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研報掘金丨廣發證券:維持安琪酵母“買入”評級,目標價46.87元
格隆匯 03-12 15:49

廣發證券研報指出,安琪酵母(600298.SH)已完成一輪資本開支週期,短期國內酵母產能擴張有限;另一方面,龍頭收併購增加、外資業務進展不順利、新入局中小企業減少。歷史供需錯配時,安琪往往選擇直接提價/降價,其次酵母產品和渠道結構變化亦影響均價。展望2025年,酵母行業需求回升,供給增長較少,安琪酵母產品有望實現量增價穩。2021年至今安琪海外業務加速擴張,預計21-24年海外收入複合增速23.9%,25年有望延續增長態勢。參考可比公司估值,給予公司2025年25倍PE估值,對應合理價值46.87元/股,維持“買入”評級。

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