证券代码：002946 证券简称：新乳业 公告编号：2024-028 债 券 新希望乳业股份有限公司 代 码 关于召开2023年年度股东大会的提示性公告 ： 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 2、股东大会召集人：公司董事会 8 1 4 2 新希望乳业股份有限公司（以下简称"公司"）于 2024 年 4 月 30 日通过巨 潮资讯网（www.cninfo.com.cn）及《中国证券报》《上海证券报》《证券日报》 《证券时报》等公司指定的信息披露媒体披露了《关于召开 2023 年年度股东大 会的通知》（公告编号：2024-026），为进一步保护投资者的合法权益，方便公 司股东行使股东大会表决权，现将有关事项提示如下： 一、召开会议的基本情况 债券简称：新乳转债 1、股东大会届次：2023 年年度股东大会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件、深圳证券交易所业务规则和《公司章程》的规定。 4、会议召开的时间 （1）现场会议召开时间：2024 年 5 月 21 日（星期二）13:00。 （ ...

新希望乳业股份有限公司 2023 年年度股东大会 会议材料 二〇二四年五月 | | | | 2023 | 年年度股东大会会议规则 | | 1 | | --- | --- | --- | --- | | 2023 | 年年度股东大会会议议程 | | 3 | | 议案 | 1：《关于公司 2023 | 年年度报告及其摘要的议案》 | 5 | | 议案 | 年度财务决算及 2：《关于<2023 2024 | 年度财务预算报告>的议案》 | 6 | | 议案 | 3：《关于 2024 | 年度融资担保额度的议案》 | 15 | | 议案 | 年向金融机构申请综合授信额度的议案》 4：《关于 2024 | | 16 | | 议案 | 5：《关于 2023 | 年度利润分配预案的议案》 | 17 | | 议案 | 6：《关于聘请 2024 | 年度审计机构的议案》 | 18 | | 议案 | 7：《关于<2023 | 年度董事会工作报告>的议案》 | 19 | | 2023 | 年度独立董事述职报告（卢华基） | | 31 | | 2023 | 年度独立董事述职报告（吴飞） | | 35 | | 2023 | 年度独立董 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [11]. Core Views - The company achieved a total revenue of 10.987 billion yuan in 2023, representing a year-on-year increase of 9.8%. The net profit attributable to shareholders was 431 million yuan, up 19.27% year-on-year, while the net profit excluding non-recurring items reached 465 million yuan, a significant increase of 57.86% year-on-year [6][9]. - In Q4 2023, the company reported a total revenue of 2.793 billion yuan, a year-on-year increase of 10.56%, with a net profit of 49.947 million yuan, down 2.09% year-on-year, and a net profit excluding non-recurring items of 73.634 million yuan, up 56.56% year-on-year [6][9]. - For Q1 2024, the company achieved a total revenue of 2.614 billion yuan, a year-on-year increase of 3.66%, with a net profit of 89.748 million yuan, up 46.93% year-on-year, and a net profit excluding non-recurring items of 100 million yuan, up 33.75% year-on-year [6][9]. Revenue and Growth - The liquid milk and dairy product manufacturing segment generated 9.834 billion yuan in revenue for 2023, an increase of 11.16% year-on-year, with volume growth of 9.3% and price growth of 1.7%. The liquid milk segment alone accounted for 9.755 billion yuan, also up 11.15% year-on-year [6][7]. - The company’s high-end fresh milk products, represented by "Vipshop," continue to drive growth, with a structural optimization trend ongoing. In 2023, the revenue from high-end products grew nearly 40% year-on-year [10]. Profitability and Cost Management - The company's net profit margin improved by 0.31 percentage points to 3.92% in 2023, with a gross margin increase of 2.84 percentage points to 26.87%. However, the expense ratio also increased by 1.26 percentage points to 21.46% [7]. - In Q4 2023, the net profit margin decreased by 0.23 percentage points to 1.79%, while the gross margin increased by 3.52 percentage points to 25.25%, and the expense ratio rose by 3.9 percentage points to 22.47% [7]. Future Outlook - The company is expected to maintain a relatively fast revenue growth in 2024, with projected net profits of 562 million yuan and 711 million yuan for 2024 and 2025, respectively, corresponding to PE valuations of 17 and 13 times [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [11][36]. Core Views - The company achieved a revenue of 10.99 billion yuan in 2023, representing a year-on-year growth of 9.80%, and a net profit attributable to shareholders of 431 million yuan, up 19.27% year-on-year [6][11]. - The company is focusing on its "Fresh Cube" strategy, emphasizing core categories, DTC (Direct-to-Consumer) channels, and enhancing management efficiency to drive internal growth and maintain product and brand vitality [11][23]. Financial Performance Summary - In 2023, the company's gross margin was 26.87%, an increase of 2.84 percentage points year-on-year, driven by sales scale growth and cost reduction efforts [7]. - The company reported a net profit margin of 3.98% in 2023, reflecting a year-on-year increase of 0.37 percentage points [7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.64 yuan, 0.78 yuan, and 0.94 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 17, 14, and 12 times [11][33]. Revenue and Growth Analysis - The liquid milk and dairy products segment generated revenue of 9.83 billion yuan in 2023, with a year-on-year growth of 11.16% [21]. - The company plans to focus on low-temperature fresh milk and specialty yogurt, with a strategic goal of achieving sustainable revenue growth and improved net profit margins [23]. Cash Flow and Investment - The operating cash flow for 2023 was 1.557 billion yuan, indicating a strong cash generation capability [13]. - The company is expected to continue investing in capital expenditures, with projected capital spending of 776 million yuan in 2023 [13]. Market Position and Strategy - The company is leveraging its strong innovation capabilities to maintain product and brand vitality, with a focus on enhancing its DTC channel and optimizing product structure [11][23]. - The report highlights the company's strategic execution in 2024 as a critical year for driving high-quality growth through its "Fresh Cube" strategy [22][23].

