证券代码：002946 证券简称：新乳业 公告编号：2024-061 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于完成工商变更登记并取得换发营业执照的公告 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。 经成都市市场监督管理局核准，新希望乳业股份有限公司（以下简称"公司"） 于近日完成了相关工商变更登记和备案手续，并取得了成都市市场监督管理局换 发的营业执照，现将相关内容公告如下。 一、公司注册资本变更情况 （一）因"新乳转债"转股注册资本变更情况 公司发行的可转换公司债券（债券代码：128142；债券简称：新乳转债）自 2021年6月24日起可转换为公司股份。自2023年1月29日至2024年6月30日期间， 公司可转债转股共计974股，公司因可转债转股增加实收资本974元，增加股份 974股。 （二）因限制性股票回购注销注册资本变更情况 1、2023 年 5 月 31 日，公司召开 2022 年年度股东大会审议通过了《关于 回购注销 2020 年限制性股票激励计划部分限制性股票的议案》，批准公司回购 注销 33 名激励对象所获授 ...

证券代码：002946 证券简称：新乳业 公告编号：2024-060 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 2024年第三季度可转换公司债券转股情况公告 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。 特别提示： 1、股票代码：002946，股票简称：新乳业； 2、债券代码：128142，债券简称：新乳转债； 3、转股价格：18.23 元/股； 4、转股时间：2021 年 6 月 24 日至 2026 年 12 月 17 日 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，新希望乳业股份有限公司（以 下简称"公司"）现将 2024 年第三季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动的情况公告如下： 经中国证券监督管理委员会"证监许可[2020]2614 号"核准，公司于 2020 年 12 月 18 日公开发行了 718 万张可转换公司债券，每张面值 100 元，发行总 额 71,800.00 万元。经深圳证券交易所（以下简称"深交所"）"深证上〔 ...

整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、截至 2024 年 9 月 9 日，新希望乳业股份有限公司（以下简称"公司"） 股票已出现在任意连续 30 个交易日中至少 15 个交易日的收盘价低于新乳转债 当期转股价格 80%的情形，已触发新乳转债转股价格向下修正条款。 证券代码：002946 证券简称：新乳业 公告编号：2024-059 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于不向下修正新乳转债转股价格的公告 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 公司于 2024 年 9 月 9 日召开了第三届董事会第十一次会议，审议通过《关 于不向下修正新乳转债转股价格的议案》。现将有关事项说明如下。 一、可转换公司债券基本情况 （一）可转债发行上市情况 经中国证券监督管理委员会（以下简称"中国证监会"）"证监许可[2020]2614 号"核准，公司于 2020 年 12 月 18 日公开发行了 718 万张可转换公司债券，每 张面值 100 元，发行总额 71,800.00 万元。经深圳证券交易所（以下简称"深交 所"）"深证上〔2021〕63 号"文同意， ...

证券代码：002946 证券简称：新乳业 公告编号：2024-058 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 第三届董事会第十一次会议决议公告 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 截至 2024 年 9 月 9 日，公司股票已出现在任意连续 30 个交易日中至少 15 个交易日的收盘价低于新乳转债当期转股价格 80%的情形，已触发新乳转债转 股价格的向下修正条款。公司董事会经过综合考虑后决定本次不向下修正新乳转 债转股价格，且自董事会审议通过之日起未来六个月（2024 年 9 月 10 日至 2025 年 3 月 9 日）内，如再次触发新乳转债转股价格向下修正条款的，亦不提出向下 修正方案。自本次董事会审议通过之日起满六个月之后，从 2025 年 3 月 10 日 1 重新起算，若再次触发新乳转债转股价格向下修正条款，届时公司董事会将召开 会议决定是否行使新乳转债转股价格向下修正权利。 具体内容详见公司同日披露于《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 ...

证 券 研 报 告 公 司 研 究 2024 年 09 月 08 日 究 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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：2024-004 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活 | □ 媒体采访 | ■ 业绩说明会 | | 动类别 | □ 新闻发布会 | □ 路演活动 | | | □ ...

公 司 研 究 食 品 饮 料 新乳业 沪深300 [Table_Reportdate] 2024年09月03日 公 司 简 评 [Table_invest] 买入（维持） 报告原因：业绩点评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn | --- | --- | |---------------------------|------------| | 数据日期 Table_cominfo] | 2024/09/03 | | 收盘价 | 9.32 | | 总股本 ( 万股 ) | 86,067 | | 流通 A 股 /B 股 ( 万股 ) | 85,158/0 | | 资产负债率 (%) | 69.59% | | 市净率 ( 倍 ) | 2.90 | | 净资产收益率 ( 加权 ) | 11.13 | | 12 个月内最高 / 最低价 | 15.49/7.88 | [Table_QuotePic] -57% -47% -38% -28% -19% -9% 0% 9% 23-09 23-12 24-03 24-06 [相关研究 Tabl ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company's low-temperature business is performing well, with profitability continuing to enhance. In H1 2024, the company achieved a revenue of 5.364 billion yuan, a year-on-year increase of 1.25%, and a net profit attributable to shareholders of 296 million yuan, up 25.26% year-on-year [1][2]. - The company is successfully expanding its D2C channel, with e-commerce revenue in H1 2024 reaching 515 million yuan, a year-on-year increase of 21.42% [1]. - The gross margin improved due to a decline in raw milk prices and product mix optimization, with H1 2024 gross margin at 29.23%, up 2.23 percentage points year-on-year [2]. Summary by Sections Financial Performance - In H1 2024, the company reported revenues of 5.364 billion yuan, with a net profit of 296 million yuan, and a non-recurring net profit of 313 million yuan, reflecting increases of 25.26% and 36.39% year-on-year respectively [1]. - For Q2 2024, the company achieved revenues of 2.751 billion yuan, a decrease of 0.94% year-on-year, while net profit rose by 17.72% to 207 million yuan [1]. - The company’s revenue from liquid milk, milk powder, and other products in H1 2024 was 4.844 billion yuan, 35 million yuan, and 486 million yuan respectively, with year-on-year changes of +0.54%, -15.20%, and +10.64% [1]. Profitability Metrics - The gross margin for H1 2024 was 29.23%, with a year-on-year increase of 2.23 percentage points, primarily due to lower raw milk prices and improved product mix [2]. - The net profit margin for H1 2024 was 5.53%, reflecting an increase of 1.19 percentage points year-on-year [2]. Revenue Forecast and Valuation - The report forecasts net profits of 550 million yuan, 663 million yuan, and 742 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.64 yuan, 0.77 yuan, and 0.86 yuan [2][3]. - The current stock price corresponds to P/E ratios of 14, 12, and 10 for the years 2024, 2025, and 2026 respectively [2].

