Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company demonstrated resilience in its performance during the off-season, maintaining a high level of profitability. For the first three quarters of 2024, the company reported revenue of 8.15 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders reached 470 million yuan, an increase of 24.4% year-on-year [2]. - The low-temperature fresh milk business showed steady growth, reflecting the company's strong operational resilience. The company continued to implement its "Fresh and Sour Dual Strong" strategy, enhancing its market share through improved channel coverage [2][3]. - The decline in raw milk prices and structural optimization contributed to an increase in gross profit margins. The company achieved a gross margin of 29.1% for the first three quarters, up 1.7 percentage points year-on-year, with a net profit margin of 5.8% [3]. Financial Summary - For 2024, the company expects net profits attributable to shareholders to be 550 million yuan, 650 million yuan, and 790 million yuan for the years 2024, 2025, and 2026, respectively, representing year-on-year growth rates of 27.4%, 19.0%, and 21.5% [4][7]. - The current stock price corresponds to price-to-earnings (PE) ratios of 19, 16, and 13 for the years 2024, 2025, and 2026, respectively [4][7]. - The company’s gross margin for Q3 2024 was reported at 28.8%, an increase of 2.4 percentage points year-on-year, indicating effective cost management and a shift towards higher-end products [3].

1 证券代码：002946 证券简称：新乳业 新希望乳业股份有限公司投资者关系活动记录表 编号：2024-005 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

主要财务指标 新乳业(002946)2024年三季报点评 主业表现亮眼,业绩再超预期 事项: � 公司发布 2024年三季报。2024Q1-3 实现营业总收入 81.0 亿,同比-0.54%，归 母净利润 4.74 亿,同比+24.4%，扣非归母净利 5.07 亿,同比+29.5%。单 Q3 营收 27.85 亿，同比-3.82%，归母净利 1.77 亿，同比+22.9%，扣非归母净利 1.93 亿，同比+19.73%。 评论: 4 主业逆势正增且结构优化,收缩贸易业务拖累表观营收。预计 24Q3 主业实现 小个位数增长(考虑酸奶牛出表则更快),且鲜奶、酸奶均实现 10%左右增长, 常温奶咯有下滑,营收在需求疲软、竞争加剧背景下逆势正增,且较上半年有 所提速。子公司中,唯品实现双位数增长,华东地区子公司亦表现较优。但由 于公司主动收缩以贸易业务为主的其他业务,拖累整体营收增速。 � 毛铺差扩张+非经扰动收敛,盈利再度高增。Q3 毛利率为 28.8%,同比+2.4pcts, 主要系成本下降、结构优化及精益生产驱动,销售费用率为 15.3%,同比 +1.3pcts，主要系公司适当加大费投进行品牌培育与市场拓展,因 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][6]. Core Insights - The company reported a total revenue of 8.15 billion yuan for the first three quarters of 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders increased by 24.4% to 474 million yuan [5][6]. - The decline in revenue for Q3 2024 was attributed to weak terminal demand and intense market competition, alongside changes in the consolidation scope due to the sale of a yogurt cow earlier in the year [6][7]. - The company's gross margin improved to 28.83%, up 2.4 percentage points year-on-year, primarily due to falling raw milk prices [7]. Summary by Sections Market Data - Closing price: 11.69 yuan - Market capitalization: 9,955 million yuan - Price-to-book ratio: 3.9 - Dividend yield: 1.28% [2][3]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, with a net profit of 177 million yuan, up 22.9% [5][6]. - The company forecasts net profits of 515 million, 648 million, and 806 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 19.6%, 25.9%, and 24.2% [6][8]. Profitability Metrics - The company’s net profit margin for Q3 2024 was 6.36%, an increase of 1.38 percentage points year-on-year [7]. - The report highlights a strategic focus on developing fresh milk business and enhancing profitability through a "1+N" brand matrix and national fresh milk layout [6][7].

