NHD(SZ:002946) Ge Long Hui A P P·2026-01-20 08:52Core Viewpoint - The report from Huachuang Securities indicates that New Dairy's Q4 2025 performance may exceed expectations, driven by successful product innovation and organizational management capabilities [1] Group 1: Performance Forecast - The company has adjusted its earnings forecast for 2025-2027 to 730 million, 860 million, and 990 million yuan, respectively, up from previous estimates of 720 million, 830 million, and 950 million yuan [1] - The corresponding price-to-earnings (PE) ratios are projected to be 22, 19, and 16 times for the years 2025, 2026, and 2027 [1] Group 2: Market Dynamics - The stabilization and recovery of raw milk prices in 2026 are expected to optimize the market landscape, benefiting the company's promotional strategies [1] - The company's ability to respond quickly to the trend of channel diversification is highlighted as a key strength [1] Group 3: Investment Rating - Given the company's strong operational capabilities and the certainty of profit improvement, a PE of 20 times is assigned for 2027 [1] - The target price for the next 12 months has been raised to 23 yuan, with a reaffirmation of the "strong buy" rating [1]