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研報掘金丨東吳證券:安琪酵母估值具備性價比,首予“買入”評級
格隆匯 03-07 15:00
東吳證券研報指出,原料價格擾動行業盈利,安琪酵母(600298.SH)成本優勢明顯。2024年以來糖蜜供給回暖,預計2025年糖蜜價格或同比下滑10%以上,龍頭安琪酵母於國內酵母市場一家獨大,有望憑藉其靈活的調價機制、水解糖替換技術及產能、全球化的採購能力平抑糖蜜價格波動,在2025年享受成本端紅利。公司加速海外產能擴建、解決供需矛盾。隨着全球化戰略不斷深化,2023年海外市場實現收入47.86億元,2001-2023年CAGR高達26.09%,收入佔比由12%增至35%。對標國內,海外市場滲透率提升空間更為充足,認為公司海外市場有望保持雙位數高增速。對比可比公司當下估值具備性價比,首次覆蓋,給予“買入”評級。
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