Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 15 CNY, while the current price is 11.69 CNY [4]. Core Views - The company's main business shows strong growth despite a challenging market environment, with revenue and profit exceeding expectations [1][2]. - The company is expected to continue benefiting from cost reductions and operational improvements, leading to sustained high growth in earnings [2]. Financial Performance Summary - For the first three quarters of 2024, the company achieved total revenue of 8.1 billion CNY, a slight decrease of 0.54% year-on-year, while net profit attributable to shareholders reached 474 million CNY, an increase of 24.4% year-on-year [1]. - In Q3 alone, revenue was 2.785 billion CNY, down 3.82% year-on-year, but net profit increased by 22.9% to 177 million CNY [1]. - The gross margin improved to 28.8%, up 2.4 percentage points year-on-year, driven by cost reductions and structural optimization [1]. Earnings Forecast - The report projects earnings per share (EPS) of 0.63 CNY for 2024, 0.76 CNY for 2025, and 0.89 CNY for 2026, with corresponding price-to-earnings (PE) ratios of 18, 15, and 13 [2][3]. - The company aims for a doubling of net profit margin over the five years from 2023 to 2027 [2]. Market Position and Strategy - The company is strategically expanding its low-temperature business and direct-to-consumer (DTC) channels, which are expected to drive revenue growth [2]. - The company has successfully entered strategic partnerships and is adapting to market changes, enhancing its operational capabilities [2].

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]

2024 年 10 月 31 日 1 截至本公告披露日，胡柳通先生未持有公司股份，也不存在应当履行而未履 行的承诺事项，其辞职不会影响公司相关工作的正常开展。公司及董事会对胡柳 通先生在任职期间为公司所做出的贡献表示衷心感谢！ 特此公告。 新希望乳业股份有限公司 董事会 证券代码：002946 证券简称：新乳业 公告编号：2024-067 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于公司高级管理人员辞职的公告 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"）董事会近日收到公司总经理 助理（总裁助理）胡柳通先生的书面辞职报告。胡柳通先生因个人原因提出辞去 公司总经理助理（总裁助理）职务，辞职后将不在公司及控股子公司担任任何职 务。根据《中华人民共和国公司法》《深圳证券交易所股票上市规则》等相关法 律、法规及《公司章程》 的有关规定，上述辞职报告自送达公司董事会之日起 生效。 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-062 债券代码：128142 债券简称：新乳转债 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"）董事会近日收到证券事务代 表李兴华先生的书面辞职报告。李兴华先生因个人原因提出辞去公司证券事务代 表职务，辞职后将不在公司及控股子公司担任任何职务，上述辞职申请自送达公 司董事会之日起生效。 截至本公告披露日，李兴华先生未持有公司股份，也不存在应当履行而未履 行的承诺事项，其辞职不会影响公司相关工作的正常开展。公司及董事会对李兴 华先生在任职期间为公司所做出的贡献表示衷心感谢！ 新希望乳业股份有限公司 关于证券事务代表辞职的公告 公司董事会将根据《深圳证券交易所股票上市规则》等相关规定，将尽快聘 任符合任职资格的人员担任公司证券事务代表，协助公司董事会秘书开展工作。 特此公告。 董事会 2024 年 10 月 16 日 1 新希望乳业股份有限公司 ...