证券代码：600887 证券简称：伊利股份 内蒙古伊利实业集团股份有限公司 投资者关系活动记录表 编号：20241031 | --- | --- | --- | |--------------|--------------------------|------------------------------------------------------------| | | £ | 特定对象调研 £分析师会议 | | 投资者关系 | £ 媒体采访 | R 业绩说明会 | | 活动类别 | £ 新闻发布会 | £ 路演活动 | | | £现场参观 £其他 | | | 参与单位名称 | 参与伊利股份 2024 | 年第三季度业绩说明会的广大投资者 | | 及人员姓名 | | | | 时 间 | 2024 年 10 月 31 | 日上午 9:00-10:30 | | 地 点 | 电话会议及网络音频直播 | | | 公司接待 | | 公司董事会秘书邱向敏先生、独立董事纪韶女士、投资者关系 | | 人员姓名 | 部总经理赵琳女士等 | | | 投资者关系 | | 一、公司投资者关系部总经理赵琳女士对伊利股份 2024 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 35.87 CNY, representing a potential upside of 26.7% from the current stock price of 28.30 CNY [5]. Core Insights - The company has shown significant improvement in its quarterly performance, with a notable increase in net profit exceeding expectations [2]. - The revenue pressure has eased following the completion of channel adjustments, leading to a more favorable outlook for future performance [3]. - The company is expected to achieve net profits of 120.1 billion CNY in 2024, 114.2 billion CNY in 2025, and 124.8 billion CNY in 2026 [5]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 123.17 billion CNY, with a projected decline to 119.46 billion CNY in 2024, followed by a recovery to 124.75 billion CNY in 2025 and 129.94 billion CNY in 2026 [1][7]. - Net profit for 2022 was 9.43 billion CNY, with projections of 12.01 billion CNY in 2024, 11.42 billion CNY in 2025, and 12.48 billion CNY in 2026 [1][7]. - The earnings per share (EPS) are expected to grow from 1.48 CNY in 2022 to 1.89 CNY in 2024, with a slight dip to 1.79 CNY in 2025 before rising to 1.96 CNY in 2026 [1][7]. Operational Performance - The company's gross margin improved to 34.9% in the first three quarters of 2024, up by 2.5 percentage points year-on-year [4]. - The sales expense ratio increased, but overall sales expenses were well-controlled despite the challenging environment [4]. - The company has successfully completed channel adjustments, leading to a healthier inventory level and positioning for improved demand in the future [3]. Market Position - The company maintains a strong position in the liquid milk and dairy product market, with specific segments like infant formula showing double-digit growth [3]. - The report highlights the company's ability to navigate through competitive pressures and economic challenges, indicating resilience in its operational strategy [5].

Investment Rating - The report maintains a "Buy" rating for Yili Co., Ltd. (600887.SH) [5] Core Views - Yili Co., Ltd. reported a revenue of 89.039 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.59%, while the net profit attributable to shareholders was 10.868 billion yuan, an increase of 15.87% year-on-year [1] - The company has adjusted its sales rhythm for long-life liquid milk, while low-temperature products have shown growth against the trend [2] - The gross margin has improved, indicating a recovery in profitability, driven by a decrease in raw milk prices and the end of channel adjustments [3] - The forecast for net profit in 2024 has been raised to 12.019 billion yuan, reflecting a 3.64% increase from previous estimates [3] Revenue Performance - For Q3 2024, the company achieved a revenue of 29.125 billion yuan, down 6.67% year-on-year, with a net profit of 3.337 billion yuan, up 8.53% year-on-year [1] - Liquid milk revenue in Q3 2024 was 20.637 billion yuan, down 10.31% year-on-year, but the decline has narrowed compared to Q2 2024 [2] - The revenue from milk powder and dairy products in Q3 2024 was 6.821 billion yuan, an increase of 6.56% year-on-year [2] Profitability Metrics - The gross margin for Q1-Q3 2024 was 35.03%, and for Q3 2024 it was 35.05%, reflecting a year-on-year increase of 2.46 percentage points [3] - The net profit margin for Q1-Q3 2024 was 12.21%, while for Q3 2024 it was 11.46%, showing a year-on-year increase of 1.61 percentage points [3] - The company has managed to reduce sales expense ratios, contributing to improved profitability [3] Forecast and Valuation - The earnings per share (EPS) forecast for 2024-2026 is set at 1.89, 1.81, and 1.93 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15, 16, and 15 times [3] - The company is positioned as a leading player in the dairy industry, with clear long-term advantages [3]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a total revenue of 89.039 billion yuan for the first three quarters of 2024, a decrease of 8.59% year-on-year, while the net profit attributable to shareholders increased by 15.87% to 10.868 billion yuan [2] - The third quarter of 2024 saw total revenue of 29.125 billion yuan, down 6.67% year-on-year, with a net profit of 3.337 billion yuan, up 8.53% [2] - The decline in liquid milk revenue was primarily due to channel adjustments, but the revenue drop has narrowed in Q3 [3] - The company’s gross profit margin improved to 34.85% in Q3 2024, up 2.48 percentage points year-on-year, driven by lower milk prices [4] Financial Performance Summary - For the first three quarters of 2024, revenue from liquid milk, milk powder and dairy