Investment Rating - The report maintains a "Recommend" rating for the company, reflecting its strong operational resilience and clear five-year strategic plan [2][5] Core Views - The company achieved revenue of 5.36 billion yuan in 24H1, a year-on-year increase of 1.3%, with net profit attributable to the parent company reaching 300 million yuan, up 25.3% year-on-year [1] - The company's low-temperature liquid milk segment stabilized, outperforming other leading dairy companies, with low-temperature fresh milk and yogurt products showing significant growth [1] - The company's gross profit margin improved to 29.1%, driven by favorable raw milk prices and product structure optimization, while sales and management expense ratios decreased [1] - The company's fresh strategy is expected to continue driving growth, with low-temperature product penetration and DTC channels serving as key growth engines [1] Financial Performance Summary - Revenue for 24H1 was 5.36 billion yuan, with Q2 revenue at 2.75 billion yuan, a slight year-on-year decline of 0.9% [1] - Net profit attributable to the parent company for 24H1 was 300 million yuan, with Q2 net profit at 210 million yuan, up 17.7% year-on-year [1] - The company's net profit margin for 24Q2 was 7.5%, an increase of 1.2 percentage points year-on-year [1] Product and Regional Performance - Low-temperature fresh milk products, such as the "Golden 24 Hours" series, saw over 30% year-on-year growth, while low-temperature yogurt and flavored milk products also experienced strong growth [1] - Regional performance varied, with strong growth in East China (+20.2%) and North China (+23.4%), while Southwest and Northwest regions faced declines due to weaker demand for ambient liquid milk [1] Future Outlook - The company's fresh strategy is expected to drive continued revenue growth, with raw milk cost advantages likely to persist in 24H2 [1] - The company aims to achieve a five-year doubling of net profit margin through improved gross margins, upstream optimization, and enhanced cost efficiency [1] Financial Forecasts - Revenue is projected to grow to 11.19 billion yuan in 2024, 11.80 billion yuan in 2025, and 12.59 billion yuan in 2026, with net profit expected to reach 549 million yuan, 653 million yuan, and 772 million yuan respectively [3] - The company's PE ratio is forecasted to decrease from 14X in 2024 to 10X in 2026, reflecting strong earnings growth [3]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company, indicating a positive outlook for its stock performance in the near term [4]. Core Views - The company has outperformed the industry in terms of performance, with a focus on low-temperature fresh milk and specialty yogurt, which have driven its growth despite increased competition [2][4]. - The company is expected to achieve high-quality development even under industry pressure, with a strong certainty of profit improvement [1][2]. Financial Performance - For the first half of 2024, the company reported revenue of 5.364 billion yuan, a year-on-year increase of 1.25%, and a net profit attributable to shareholders of 296 million yuan, up 25.26% [1][2]. - In Q2 2024, the company achieved revenue of 2.751 billion yuan, a decrease of 0.94% year-on-year, while net profit rose by 17.72% to 207 million yuan [1][2]. Product and Regional Performance - In H1 2024, the company's revenue from liquid milk, milk powder, and other businesses was 4.844 billion yuan, 35 million yuan, and 486 million yuan, respectively, with growth rates of +0.54%, -15.20%, and +10.64% [2]. - Revenue by region showed varied performance, with notable growth in North China (+20.21%) while Southwest and Northwest regions faced challenges due to the high proportion of ambient milk sales [2]. Cost and Profitability - The company's gross margin improved in H1 2024, with gross and net margins increasing by 1.26 and 1.06 percentage points to 29.23% and 5.53%, respectively [2]. - The decline in raw milk prices contributed to the improvement in profitability, and the company is expected to continue enhancing its profit levels through ongoing efficiency initiatives [2][4]. Future Projections - Revenue projections for 2024-2026 are estimated at 11.235 billion yuan, 11.955 billion yuan, and 12.831 billion yuan, with year-on-year growth rates of 2.3%, 6.4%, and 7.3% respectively [4]. - Net profit forecasts for the same period are 550 million yuan, 659 million yuan, and 795 million yuan, reflecting growth rates of 27.8%, 19.8%, and 20.6% [4].