研报掘金丨华西证券：维持伊利股份“买入”评级，强化长期投资价值预期

Core Insights - Yili Group held an investor day themed "Focus on Growth, Value Innovation," outlining its 14th Five-Year Plan and announcing a shareholder return plan for 2025-2027, committing to an annual dividend payout ratio of no less than 75% and a per-share dividend of at least 1.22 yuan (including tax) [1] Group 1: Strategic Direction - The company aims to drive structural growth through a dual-track strategy of "stable growth from the core business + high elasticity from new businesses," solidifying its liquid milk base [1] - The adult nutrition segment and domestic substitution in dairy deep processing are identified as core growth drivers, with a five-year revenue target of 10 billion yuan [1] Group 2: Product Development - The product matrix will expand from adult milk powder to specialized medical foods and functional health products, prioritizing probiotics and protein supplements [1] - The company plans to systematically develop dairy fat and lactose deep processing categories, aiming for domestic substitution of key raw materials and entering B-end markets such as baking, tea beverages, and health products [1] Group 3: Growth Targets - Yili Group has set a target for revenue growth to exceed GDP and industry growth rates over the next five years [1] - The company maintains a "Buy" rating, reinforcing its long-term investment value expectations [1]