证券代码：600887 证券简称：伊利股份 公告编号：临 2024-105 内蒙古伊利实业集团股份有限公司关于 2024 年度 第二十、二十一期超短期融资券发行结果的公告 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 5 月 20 日召开的 2023 年年度股东大会审议并通过了《公司关于申请注册发 行境内债务融资工具的议案》，同意公司注册发行余额合计不超过 400 亿 元人民币的多品种债务融资工具（DFI），详见公司刊登于上海证券交易 所网站的相关公告。 根据中国银行间市场交易商协会（简称"交易商协会"）出具的编号 为"中市协注〔2024〕DFI44 号"的《接受注册通知书》，交易商协会接 受公司债务融资工具注册。公司债务融资工具注册自《接受注册通知书》 落款之日起 2 年内有效，公司在注册有效期内可分期发行超短期融资券、 短期融资券、中期票据、永续票据、资产支持票据、绿色债务融资工具 等产品，也可定向发行相关产品，详见公司刊登于上海证券交易所网站 的相关公告。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - Revenue pressure has eased, and profit performance exceeded expectations. For the first three quarters of 2024, the company achieved total operating revenue of 89.039 billion yuan, a year-on-year decrease of 8.59%, while net profit attributable to shareholders increased by 15.87% to 10.868 billion yuan [4][6] - In Q3 2024, the company reported total operating revenue of 29.125 billion yuan, down 6.67% year-on-year, but net profit attributable to shareholders rose by 8.53% to 3.337 billion yuan [4][6] - The company's gross margin for the first three quarters was 35.03%, an increase of 1.91 percentage points year-on-year, and the net profit margin was 12.21%, up 2.58 percentage points [4][6] Financial Summary - For 2024-2026, the company is expected to achieve revenues of 119.791 billion yuan, 124.949 billion yuan, and 129.036 billion yuan, respectively, with a projected net profit of 12.168 billion yuan in 2024, reflecting a growth of 16.68% [6][7] - The earnings per share (EPS) for the next three years are forecasted to be 1.91 yuan, 1.78 yuan, and 1.96 yuan, corresponding to a price-to-earnings (P/E) ratio of 15, 16, and 14 times, respectively [6][7] - The current stock price corresponds to a projected dividend yield of 4.79% for 2024 [6]

Investment Rating - The report maintains a "Hold" rating for the company [2][4] Core Views - The revenue outlook for the company remains unclear, and the valuation is considered to be low in terms of cost-effectiveness [2] - The company's net profit for Q3 2024 grew by 8.5% year-on-year, slightly better than expectations, but concerns about future performance persist [2] - The profit margin expansion in Q3 2024 was primarily due to a significant decline in raw milk prices, a trend that is not expected to be sustainable [2] - Weak terminal demand for liquid milk continues, with no significant improvement in consumer willingness to purchase [2] - The company has seen a substantial increase in sales expense ratio over three consecutive quarters, indicating limited room for cost reduction and efficiency improvements [2] Financial Performance Summary - Revenue for 2022 was CNY 123.171 billion, with a year-on-year growth of 11.4%, while 2023 revenue is projected at CNY 126.179 billion, reflecting a growth of 2.4% [3][6] - The company’s net profit for 2022 was CNY 9.431 billion, with a year-on-year increase of 8.3%, and is expected to reach CNY 10.429 billion in 2023, a growth of 10.6% [3][6] - The projected P/E ratio for 2025 is 15.7x, indicating a relatively low valuation compared to historical performance [3][6] - The gross profit margin for Q3 2024 expanded by 2.4 percentage points year-on-year, attributed to lower raw milk prices and the end of inventory clearance [2][6] Market Expectations - The target price for the company is set at CNY 32.1, representing a potential upside of 15.1% from the current price of CNY 27.9 [4][5] - The company’s market capitalization is approximately CNY 177.674 billion, with an average trading volume of CNY 1.7163 billion over the past three months [4][5]