新希望乳业股份有限公司（以下简称"公司"或"本公司"）近日接到通 知，公司股东新希望投资集团有限公司（以下简称"新投集团"）以公司部分 股票为标的发行的新希望投资集团有限公司2023年面向专业投资者非公开发行 可交换公司债券（第一期）（简称"本期债券"），将于2024年5月14日进入 换股期。有关事项及对公司的影响说明如下： 证券代码：002946 证券简称：新乳业 公告编号：2024-027 债券代码：128142 债券简称：新乳转债 新希望乳业股份有限公司 关于股东非公开发行可交换公司债券进入换股 期的提示性公告 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。 重要内容提示： 进入换股期后，新投集团所持有的公司股份可能因债券持有人选择换股而 减少。可交换公司债券持有人是否选择换股以及实际换股数量等均存在不确定 性，假设债券持有人持有的可交换公司债券全部用于交换本公司股票（换股数 量占公司目前总股本的4.13%），公司控股股东及实际控制人不会发生变化。 公司将持续关注新投集团所持公司股份可能因债券持有人选择换股而减少 的情况，并督促其及时履行信息披露义务。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.89 CNY, based on a 2024 PE of 20.03 times [13]. Core Insights - The company has optimized its product structure, leading to improved profitability [2]. - In 2023, the company achieved a revenue of 10.987 billion CNY, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 431 million CNY, up 19.27% year-on-year [9]. - The gross margin for 2023 was 26.87%, an increase of 2.83 percentage points year-on-year, with a gross margin of 29.38% in Q1 2024, up 2.32 percentage points year-on-year [10]. Financial Data and Valuation - Revenue (in million CNY): - 2022: 10,006 - 2023: 10,987 - 2024E: 12,067 - 2025E: 13,097 - 2026E: 14,106 - Revenue Growth Rate (%): - 2022: 11.59% - 2023: 9.80% - 2024E: 9.83% - 2025E: 8.53% - 2026E: 7.71% [3][4]. - Net Profit (in million CNY): - 2022: 361 - 2023: 431 - 2024E: 593 - 2025E: 756 - 2026E: 952 - Net Profit Growth Rate (%): - 2022: 15.68% - 2023: 19.27% - 2024E: 37.74% - 2025E: 27.32% - 2026E: 25.98% [3][4]. Product and Market Performance - The company has seen double-digit growth in low-temperature products, with high-end fresh milk growing nearly 40% year-on-year [12]. - The company’s DTC revenue grew over 15%, with remote e-commerce increasing by over 40% [12]. - New product revenue accounted for 12% of total revenue in 2023, contributing to growth [12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market index in the next six months [1][26]. Core Insights - The company reported a revenue of 10.99 billion yuan in 2023, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 430 million yuan, up 19.3% [1][2]. - In Q1 2024, the company achieved a revenue of 2.61 billion yuan, reflecting a 3.7% growth, and a net profit of 90 million yuan, which is a significant increase of 46.9% [1][2]. - The company plans to distribute a cash dividend of 1.50 yuan per 10 shares to all shareholders [1]. Revenue and Profitability - In 2023, the liquid milk segment generated 9.76 billion yuan in revenue, growing by 11.2% year-on-year, supported by a strong product development strategy [2]. - The gross margin for 2023 was 26.9%, an increase of 2.8 percentage points, attributed to lower raw milk prices and optimized product mix [3]. - The net profit margin for 2023 was 4%, showing a 0.4 percentage point improvement [3]. Strategic Planning - The company has outlined a strategic plan for 2023-2027, aiming for double-digit revenue growth and a doubling of net profit margin, focusing on organic growth supplemented by acquisitions [4]. - The product strategy emphasizes low-temperature fresh milk and yogurt, targeting a compound annual growth rate of no less than 20% for high-end fresh milk over five years [4]. - The direct-to-consumer (DTC) channel is expected to be the primary growth driver, with a target revenue contribution of 30% by 2027 [4]. Financial Forecast - The forecasted net profits for 2024, 2025, and 2026 are 570 million yuan, 710 million yuan, and 840 million yuan, respectively, with corresponding earnings per share (EPS) of 0.66 yuan, 0.82 yuan, and 0.97 yuan [4][6]. - The projected price-to-earnings (PE) ratios for the same years are 15x, 12x, and 10x, indicating a favorable valuation trend [4][6].