Ge Long Hui·2025-06-26 18:17Group 1 - The new president, Gao Fei, will implement a "one body, two wings" strategy focusing on six core businesses: ambient, chilled, fresh milk, cheese, ice cream, and milk powder, while also developing innovative and international businesses [1] - In 2024, the company achieved a revenue of 88.675 billion yuan, with liquid milk, ice cream, milk powder, and cheese accounting for 82.40%, 5.84%, 3.74%, and 4.87% of total revenue respectively [1] - The overseas revenue contribution increased to 5.3%, driven by the Southeast Asian ice cream brand "Aixue," which generated over 3 billion yuan in revenue [1] Group 2 - The company has established a solid competitive advantage through strategic investments in large dairy groups and long-term partnerships to secure high-quality milk sources [2] - The company is continuously adjusting its channel system to enhance market penetration and control over terminal outlets, forming a nationwide distribution network [2] - Product innovation is being pursued to meet diverse, high-end, and health-oriented consumer demands, creating a diversified product matrix and a strong international brand image [2] Group 3 - In 2024, the company is expected to clear operational pressures, with inventory levels returning to normal, which may lead to a recovery in growth [3] - The company has recognized goodwill impairment of 1.15 billion yuan and other intangible asset impairments of 3.49 billion yuan, primarily related to the Bellamy brand [3] - The industry is witnessing a reduction in upstream capacity, stabilizing milk prices, which is expected to improve profitability [3] Group 4 - Revenue projections for 2025-2027 are 90.44 billion, 94.03 billion, and 97.34 billion yuan, with corresponding net profits of 4.67 billion, 5.65 billion, and 6.12 billion yuan, indicating significant growth [3] - The company is compared with peers like Yili, New Dairy, Guangming Dairy, and China Feihe, with a target price of 81.4 billion yuan, suggesting a potential 40% upside from the current market value [3]