NHD(SZ:002946) Xin Lang Cai Jing·2025-05-06 10:39Core Viewpoint - The company reported a total revenue of 10.665 billion yuan for 2024, a decrease of 2.93% year-on-year, while net profit attributable to shareholders increased by 24.8% to 538 million yuan [1] Group 1: Financial Performance - In Q4 2024, the company achieved a revenue of 2.516 billion yuan, down 9.94% year-on-year, with a net profit of 63.974 million yuan, up 28.08% [1] - For Q1 2025, the company reported a revenue of 2.625 billion yuan, a slight increase of 0.42% year-on-year, and a net profit of 133 million yuan, up 48.46% [1] - The company's liquid milk business generated revenue of 9.907 billion yuan in 2024, a growth of 0.75%, while other business revenues fell by 34.27% to 758 million yuan [2] Group 2: Profitability and Margins - The net profit margin for 2024 increased by 1.12 percentage points to 5.04%, and the gross margin improved by 1.49 percentage points to 28.36% [3] - In Q4 2024, the net profit margin rose by 0.75 percentage points to 2.54%, with a gross margin of 25.99% [3] - For Q1 2025, the net profit margin increased by 1.64 percentage points to 5.08%, and the gross margin was 29.5% [3] Group 3: Strategic Focus and Future Outlook - The company continues to focus on the "Fresh Cube" strategy, enhancing its fresh product capabilities despite overall weak liquid milk demand [4] - The company is leveraging innovation and digital transformation to drive growth, with expectations of net profits of 703 million yuan and 830 million yuan for 2025 and 2026, respectively [4] - The company maintains a "buy" rating with a projected PE valuation of 22 and 18 times for 2025 and 2026 [4]