证券代码：002946 证券简称：新乳业 公告编号：2024-068 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于聘任证券事务代表的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 29 日召开了第三届董事会第十二次会议，会议审议通过了《关于聘任公司证 券事务代表的议案》，同意聘任王皑女士为公司证券事务代表，协助董事会秘书 履行职责，任期自本次董事会审议通过之日起至本届董事会任期届满之日止。 1 传 真：028-80741011 电子邮箱：002946@newhope.cn 联系地址：成都市锦江区金石路 366 号新希望中鼎国际 邮政编码：610023 附件： 王皑女士：1988 年出生，中国国籍，无境外居留权，香港城市大学应用经 济学硕士研究生，新加坡国立大学概率统计学学士，2020 年加入公司，历任资 金副总监、资金总监，自 2024 年 2 月开始在公司董事会办公室任职。 截至本公告披露日，王皑女士持有公司股份600股，与持有公司5%以上股份 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-063 债券代码：128142 债券简称：新乳转债 会议审议了以下议案，并形成如下决议： 1. 审议通过《关于公司 2024 年第三季度报告的议案》 表决结果为：同意票 9 票，反对票 0 票，弃权票 0 票。 2024年第三季度报告详见公司同日刊登于《中国证券报》《上海证券报》《证 券日报》《证券时报》《经济参考报》并披露于巨潮资讯网（www.cninfo.com.c n） 的《2024年第三季度报告》。 新希望乳业股份有限公司 第三届董事会第十二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）第三届董事会 第十二次会议于 2024 年 10 月 29 日以现场与通讯结合的方式召开，现场会议地 点为成都市锦江区金石路 366 号公司四楼会议室。会议通知于 2024 年 10 月 18 日以邮件方式向公司全体董事、监事、高级管理人员发出，于 2024 年 10 月 25 日以邮件方式向公司全体董事、监事、高 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-066 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 二、董事会、监事会审议情况 关于2024年度中期利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 29 日召开第三届董事会第十二次会议、第三届监事会第七次会议，审议通过 了《关于 2024 年度中期利润分配预案的议案》。本议案尚需提交公司 2024 年 第二次临时股东大会审议。现将有关情况公告如下： 一、关于利润分配预案的基本情况 根据公司 2024 年半年度财务报告（未经审计），2024 年半年度，实现合并 归属于上市公司股东的净利润 296,442,778.09 元，母公司报表净利润为 842,461,453.25 元，合并报表期末可供分配的利润为 1,888,309,589.81 元，母 公司报表期末可供分配的利润为 973,864,370.83 元，根据合并报表和母公司报 表中可供分配利润孰低的原则，公司可供股东分配的 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-068 债 券 新希望乳业股份有限公司 关于聘任证券事务代表的公告 ： 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 2 8 1 4 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 29 日召开了第三届董事会第十二次会议，会议审议通过了《关于聘任公司证 券事务代表的议案》，同意聘任王皑女士为公司证券事务代表，协助董事会秘书 履行职责，任期自本次董事会审议通过之日起至本届董事会任期届满之日止。 2 债券简称：新乳转债 王皑女士暂未取得深圳证券交易所颁发的董事会秘书资格证书，其已承诺参 加最近一期董事会秘书资格培训，并尽快取得董事会秘书资格证书。王皑女士的 简历详见附件，联系方式如下： 联系电话：028-86748930 附件： 联系地址：成都市锦江区金石路 366 号新希望中鼎国际 邮政编码：610023 特此公告。 新希望乳业股份有限公司 董 事 会 2024 年 10 月 31 日 1 代 码 传 真：028-80741011 电子邮箱：002946@new ...