products, cold drinks, and other products was 57.524 billion, 21.330 billion, 8.344 billion, and 0.591 billion yuan respectively, with year-on-year changes of -12.09%, +7.07%, -19.64%, and +25.35% [3] - The company’s net profit for 2024 is projected to be 11.989 billion yuan, reflecting a year-on-year growth of 14.96% [5] - The company’s return on equity (ROE) is expected to be 20.71% in 2024, indicating strong profitability [9] Regional Performance - Revenue from different regions for the first three quarters of 2024 showed a decline in North China, South China, Central China, and East China, with year-on-year changes of -6.28%, -8.21%, -12.78%, and -11.16% respectively [3] Investment Recommendations - The report forecasts net profits of 11.989 billion, 11.072 billion, and 12.024 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 15, 16, and 15 times [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 profit exceeded expectations, indicating a potential for steady improvement in profitability [3] - For the first three quarters of 2024, the company reported a revenue of 887.3 billion yuan, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders was 108.68 billion yuan, an increase of 15.9% year-on-year [3] - The report maintains net profit forecasts for 2024-2026 at 116.8 billion, 115.6 billion, and 126.0 billion yuan, with corresponding EPS of 1.83, 1.82, and 1.98 yuan, respectively [3] Financial Performance Summary - In Q3 2024, the company achieved a revenue of 290.4 billion yuan, down 6.7% year-on-year, and a net profit of 33.37 billion yuan, up 8.5% year-on-year [3] - The company's gross margin improved to 34.9%, an increase of 2.5 percentage points year-on-year, primarily due to lower raw milk costs and recovery in product prices following channel adjustments [5] - The net profit margin for Q3 2024 was 11.4%, up 1.6 percentage points year-on-year, while the non-recurring net profit margin was 11.0%, up 2.4 percentage points year-on-year [5] Business Segment Performance - The liquid milk, milk powder, and ice cream segments saw year-on-year changes of -10.3%, +6.6%, and -16.7%, respectively, in Q3 2024 [4] - The liquid milk segment remains the industry leader, with strong performance in organic milk and double-digit growth in low-temperature milk [4] - The milk powder segment continued its growth trend, with infant formula experiencing double-digit growth [4] Future Outlook - The company expects liquid milk demand to recover in Q4 2024 due to the implementation of policies promoting milk consumption and pre-holiday stocking ahead of the 2025 Spring Festival [4] - The report anticipates that the gross margin will continue to be supported by declining raw milk costs, with overall profitability expected to improve as revenue rebounds [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a revenue of 887.33 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 108.68 billion yuan, an increase of 15.87% year-on-year [5]. - In Q3 2024, the company achieved a revenue of 290.37 billion yuan, down 6.66% year-on-year, with a net profit of 33.37 billion yuan, up 8.53% year-on-year [6]. - The gross profit margin improved significantly despite a decline in revenue, primarily due to falling raw milk prices, leading to a gross profit margin increase of 1.9 percentage points year-on-year for the first three quarters [5]. - The company anticipates stable growth in annual performance with continuous improvement in profit margins [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company reported a revenue of 887.33 billion yuan (YOY -8.61%) and a net profit of 108.68 billion yuan (YOY +15.87%) [5]. - In Q3 2024, the revenue was 290.37 billion yuan (YOY -6.66%) and the net profit was 33.37 billion yuan (YOY +8.53%) [6]. - The gross profit margin for Q3 2024 increased by 2.48 percentage points year-on-year, despite a revenue decline [6]. Product Performance - In Q3 2024, revenue from liquid milk was 206.37 billion yuan (YOY -10.31%), milk powder and dairy products generated 68.21 billion yuan (YOY +6.56%), and ice cream products brought in 10.21 billion yuan (YOY -16.65%) [6]. Regional Performance - Revenue by region in Q3 2024: East China 46.04 billion yuan (YOY -5.54%), South China 75.41 billion yuan (YOY +0.03%), Central China 53.79 billion yuan (YOY -16.01%), and North China 79.2 billion yuan (YOY -6.76%) [7]. Earnings Forecast - Projected revenues for 2024-2026 are 1217.36 billion yuan, 1285.66 billion yuan, and 1340.59 billion yuan, with net profits of 119.84 billion yuan, 115.80 billion yuan, and 130.57 billion yuan respectively [7]. - The estimated EPS for 2024-2026 is 1.88 yuan, 1.82 yuan, and 2.05 yuan per share [7]. Valuation - The company is assigned a PE valuation of 16-20 times for 2024, resulting in a fair value range of 30.08 to 37.60 yuan per share [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company has shown significant improvement in revenue and profit performance in Q3 2024, with a notable recovery in operational metrics compared to Q2 2024 [2][6] - The company is expected to benefit from a seasonal increase in