receipts 34.

500 million with a 9 increase.

5%, net cash flow from operations decreased by 1.


It is expected that the H2 peak season output is expected to increase, the molasses procurement cost in the new pressing season will decrease by 8-10%, and it will be strengthened quarter by quarter. The subsequent 北京桑拿洗浴保健 profit is expected to gradually improve.

The performance of yeast derivatives was positive. Looking at the overseas expansion of YE’s business, the company’s yeast and deep processing business brought in revenue.

1.6 billion accounted for 81.

2%, including export business growth of about 14%, domestic business growth of 11%, YE growth of 14% growth rate is mainly affected by downstream industry demand, animal nutrition, health products revenue increased by 25% / 24%, respectively, and microbial nutrition business increasedAt 16%, the overall derivatives business performed positively.

The yeast nutrient consumer group carried by them has expanded, and the derivative technology is mature. After the second phase of YE in Egypt, H1 is put into production, YE ‘s overseas exports accelerate, and domestic derivative businesses 成都桑拿网 led by animal nutrition, health products, and bioenergy are expected to continue to grow rapidly.Invest 90 million yuan to expand 3.

3 The primary food raw material production capacity project is expected to meet the company’s long-term supply of raw material sales.

The internationalization strategy is expected to deepen. Continuing the goal of 10 billion US dollars and deepening the internationalization strategy, An Qi is expected to enter South America and Southeast Asia to achieve global layout and improve profitability.

After the replacement of the new chairman, the senior management team will continue to deepen the goal of tens of billions in 2021, and is still actively seeking ways to improve internal incentives and play a part in the vitality. The company has long adopted the advantages of yeast biotechnology to form a benign development of multiple categories.

Maintain 2019-2021 EPS to 1.

66 yuan, corresponding to 22/19/16 times PE, 31-year target assessment.


6 yuan, maintain “Buy” rating.

Risk factors: production capacity risk; exchange rate fluctuation risk; original cost fluctuation risk