证券代码：002946 证券简称：新乳业 公告编号：2024-064 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 新希望乳业股份有限公司（以下简称"公司"或"本公司"）于 2024 年 10 月 18 日以邮件方式发出召开第三届监事会第七次会议的通知，于 2024 年 10 月 25 日以邮件方式向公司全体监事发出本次会议的补充通知，并于 2024 年 10 月 29 日在成都市锦江区金石路 366 号公司四楼会议室以现场及通讯相结合的方式 召开了第三届监事会第七次会议。会议应出席监事3人，实际出席会议监事3人， 会议由监事会主席张薇女士主持。本次会议的召开符合法律、行政法规和《公司 章程》的规定。 二、监事会会议审议情况 会议审议了以下议案，并形成如下决议： 1、审议通过《关于公司2024年第三季度报告的议案》 表决结果：3票赞成，0票反对，0票弃权。经审核，监事会认为董事会编制 和审核的本公司2024年第三季度报告的程序符合法律、 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 2,785,225,426.92, a decrease of 3.82% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 177,274,189.16, an increase of 22.92% year-on-year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 was CNY 193,477,506.59, up 19.73% from the previous year[2] - Total operating revenue for the third quarter was CNY 8,149,642,828, a decrease of 0.54% compared to CNY 8,193,900,642.39 in the same period last year[13] - The company's net profit attributable to shareholders increased to CNY 2,065,583,778.97, up from CNY 1,720,967,731.87 in the previous year, reflecting a significant growth[12] - The net profit for the third quarter of 2024 was CNY 486,702,897.60, an increase of 24.3% compared to CNY 391,413,829.32 in the same period last year[14] - The total profit for the period reached CNY 558,769,150.92, up from CNY 451,795,322.12, reflecting a growth of 23.6% year-over-year[14] - Operating profit increased to CNY 571,653,292.32, compared to CNY 449,665,424.35 in the previous year, marking a rise of 27.1%[14] Assets and Liabilities - The total assets as of September 30, 2024, were CNY 9,231,093,536.95, reflecting a growth of 3.28% from the end of the previous year[2] - Non-current assets totaled CNY 7,059,541,691.18, an increase from CNY 6,935,663,959.55 at the beginning of the period[11] - Total liabilities decreased to CNY 6,115,419,562.55 from CNY 6,298,611,511.58, indicating improved financial stability[12] - The company reported a decrease in short-term borrowings to CNY 705,022,847.18 from CNY 915,574,402.81, reflecting a reduction in debt[11] Equity and Earnings - The equity attributable to shareholders increased to CNY 3,027,299,183.55, representing an 18.39% rise compared to the end of last year[2] - The basic earnings per share for Q3 2024 was CNY 0.21, a 23.53% increase year-on-year[2] - Earnings per share (EPS) for the quarter was CNY 0.55, an increase from CNY 0.44 in the same quarter last year[14] - The company's equity attributable to shareholders increased to CNY 3,027,299,183.55 from CNY 2,557,020,138.44, showing strong retained earnings[12] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was CNY 1,000,593,940.52, down 16.33% compared to the same period last year[2] - The company reported a significant decrease in cash flow due to operational challenges, impacting overall liquidity and financial stability[7] - The cash flow from operating activities generated a net amount of CNY 1,000,593,940.52, down from CNY 1,195,929,850.95 in the prior year, indicating a decrease of 16.3%[16] - The company reported a decrease in cash and cash equivalents by CNY 29,061,064.54, resulting in a closing balance of CNY 409,803,603.13[17] - The net increase in cash and cash equivalents for the first nine months of 2024 was -29,061,064.54 RMB, a decrease of 132.46% compared to 89,522,119.89 RMB in the same period of 2023[7] Investments and Financial Assets - The company reported a significant increase in trading financial assets, which rose by 138.10% to CNY 123,811,735.64[4] - Other equity instrument investments increased significantly to 606,085,057.54 RMB from 480,431,815.11 RMB, marking a growth of 26.19%[10] - Cash inflow from investment activities totaled CNY 416,840,179.17, compared to CNY 169,380,306.59 in the previous year, showing a substantial increase[16] Operational Challenges - The net cash flow from operating activities decreased significantly, primarily due to a reduction in cash received from sales, influenced by changes in contract liabilities and sales tax[7] - The company experienced a 41.62% decrease in contract liabilities, which fell to CNY 244,967,369.08[5] - The company recorded a foreign exchange loss of CNY 570,369,838.42 during the financing activities[16] - Research and development expenses were CNY 33,109,578.40, slightly down from CNY 34,971,962.71 year-on-year, indicating a focus on cost management[13] Future Outlook - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]