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][19]. Core Views - The company has shown steady growth in its main business, continuing to progress towards its "Five-Year Plan" [2][19]. - In 2023, the company achieved a revenue of 10.99 billion yuan, a year-on-year increase of 9.8%, and a net profit attributable to shareholders of 430 million yuan, up 19.3% year-on-year [4][19]. - The company aims to enhance its core business and improve profitability, with a target of doubling net profit over five years [19]. Financial Performance Summary - In 2023, the company's revenue from liquid milk, milk powder, and other businesses was 9.755 billion, 79 million, and 1.153 billion yuan respectively, with year-on-year growth rates of 11.15%, 11.28%, and -0.53% [6]. - The company reported a gross margin of 26.87% in 2023, an increase of 2.83 percentage points year-on-year, primarily due to a decrease in raw material prices [6][19]. - The net profit margin for 2023 was 3.92%, up 0.31 percentage points year-on-year, while the net profit margin excluding non-recurring items was 4.23%, an increase of 1.29 percentage points [6]. Future Projections - The company forecasts revenues of 11.647 billion, 12.345 billion, and 13.086 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 540 million, 659 million, and 795 million yuan [19][22]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.62, 0.76, and 0.92 yuan respectively, with price-to-earnings (P/E) ratios of 16, 13, and 11 [19][22].

Investment Rating - The report maintains a "Buy" rating for the company [13][11]. Core Insights - The company has shown steady strategic progress and enhanced profitability, with 2023 revenue reaching 10.987 billion yuan, a year-on-year increase of 9.80%, and a net profit of 431 million yuan, adjusted for a year-on-year increase of 19.27% [3][11]. - The company's gross margin improved due to declining raw milk prices and product structure optimization, with gross margins of 26.87% for the full year 2023 and 29.38% for Q1 2024 [3][11]. - The company is actively developing its D2C channels, with revenue from this segment growing over 15% year-on-year [3][11]. Financial Performance Summary - 2023 revenue by product: liquid milk 9.755 billion yuan (+11.15%), milk powder 780 million yuan (+11.28%), and other products 1.153 billion yuan (-0.53%) [3]. - Revenue by region in 2023: Southwest 4.095 billion yuan (+9.98%), East China 3.020 billion yuan (+4.80%), Northwest 1.424 billion yuan (-0.97%), North China 1.109 billion yuan (+39.03%), and others 1.339 billion yuan (+14.90%) [3]. - Revenue by channel in 2023: direct sales 5.588 billion yuan (+10.22%) and distribution 4.247 billion yuan (+12.41%), with e-commerce revenue at 880 million yuan (+20.51%) [3]. Profitability Forecast and Valuation - The net profit forecast for 2024-2025 has been adjusted to 550 million yuan and 663 million yuan, respectively, with a new forecast for 2026 at 742 million yuan [3][12]. - Corresponding EPS for 2024-2026 is projected at 0.64, 0.77, and 0.86 yuan, with current P/E ratios of 15, 13, and 11 times [3][12].

公 司 研 究 [数据日期 Table_cominfo] 2024/04/26 收盘价 9.88 总股本(万股) 86,581 流通A股/B股(万股) 84,927/0 资产负债率(%) 70.38% 市净率(倍) 3.21 净资产收益率(加权) 3.50 12个月内最高/最低价 17.49/8.10 公 司 简 评 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 新乳业 沪深300 [新乳业（ Table_NewTitle] 002946）：深化"鲜立方"战 略，盈利水平持续提升 ——公司简评报告 ➢ 事件：4月25日，公司发布2023年年报及2024年一季报，公司2023年营业总收入为109.87 亿元，同比+9.80%，归母净利润为4.31亿元，同比+19.27%，扣非归母净利润4.65亿元， 同比+57.86%。其中，2023年Q4公司营业收入为27.93亿元，同比+10.56%，归母净利润 为0.50亿元，同比-2.09%，扣非归母净利润为0.74亿元，同比+55.64%。2024年Q1公司营 业收入为26.14亿元，同比+3. ...