Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company has shown a significant improvement in Q1 2025 performance, with a revenue increase of 1.35% year-on-year, despite a decline in net profit by 17.71% [2][5] - The company is expected to continue its recovery trajectory, driven by a rebound in demand for dairy products and effective cost management strategies [5] Financial Performance Summary - In 2024, the company achieved a total revenue of 115.78 billion yuan, a decrease of 8.24% year-on-year, and a net profit of 8.45 billion yuan, down 18.94% year-on-year [2][4] - For Q1 2025, the company reported a revenue of 33.02 billion yuan, with a net profit of 4.87 billion yuan, reflecting a year-on-year increase in revenue and a decrease in net profit [2][4] - The gross margin for Q1 2025 improved to 37.82%, up 1.80 percentage points year-on-year, attributed to a higher proportion of high-margin products [4][5] Segment Performance - In Q4 2024, the liquid milk segment saw a revenue decline of 13.08%, while the milk powder segment experienced an increase of 8.72% [4] - For Q1 2025, the liquid milk revenue decreased by 3.06%, while the milk powder segment grew by 18.65% [4] Future Outlook - The company plans to achieve a total revenue of 119 billion yuan in 2025, with a profit target of 12.6 billion yuan [4][5] - The earnings per share (EPS) forecast for 2025-2027 is projected to be 1.67 yuan, 1.83 yuan, and 1.99 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 18X, 16X, and 15X [5][6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the benchmark [3]. Core Views - The company reported a strong Q1 performance with revenue of 156 million, a year-on-year increase of 33.28%, and a net profit of 45 million, up 85.07% year-on-year [3]. - The growth in domestic business is the primary driver of revenue increase, supported by the continued rollout of new national standard products [3]. - The gross margin improved significantly to 48.76%, an increase of 8.27 percentage points year-on-year, attributed to a higher proportion of high-margin customers and economies of scale [3]. - The company’s net profit margin reached 28.85%, up 8.07 percentage points year-on-year, indicating that profit growth outpaced revenue growth [3]. - The company is expected to benefit from ongoing acquisition reviews and potential synergies with the acquisition target, which could further enhance growth opportunities [3]. Financial Summary - For 2025, the company is projected to achieve an EPS of 0.86, with corresponding P/E ratios of 29X, 25X, and 22X for the years 2025, 2026, and 2027 respectively [3][4]. - Revenue is expected to grow from 649 million in 2025 to 871 million by 2027, reflecting a compound annual growth rate [4]. - The net profit is forecasted to increase from 144 million in 2025 to 192 million by 2027, with a consistent growth rate [4].

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report indicates that the company's performance in Q1 2025 showed a slight decline in revenue, with total revenue at 625 million yuan, down 2.50% year-on-year. The net profit attributable to the parent company was a loss of 73.3 million yuan, a significant decrease of 1713.36% year-on-year [2][4]. - The report highlights that the dairy industry is facing oversupply and weak demand, leading to a decrease in milk prices. The national cattle inventory decreased by 3.5% year-on-year, and dairy product output fell by 2.4% year-on-year [4]. - The company has experienced a slight decline in gross margin, which was 14.63% in Q1, down 1.80 percentage points year-on-year, primarily due to short-term promotional activities [4]. - Despite the challenges, the company has managed to increase its dairy product sales volume by 12.37% year-on-year, reaching 74,500 tons [4]. - The report forecasts that the company's earnings are expected to recover after an initial decline, with projected EPS for 2025-2027 at 0.24, 0.53, and 0.77 yuan, respectively, corresponding to P/E ratios of 40X, 18X, and 13X [4][5]. Financial Summary - For the fiscal years 2023 to 2027, the company is projected to have total revenue growth rates of 12.6%, 3.3%, 4.9%, 8.6%, and 8.9%, respectively [5]. - The net profit attributable to the parent company is expected to decline significantly in 2024, with a forecast of 44 million yuan, before recovering to 78 million yuan in 2025 and reaching 246 million yuan by 2027 [5]. - The gross margin is projected to fluctuate, with estimates of 19.1%, 16.8%, 17.1%, 18.2%, and 19.2% from 2023 to 2027 [5]. - The return on equity (ROE) is expected to improve from 1.8% in 2024 to 8.2% in 2027 [5].

【】【】[Table_Industry] 公用事业—电力天然气周报 核电核准 10 台再提速，3 月全国天然气表观消费量同比增长 0.1% [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 C ...

