Investment Rating - The report assigns a "Buy" rating to the company with a target price of 30.82 CNY [2] Core Views - The company achieved a 2023 revenue of 126.179 billion CNY, up 2.44% YoY, with net profit attributable to shareholders increasing by 10.58% YoY to 10.429 billion CNY [1] - In 2023, the company's liquid milk, milk powder, and dairy products, and cold beverage segments generated revenues of 85.54 billion CNY, 27.598 billion CNY, and 10.688 billion CNY, respectively, with YoY growth rates of 0.72%, 5.09%, and 11.72% [1] - The company's net profit margin increased by 0.61 pct to 8.26% in 2023, driven by rational marketing expenses and lower milk prices [1] - In Q1 2024, the company's revenue declined by 2.58% YoY, mainly due to inventory reduction efforts, but net profit attributable to shareholders surged by 63.84% YoY [1] - The company aims for a 2024 revenue target of 130 billion CNY, representing a 3.03% YoY growth, with a dividend payout ratio of 73.25% in 2023, increasing to 79.94% after accounting for share repurchases [1] Financial Projections - Revenue is projected to grow to 130.153 billion CNY, 136.876 billion CNY, and 143.54 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 3.15%, 5.17%, and 4.87% [1] - Net profit attributable to shareholders is expected to reach 13.079 billion CNY, 12.387 billion CNY, and 13.178 billion CNY in 2024, 2025, and 2026, respectively, with YoY growth rates of 25.42%, -5.29%, and 6.38% [1] Financial Ratios - The company's ROE is projected to be 19.8%, 16.2%, and 15.2% in 2024, 2025, and 2026, respectively [4] - The net profit margin is expected to improve to 10.0%, 9.0%, and 9.1% in 2024, 2025, and 2026, respectively [4] - The P/E ratio is forecasted to be 13.77, 14.54, and 13.67 in 2024, 2025, and 2026, respectively [4]

华福证券 乳品 2024年04月30日 公 司 伊利股份（ ） 600887.SH 买入（维持评级） 研 究 全年经营仍稳健，回购彰显公司发展信心 当前价格： 28.61元 基本数据 投资要点： 总股本/流通股本(百万股) 6,366.10/6,305.09 流通A股市值(百万元) 180,388.74  公司发布2023年年报及2024年一季报 每股净资产(元) 9.28 资产负债率(%) 60.95 2023年公司营业总收入1261.79亿元，同比增长2.4%；归母净利润 一年内最高/最低价(元) 31.00/25.20 104.29亿元，同比增长10.6%。单四季度来看，2023Q4营业收入287.75 一年内股价相对走势 亿元，同比变动-1.8%；归母净利润10.48亿元，同比变动-23.5%。23年 收入端增长不及预期。2024年一季报显示，24Q1公司营业总收入325.77 公 亿元，同比变动-2.6%；归母净利润59.23亿元，同比增长63.8%。考虑到 司 春节错配影响，我们测算 23Q4+24Q1 营收/归母净利/扣非净利分别为 财 613.52/69.71/53.00亿元，同比变动-2. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported total revenue of 126.18 billion yuan in 2023, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 10.43 billion yuan, up 10.6% year-on-year. For Q1 2024, total revenue was 32.58 billion yuan, down 2.6% year-on-year, while net profit attributable to shareholders was 5.923 billion yuan, up 63.8% year-on-year [3] - The company is experiencing a soft performance in liquid milk due to inventory reduction in the off-season, with liquid milk revenue growth of 0.7% in 2023 and a decline of 6.8% in Q1 2024. The product mix continues to upgrade, with expectations for better performance in premium products [3] - The company’s adult milk powder segment showed steady growth, while the infant formula segment faced pressure due to declining birth rates and channel adjustments. Future growth is anticipated as birth rates recover [3] - Cost advantages are improving gross margins, with gross margins increasing by 0.3% in 2023 and 2 percentage points in Q1 2024. The company is actively controlling costs, leading to significant improvements in gross sales margins [3] - The net profit margin exceeded expectations in 2023, with a notable increase in investment income in Q1 2024 due to the sale of coal assets. The company’s net profit margin and net profit margin excluding non-recurring items both improved year-on-year [3] - The company plans to increase shareholder returns through a higher dividend payout ratio and share buybacks, with a target revenue of 130 billion yuan in 2024, representing a 3% year-on-year increase [3] Financial Forecasts and Valuation - The company’s revenue forecasts for 2024-2026 have been adjusted to 130.3 billion yuan, 136.6 billion yuan, and 143.1 billion yuan, with year-on-year growth rates of 3.23%, 4.9%, and 4.75% respectively. The net profit forecasts for the same period are 13.1 billion yuan, 12.2 billion yuan, and 13.5 billion yuan, with corresponding P/E ratios of 14x, 15x, and 13x [3]

