南方乳业北交所IPO，聚焦乳制品，年入超18亿

Core Viewpoint - Guizhou Southern Dairy Co., Ltd. is set to launch an IPO on the Beijing Stock Exchange, focusing on the manufacturing and sales of dairy products and dairy beverages, with a significant market presence in the domestic dairy industry [1] Group 1: Company Overview - Southern Dairy integrates research and development, production, sales, and dairy farming, with main products including various low-temperature dairy products, long-term dairy products, dairy beverages, and fresh milk [1] - The company operates under brands such as "Shan Hua" and "Hua Du Mu Chang" and has a revenue composition where dairy products account for over 96% from 2022 to 2024 [1] Group 2: Financial Performance - Revenue figures for Southern Dairy during the reporting period are approximately 1.575 billion yuan in 2022, 1.804 billion yuan in 2023, and 1.817 billion yuan in 2024, with net profits of about 173 million yuan, 200 million yuan, and 209 million yuan respectively [3] - The gross profit margins for the same years are 24.61%, 24.44%, and 28.15% [3] Group 3: Revenue Breakdown - In 2024, dairy products are projected to generate 178.83 million yuan, accounting for 98.44% of total revenue, with long-term dairy products contributing 117.35 million yuan (64.60%) and low-temperature dairy products 61.47 million yuan (33.84%) [2] - Dairy beverages are expected to contribute only 1.08% of total revenue in 2024, indicating a low revenue share compared to dairy products [2] Group 4: Market Position and Risks - Southern Dairy has a concentrated sales risk, with over 90% of its revenue coming from Guizhou Province and a market share of 67.84%, indicating strong local dominance but low national brand recognition compared to larger competitors [5] - The company faces risks from raw material price fluctuations, particularly in fresh milk, which has seen a price drop of 20.43% over the past two years [6] Group 5: IPO Fund Utilization - The company plans to raise 980 million yuan through the IPO, with funds allocated for the construction of a dairy cattle breeding base, marketing network development, and working capital supplementation [6][7] - The investment in the breeding base aims to reduce raw material costs and mitigate price volatility risks, while the marketing network project seeks to expand market reach beyond regional limitations [7]