公司研究 [Table_ReportType] 公司点评报告 | [百Ta龙bl创e_园Sto(c6k0A5n0d1Ra6n)k] | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 邮 箱：zhaolei@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] 产能顺利释放，Q1 利润再创新高 [Table_ReportDate] 2025 年 5 月 4 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_Author] 、 24Q4 海外收入高增，净利润显著提升。分产品看，Q4 益生元系列、 膳食纤维系列、健康甜味剂系列和其他淀粉糖醇分别录得收入 8807 万 元、1.84 亿元、5103 万元和 37 万元，同比分别+16.14%、+70.80%、 +141.05%和-90.89%。分区域看，Q4 公司国内、国外收入分别达 2. ...

核电核准 10 台再提速，3 月全国天然气表观消费量同比增长 0.1% 【】【】[Table_Industry] 公用事业—电力天然气周报 [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 公用事业 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 李春驰 电力公用联席首席分析师 执业编号：S1500522070001 联系电话：010-83326723 邮 箱：lichunchi@cindasc.com 邢秦浩 电力公用分析师 化工行业： 执业编号：S1500524080001 联系电话：010-83326712 邮 箱：xingqinhao@cindasc.com 唐婵玉 电力公用研究助理 邮 箱：tangchanyu@cindasc.com 信达证券股份有限公司 C ...

公司研究 [Table_ReportType] 公司点评报告 [嘉Ta必bl优e_(St6o8c8k0A8n9d)Rank] | | | 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩超预期，看好增长持续性 [Table_ReportDate] 2025 年 5 月 4 日 [T事ab件le：_S公um司ma公ry布] 2025 年一季报。25Q1，公司实现营业收入 1.56 亿元，同 比+33.28%，归母净利润 4500 万元，同比+85.07%；扣非归母净利润 4137 万元，同比+119.46%。 点评： 风险因素：客户订单不及预期，产品降价超预期，资产重组不及预期 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 邮 箱：zhaolei@cindasc.com Q1 收入亮眼，国内业务推动增长。从区域角度看，得益于新国标产品 的持续放量，Q1 公 ...

| [伊Ta利bl股e_份Sto(c6k0A0n8d8Ra7n)k] | | | --- | --- | | 投资评级 | 买入 | | 上次评级 | 买入 | 赵 雷 食品饮料行业分析师 执业编号：S1500524100003 邮 箱：zhaolei@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩亮眼，期待持续改善 [Table_ReportDate] 2025 年 5 月 4 日 [T事ab件le：_S公um司ma公ry布] 2024 年年报及 2025 年一季报。2024 年，公司实现营收 1157.80 亿元，同比-8.24%；实现归母净利润 84.53 亿元，同比-18.94%； 实现扣非归母净利润 60.11 亿元，同比-40.04%。其中，24Q4 公司实现营 收 267.40 亿元，同比-7.07%；实现归母净利润-24.16 亿元，同比-330.40%； 实现扣非归母净利润-24.98 亿元，同比-258.82%。25Q1，公司实现营收 330.18 亿 ...

Investment Rating - The investment rating for the company is "Buy" [1][4]. Core Views - The report indicates that the company's performance in Q1 2025 showed a slight decline in revenue due to weak demand in the dairy industry, with a revenue of 625 million yuan, down 2.50% year-on-year [2][4]. - The company faced a net loss of 73.3 million yuan in Q1 2025, a significant decrease of 1713.36% year-on-year, primarily due to the culling of cows impacting profitability [2][4]. - Despite the challenges, the report suggests that the company's operational resilience remains strong, and it anticipates a recovery in performance after an initial decline [4]. Financial Summary - The company achieved total revenue of 2,714 million yuan in 2023, with a projected growth rate of 12.6% [5]. - The net profit attributable to the parent company for 2023 was 142 million yuan, reflecting a year-on-year decrease of 27.7% [5]. - The gross margin for 2023 was reported at 19.1%, with a forecasted increase to 19.2% by 2027 [5]. - The earnings per share (EPS) for 2025 is estimated at 0.24 yuan, with a price-to-earnings (P/E) ratio of 39.66 [5]. Market and Competitive Landscape - The dairy industry is experiencing oversupply and weak demand, leading to a decline in milk prices and a 3.5% year-on-year decrease in the national cow inventory [4]. - The company has been exploring new sales channels and optimizing its cattle structure to improve production efficiency, with a reported increase in dairy product sales volume by 12.37% year-on-year [4]. - The report highlights that the company is actively addressing the challenges posed by increased market competition and supply-demand imbalances [4].

2025Q1 环保行业基金持仓市值 80 亿，向垃圾焚烧和设备龙头公司集中 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 5 月 4 日 15666646523.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [左前明 Table_Author] 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 2025Q1 环保行业基金持仓市值 ...