感谢各位领导的出席各位投资者朋友大家上午好我是伊利股份邱向明也感谢大家一直以来对伊利的关注和支持欢迎大家今天参加今天我们的业绩电话会今天我们的业绩电话会大约进行一个小时会议将分为两个部分第一部分为公司三季度业绩的介绍第二部分为投资者问答环节 稍后会议小秘书也会向大家公布提问方式在会议开始前首先提示大家在我们的业绩会中将包含对未来展望部分的介绍和探讨这些前瞻性陈述仅反映公司目前对未来事件的观点而非对未来表现的保证也不构成对投资者的实质性承诺接下来我们进入本次业绩说明会的第一部分首先有请伊利股份投资者关系部总经理赵琳女士为大家介绍公司三季度的业绩情况 好的各位投资者大家上午好感谢大家来参加此次的业绩电话会议我先就三季度业绩给大家做一个简单的介绍前三季度公司的营业总收入为890.4亿元较同期下降了8.6%其中单三季度营业总收入为291.2亿元同比下降6.7% 利润方面前三季度公司实现利润总额125亿同比增长了14.5%规模净利润为108.7亿较上年同期增长了15.9%其中三季度公司的利润总额为37.5亿同比增长6.1%规模净利润为33.4亿元同比提升8.5% 扣飞后规模净利润同比增长43.4%三季度以来我们看到整体 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights a recovery in revenue quarter-on-quarter, with profits exceeding expectations. The company achieved operating revenue of 89.039 billion yuan in the first three quarters of 2024, a year-on-year decrease of 8.59%, while net profit attributable to shareholders reached 10.869 billion yuan, an increase of 15.87% [1]. - In Q3 2024, the company reported operating revenue of 29.125 billion yuan, a year-on-year decrease of 6.67%, and a net profit of 3.337 billion yuan, up 8.53% year-on-year. The adjusted net profit attributable to shareholders was 3.184 billion yuan, an increase of 19.86% year-on-year [1]. - The report notes that the company has seen a significant recovery in revenue due to channel inventory clearance and a reduction in the year-on-year decline in revenue [1]. Summary by Sections Financial Performance - The company’s Q3 gross margin was recorded at 35.05%, an increase of 2.47 percentage points year-on-year. This improvement is attributed to a decrease in the average price of raw milk by 14.9% year-on-year and a narrowing decline in retail prices [1]. - The report indicates that the company’s overall expense ratio has decreased, with sales expense ratio increasing by 1.08 percentage points year-on-year, while management, R&D, and financial expense ratios decreased [1]. - The net profit margin for Q3 reached 11.41%, an increase of 1.62 percentage points year-on-year, indicating a strong profit performance that exceeded market expectations [1]. Market Position - The company maintains a leading position in all product categories, with liquid milk holding the top industry position, and the milk powder segment achieving the highest sales volume in the Chinese market [1]. - The report emphasizes that the company is well-positioned to capitalize on market recovery, with expectations for a substantial turnaround in the dairy product market in the coming year [1]. Earnings Forecast - The earnings per share (EPS) estimates for 2024-2026 are projected at 1.87, 1.70, and 1.89 yuan, respectively, corresponding to price-to-earnings (PE) ratios of 15X, 16X, and 15X [1].

Investment Rating - The report maintains a "Recommended" rating for the company [6] 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 8.6%, while the net profit attributable to shareholders was 10.87 billion yuan, an increase of 15.9% [2] - The company's proactive inventory control and channel adjustments have shown effectiveness, leading to a continuous improvement in profitability [2][3] - The company is expected to benefit from industry supply-demand recovery, with a potential stabilization of milk prices by 2025 and supportive government policies to boost demand [4] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 29.04 billion yuan, down 6.7% year-on-year, with a net profit of 3.34 billion yuan, up 8.5% year-on-year [2] - The gross profit margin for Q3 2024 was 35.0%, an increase of 2.5 percentage points year-on-year, attributed to declining raw milk prices and price recovery after channel adjustments [3] - The company’s net profit margin for Q3 2024 was 11.5%, an increase of 1.6 percentage points year-on-year [3] Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 118.09 billion yuan, 122.41 billion yuan, and 126.15 billion yuan, respectively, with expected revenue growth rates of -6.41%, 3.66%, and 3.06% [5] - The forecasted net profit attributable to shareholders for the same years is 11.86 billion yuan, 11.34 billion yuan, and 12.41 billion yuan, with profit growth rates of 13.77%, -4.42%, and 9.40% [5] - The report anticipates a PE ratio of 14, 15, and 14 for the years 2024, 2025, and 2026, respectively [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that channel adjustments are showing initial positive effects, with Q3 revenue of 29.04 billion yuan (down 6.7%) and a net profit attributable to shareholders of 3.34 billion yuan (up 8.5%) [1] - The revenue for the first three quarters is reported at 88.73 billion yuan (down 8.6%), while the net profit attributable to shareholders is 10.87 billion yuan (up 15.9%) [1] - The report indicates that the revenue meets expectations while profits exceed market forecasts [1] Revenue Analysis - The revenue performance by product in Q3 shows liquid milk down 10.3%, milk powder up 6.6%, and cold drinks down 16.6% [1] - After inventory digestion in Q2, the decline in liquid milk revenue has narrowed to 10.3% in Q3 from 19.6% in Q2, indicating a recovery in inventory [1] - The market share for milk powder continues to show an upward trend [1] Profitability Analysis - The gross margin in Q3 increased by 2.5 percentage points to 35.1%, attributed to lower raw milk costs and reduced discounts [1] - The report notes that selling, general, and administrative expenses have increased by 1.1 percentage points, while research and development and financial expense ratios have decreased [1] - The effective tax rate decreased by 2.2 percentage points to 11.3%, contributing to a net profit margin increase of 1.6 percentage points to 11.5% [1] Investment Recommendations - The report maintains a "Buy" recommendation, anticipating continued improvement in Q4 due to healthy inventory levels and preparations for the Spring Festival [1] - The company is expected to recover revenue growth in 2025, with long-term net profit margins remaining in an upward trend [1] - Revenue forecasts for 2024-2026 are adjusted to 117.4 billion, 123.0 billion, and 128.2 billion yuan respectively, with corresponding net profit forecasts of 12.0 billion, 11.0 billion, and 12.0 billion yuan [1][2]