Investment Rating - The investment rating for Yili Co., Ltd. is "Recommended" (maintained) [2] Core Views - The company reported a revenue of 126.18 billion yuan in 2023, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 10.43 billion yuan, up 10.6% [2] - In Q1 2024, the revenue was 32.58 billion yuan, down 2.6% year-on-year, while the net profit attributable to shareholders surged by 63.8% to 5.92 billion yuan [2] - The company plans to repurchase shares worth 1 to 2 billion yuan, with a maximum repurchase price of 41.88 yuan per share, representing 0.38% to 0.75% of the total share capital [2] Summary by Sections Revenue and Profitability - In 2023, the company achieved stable revenue growth despite industry pressures, driven by factors such as the implementation of new national standards for infant formula, successful product upgrades, and expansion into new channels [2] - Revenue breakdown for 2023: liquid milk at 85.54 billion yuan (+0.7%), milk powder and dairy products at 27.60 billion yuan (+5.1%), and ice cream at 10.69 billion yuan (+11.7%) [2] - The company’s net profit margin for 2023 was 8.3%, an increase of 0.6 percentage points year-on-year, with a gross margin improvement attributed to lower raw milk costs [2] Cost Management and Efficiency - The company has seen a continuous improvement in profitability, with a net profit margin of 18.2% in Q1 2024, up 7.4 percentage points year-on-year [2] - The gross margin for Q1 2024 improved by 2.0 percentage points, benefiting from sustained raw milk cost advantages [2] Future Outlook - For 2024, the company is expected to maintain a stable revenue growth trajectory, with a projected net profit growth of 24.8% in 2024, followed by a slight decline in 2025 and a recovery in 2026 [2] - The company aims to enhance its competitive position in the market, particularly in adult nutrition and ice cream segments, aligning with consumer trends [2] - The long-term profitability outlook remains positive, supported by digital transformation and operational efficiency improvements [2]

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-043 内蒙古伊利实业集团股份有限公司 关于聘任副总裁的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊利实业集团股份有限公司（简称"公司"）于 2024 年 4 月 30 日召开第十一届董事会临时会议，审议并通过了《公司关于聘任副总 裁的议案》，因公司经营管理需要，根据《公司法》《公司章程》的有关 规定，经公司总裁提名，董事会提名委员会任职资格审查，董事会聘任 王晓刚先生为公司副总裁。（王晓刚先生简历后附） 内蒙古伊利实业集团股份有限公司 董 事 会 二○二四年五月一日 1 附件： 王晓刚先生简历 王晓刚，男，1973 年 8 月出生，汉族，工程硕士。历任公司监事会 主席、董事、信息工程部总经理。现任公司董事、工会委员会主席。 2 王晓刚先生具备相应的专业知识和履职能力，任职资格符合《公司 法》《公司章程》的有关规定，不存在《公司法》《公司章程》规定不得 担任上市公司高级管理人员的情形。 特此公告 ...

内蒙古伊利实业集团股份有限公司 关于职工董事、职工监事辞职及补选职工董事、职工 监事的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 内蒙古伊利实业集团股份有限公司（简称"公司"）董事会近日收 到公司职工董事王爱清女士提交的书面辞职书，王爱清女士因工作调整 原因，申请辞去公司董事会职工董事及董事会战略与可持续发展委员会 委员职务。公司监事会近日收到公司职工监事、监事会主席王燕芳女士 提交的书面辞职书，王燕芳女士因工作调整原因辞去公司监事会职工监 事、监事会主席职务。 证券代码：600887 证券简称：伊利股份 公告编号：临 2024-041 内蒙古伊利实业集团股份有限公司 第十一届职工董事、职工监事简历 王燕芳，女，1980 年 12 月出生，汉族，大学本科。历任公司监事 会主席、奶粉事业部质量管理部品保经理、体系经理，酸奶事业部总经 理办公室管理推进经理、副主任、液态奶事业部总经理办公室副主任。 现任公司液态奶事业部总经理办公室主任。 李建强，男，1969 年 4 月出生，汉族，大学本科。历任公司监事、 监事会主席、冷 ...

一、董事会会议召开情况 证券代码：600887 证券简称：伊利股份 公告编号：临 2024-042 内蒙古伊利实业集团股份有限公司 第十一届董事会临时会议决议公告 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届董事会 临时会议于2024年4月30日（星期二）以通讯方式召开。本次会议通知于 2024年4月29日以邮件方式发出，会议应当出席的董事十一名，实际出席 会议的董事十一名。会议符合《公司法》《公司章程》的规定，合法有效。 二、董事会会议审议情况 会议审议并通过了以下议案，形成如下决议： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 因公司经营管理需要，根据《公司法》《公司章程》的有关规定，聘 任王晓刚先生为公司副总裁。 本议案已经董事会提名委员会审议通过，并同意提交董事会审议。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 特此公告 内蒙古伊利实业集团股份有限公司 （一）审议并通过了《公司关于第十一届董事会确定执行董事的议案》； 根据《公司法》《公司章程》的有关规定，公司第十一届董事会确认 王燕芳女士为 ...

