Core Viewpoint - Company maintains an "outperform" rating for Ausnutria (01717), projecting steady revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] - The company has initiated an internal code system upgrade and inventory adjustments, which, while reducing short-term shipments, are expected to enhance product freshness and channel transparency [2] Strategic Focus - Ausnutria is advancing its internationalization strategy, particularly in the sheep milk powder segment, which is gaining traction in overseas markets [2] - The company has launched brands like Nutrition Care and 爱益森 in the nutrition segment, leveraging scientific strength for category breakthroughs [2] - The dual focus on cow and sheep milk products, along with a comprehensive nutrition strategy, positions Ausnutria for resilient growth in a complex market environment [2]
海通国际：维持澳优(01717)“优于大市”评级 目标价3.1港元