Investment Rating - The report assigns a "BUY" rating for Yili Group (伊利股份) with a target price of 31 CNY [1]. Core Insights - The company reported a total revenue of 89.04 billion CNY for the first three quarters of 2024, a year-on-year decrease of 8.6%, while the net profit attributable to shareholders reached 10.87 billion CNY, an increase of 15.9% [1]. - The third quarter performance exceeded expectations, with revenue of 29.12 billion CNY, down 6.7% year-on-year, and a net profit of 3.34 billion CNY, up 8.5% year-on-year [1]. - The report highlights that the channel adjustments have concluded, and the low prices of raw milk have positively impacted profitability [5][6]. Summary by Sections Company Overview - Yili Group operates in the food and beverage industry, with a current stock price of 26.44 CNY as of October 30, 2024 [1]. - The company has a market capitalization of approximately 167.48 billion CNY and a price-to-book ratio of 2.99 [1]. Financial Performance - The revenue breakdown for Q3 shows liquid milk contributing 20.64 billion CNY (down 10.3% year-on-year), milk powder and dairy products at 6.82 billion CNY (up 6.6% year-on-year), and cold drinks at 1.02 billion CNY (down 16.7% year-on-year) [5]. - The gross margin for Q3 improved by 2.4 percentage points to 35%, attributed to low raw milk prices and improved product freshness following channel adjustments [5]. Profitability Forecast - The report slightly raises profit forecasts, expecting net profits of 12.22 billion CNY, 13.74 billion CNY, and 15.02 billion CNY for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 17.2%, 12.4%, and 9.4% [6][7]. - Earnings per share (EPS) are projected to be 1.92 CNY, 2.16 CNY, and 2.36 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 [6][7].

Investment Rating - The report maintains a "Recommended" rating for Yili Co., Ltd. (600887.SH) [1][7] Core Views - The company reported a total 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 increased by 15.87% to 10.868 billion yuan [2] - The gross margin improved to 34.81%, up 1.91 percentage points year-on-year, and the net margin reached 12.28%, an increase of 2.63 percentage points [3] - The liquid milk segment continues to face pressure, but the decline is narrowing, while the milk powder and dairy products segment shows growth, particularly in high-value categories like infant nutrition and cheese [3] Financial Performance - For Q1-Q3 2024, the company achieved revenues of 575.24 billion yuan from liquid milk, 213.30 billion yuan from milk powder and dairy products, and 83.44 billion yuan from cold drinks, with respective year-on-year changes of -12.09%, +7.09%, and -19.66% [3] - The company expects revenue to improve gradually as consumer demand recovers, with projected net profits of 11.472 billion yuan, 10.511 billion yuan, and 11.352 billion yuan for 2024, 2025, and 2026 respectively [7][10] - The report forecasts an EPS of 1.80 yuan for 2024, with a corresponding P/E ratio of 14.7 [7][10] Market Position and Strategy - The company is enhancing its multi-channel strategy to explore consumer opportunities, with direct sales channels experiencing a revenue decline of 18.47% and distribution channels down by 8.44% [3] - The company’s market capitalization is approximately 168.3 billion yuan, with a total share capital of 6.366 billion shares [6]

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 36 CNY, compared to the current price of 26.44 CNY [4]. Core Views - The company has shown significant improvement in profitability, exceeding expectations due to effective adjustments in operations and cost management [1][2]. - The report anticipates a recovery in demand and stabilization of raw milk prices, which could lead to a positive trend in the company's operations [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 887.3 billion CNY, a year-on-year decrease of 8.61%, while the net profit attributable to shareholders was 108.7 billion CNY, an increase of 15.9% [1]. - In Q3 2024, the company reported a revenue of 290.4 billion CNY, down 6.66% year-on-year, but the net profit increased by 8.5% to 33.37 billion CNY [1]. - The gross profit margin for Q3 2024 was 34.85%, an increase of 2.48 percentage points year-on-year, indicating improved cost efficiency [1]. Product Performance Summary - In Q3 2024, the liquid milk segment saw a revenue decline of 10.3%, while the milk powder segment experienced a growth of 6.6% [1]. - The company has effectively managed inventory levels, leading to a reduction in promotional expenses and an optimized product mix [1]. Future Outlook - The report suggests that the company is likely to benefit from a recovery in demand as inventory levels normalize and the market prepares for the upcoming peak season [2]. - The forecast for EPS has been adjusted upwards to 1.88 CNY for 2024, reflecting confidence in the company's recovery trajectory [2][3].