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-044 内蒙古伊利实业集团股份有限公司 第十一届监事会临时会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 会议审议并通过了以下议案，形成如下决议： 审议并通过了《关于选举公司第十一届监事会主席的议案》。 根据《公司法》《公司章程》的有关规定，公司监事会选举李建强 先生为公司第十一届监事会主席。 表决结果：同意5票，反对0票，弃权0票。 特此公告 内蒙古伊利实业集团股份有限公司 监 事 会 内蒙古伊利实业集团股份有限公司（简称"公司"）第十一届监事 会临时会议于2024年4月30日（星期二）以通讯方式召开。本次会议通知 于2024年4月29日以邮件方式发出，会议应当出席的监事五名，实际出席 会议的监事五名。会议符合《公司法》《公司章程》的规定，合法有效。 二、监事会会议审议情况 二○二四年五月一日 ...

Investment Rating - The report maintains a "Recommended" investment rating for Yili Co., Ltd. [2][7] Core Views - Yili maintains a strong market position with improved profitability, achieving a gross margin of 32.58% in 2023, up 0.32 percentage points year-on-year. The net profit margin also improved to 8.18%, an increase of 0.59 percentage points year-on-year [4][7] - The company reported a revenue of 1257.58 billion yuan in 2023, a year-on-year increase of 2.49%, and a net profit of 104.29 billion yuan, up 10.58% year-on-year. For Q1 2024, revenue was 324.63 billion yuan, a decrease of 2.60% year-on-year, while net profit surged by 63.84% to 59.23 billion yuan [3][4] - Yili's product matrix continues to expand, with liquid milk, infant nutrition, adult nutrition, ice cream, yogurt, and cheese as its six major product categories. The liquid milk segment generated revenue of 855.40 billion yuan in 2023, a growth of 0.72% year-on-year [4][7] Financial Performance - In 2023, Yili's operating income was 1257.58 billion yuan, with a net profit of 104.29 billion yuan. The company expects operating income to reach 130.16 billion yuan in 2024, with a projected net profit of 13.73 billion yuan [5][8] - The gross margin is expected to improve to 33.0% in 2024, while the net profit margin is projected to reach 10.5% [5][8] - The report forecasts earnings per share (EPS) of 2.16 yuan for 2024, with a price-to-earnings (P/E) ratio of 13.1 times based on the closing price on April 29 [5][8]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 40 RMB [2][27]. Core Views - The company demonstrated steady operations with a focus on increasing dividends and initiating share buybacks, reflecting a commitment to shareholder returns [2]. - The company achieved a total revenue of 126.18 billion RMB in 2023, a year-on-year increase of 2.4%, and a net profit attributable to shareholders of 10.43 billion RMB, up 10.6% year-on-year [2][8]. - The company plans to achieve a total revenue of 130 billion RMB in 2024, representing a 3% year-on-year growth, and a profit total of 14.7 billion RMB, indicating a 25.4% increase [2][8]. Financial Performance Summary - In Q4 2023, the company reported total revenue of 28.77 billion RMB, a decrease of 1.8% year-on-year, with a net profit of 1.05 billion RMB, down 23.5% year-on-year [2][12]. - For Q1 2024, total revenue was 32.58 billion RMB, a decline of 2.6% year-on-year, while net profit surged to 5.92 billion RMB, up 63.8% year-on-year [2][12]. - The gross margin for Q4 2023 was 31.5%, an increase of 0.32 percentage points year-on-year, benefiting from lower raw milk costs [2][12]. Dividend and Share Buyback - The company proposed a cash dividend of 1.2 RMB per share, with a dividend payout ratio of 73.25%, an increase of 3.05 percentage points year-on-year [2][8]. - The company initiated a share buyback plan, intending to repurchase shares at a price not exceeding 41.88 RMB per share, with a total buyback amount between 1 billion to 2 billion RMB [2][8]. Market Position and Strategy - The company maintained its leading market position in liquid milk, adult milk powder, and cold drinks, with market shares in infant formula and cheese increasing by 1.6 percentage points and 0.6 percentage points to 16.2% and 16.9%, respectively [2][8]. - The company is focusing on stabilizing its supply chain and enhancing product freshness while adjusting its distribution channels to ensure distributor profitability [2][8].