liquid milk sales in Q4, particularly due to the timing of the Spring Festival, which is anticipated to enhance revenue growth [8] - The company has effectively managed its supply chain and inventory, leading to improved product freshness and pricing stability [4][6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 887.3 billion, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 108.7 billion, an increase of 15.9% [2] - In Q3 alone, the company reported revenue of 290.4 billion, down 6.66% year-on-year, but net profit increased by 8.5% to 33.37 billion [2] - The gross profit margin improved to 34.85%, up 2.48 percentage points year-on-year, driven by lower raw material costs and better pricing strategies [5][6] Operational Insights - The company has adjusted its product freshness and inventory management, which has led to a significant reduction in revenue decline for liquid milk products in Q3 [4][6] - The company’s sales, management, and financial expense ratios have shown improvements, contributing to a better gross profit margin [5] Future Outlook - The company’s revenue projections for 2024-2026 are 1190.06 billion, 1233.17 billion, and 1283.85 billion respectively, with expected year-on-year changes of -6%, +4%, and +4% [8][9] - The net profit forecasts for the same period are 117.00 billion, 110.99 billion, and 118.11 billion, reflecting a growth of 12%, a decline of 5%, and a growth of 6% respectively [8][9]

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Views - The company reported a revenue of 88.73 billion yuan for the first three quarters of 2024, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders increased by 15.87% to 10.87 billion yuan [2]. - The decline in revenue has narrowed, and profitability has improved on a quarter-on-quarter basis, indicating a positive trend in operational performance [2][4]. - The company is expected to benefit from policy support and economic recovery, leading to a potential improvement in terminal demand [5]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 29.04 billion yuan, down 6.66% year-on-year, with a net profit of 3.34 billion yuan, up 8.53% year-on-year [2][3]. - The liquid milk segment saw a revenue of 20.64 billion yuan, down 10.3% year-on-year, but the decline has narrowed compared to previous quarters [3]. - The gross profit margin for Q3 2024 was 35.1%, an increase of 2.5 percentage points year-on-year, reflecting improved cost management and reduced promotional expenses [4]. - The company forecasts net profits for 2024-2026 to be 12.00 billion, 11.84 billion, and 12.77 billion yuan, respectively, with a projected growth of 15.1% in 2024 [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant improvement in profitability for Q3 2024, with a net profit of 10.868 billion yuan, a year-on-year increase of 15.9%, while total revenue for the first three quarters was 88.733 billion yuan, down 8.6% year-on-year [1][2] - The liquid milk segment saw a narrowing decline in revenue, while the milk powder segment experienced stable growth, attributed to a recovery in birth rates and improved market conditions following the exit of smaller brands [2] - The gross profit margin improved by 2.48 percentage points year-on-year due to lower raw milk prices and reduced discounting [2] - The net profit margin increased by 1.6 percentage points year-on-year, indicating a significant enhancement in profitability [3] - The company anticipates accelerated growth in Q4 2024, driven by favorable channel inventory levels and seasonal demand [3] Summary by Sections Financial Performance - For Q3 2024, the company achieved total revenue of 29.037 billion yuan, a decrease of 6.7% year-on-year, and a net profit of 3.337 billion yuan, an increase of 8.5% year-on-year [1][2] - The company adjusted its revenue forecasts for 2024-2026 to 119.2 billion yuan, 126 billion yuan, and 130.7 billion yuan respectively, with corresponding net profit forecasts of 12.1 billion yuan, 11.4 billion yuan, and 11.9 billion yuan [4] Cost and Expense Management - The company reported a gross sales margin improvement of 1.4 percentage points year-on-year, exceeding expectations, due to cost reductions and rational expense management [2][3] - Capital expenditures decreased to 1.03 billion yuan in Q3 2024, down 6.8 billion yuan year-on-year, contributing to a 50% increase in operating cash flow [3] Market Outlook - The company is expected to benefit from a favorable inventory situation and increased demand during the early Spring Festival, leading to potential growth acceleration in Q4 2024 [3]

证券代码：600887 证券简称：伊利股份 公告编号：临 2024-106 内蒙古伊利实业集团股份有限公司 关于股份回购进展公告 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。 一、回购股份的基本情况 内蒙古伊利实业集团股份有限公司（简称"公司"）分别于 2024 年 4 月 28 日、2024 年 5 月 20 日召开第十一届董事会临时会议和 2023 年年 度股东大会，审议通过了《关于以集中竞价交易方式回购公司股份方案 的议案》，同意公司使用不低于人民币 10 亿元（含）且不超过人民币 20 亿元（含）的自有资金以集中竞价交易方式回购公司股份，回购价格不 超过人民币 41.88 元/股（含），回购期限自公司股东大会审议通过回购 方案之日起不超过 12 个月，回购股份将用于依法注销减少注册资本。具 体内容详见公司于 2024 年 5 月 21 日披露的《内蒙古伊利实业集团股份 有限公司关于以集中竞价交易方式回购公司股份的回购报告书》。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管 指引第 7 号--回购股份》 ...