NHD(SZ:002946) Chang Jiang Shang Bao·2025-04-28 00:40Core Viewpoint - New Dairy Industry is making steady progress towards its goals of reducing debt ratio and doubling net profit margin, despite facing challenges in the dairy market [1][5]. Financial Performance - In 2024, New Dairy Industry achieved operating revenue of 10.665 billion yuan, a year-on-year decrease of 2.93%, marking the third consecutive year of revenue exceeding 10 billion yuan [1][3]. - The net profit for 2024 was 538 million yuan, representing a year-on-year increase of 24.80%, with double-digit growth sustained for five consecutive years [1][3]. - The asset-liability ratio at the end of 2024 was 64.61%, down 5.86 percentage points from the previous year and 7.3 percentage points from 2022 [1][5]. - The net profit margin for 2024 reached 5.15%, an increase of 1.17 percentage points from the previous year and 1.53 percentage points from 2022 [1][5]. Revenue Breakdown - Revenue from liquid milk and dairy product manufacturing reached 9.907 billion yuan in 2024, a year-on-year increase of 0.75%, accounting for 92.89% of total revenue [3]. - Other revenue amounted to 758 million yuan, a year-on-year decrease of 34.27%, making up 7.11% of total revenue [3]. Market Context - The dairy industry in China is undergoing a deep adjustment period, with supply-demand balance pressures becoming evident. In 2024, domestic milk production was 40.79 million tons, a year-on-year decrease of 2.8% [2]. - Nielsen data indicates that the dairy product industry is facing slowing demand growth, with slight declines in overall liquid milk sales [2]. Strategic Initiatives - New Dairy Industry is committed to its "Fresh Cube Strategy," focusing on improving profitability despite external environmental changes [3]. - The company has been investing in breeding technology improvements, with average milk production per cow exceeding 12 tons per head in 2024 [6]. Research and Development - Research and development expenses exceeded 40 million yuan for three consecutive years from 2021 to 2023, reaching 49.103 million yuan in 2024, a year-on-year increase of 3.63% [7]. - Sales expenses in 2024 were 1.659 billion yuan, a year-on-year decrease of 1.14% [7]. Dividend Policy - New Dairy Industry proposed a cash dividend of 2.5 yuan per share (before tax) for 2024, totaling 215 million yuan, and implemented its first interim dividend since listing, amounting to 30.1236 million yuan [8][9].