研报掘金丨华泰证券：重申伊利股份“买入”评级，竞争缓和有望带动盈利能力向上

Core Viewpoint - Huatai Securities report highlights that Yili Group, a leading dairy company, has the capability to seize important development opportunities due to its established barriers in product, supply chain, channel, and marketing [1] Industry Summary - The dairy industry has experienced a downturn since 2021, during which Yili Group actively prepared by alleviating pressure on liquid milk distributors and launching cost-effective products [1] - The short-term outlook for liquid milk demand is expected to improve, with reduced competition likely to enhance profitability [1] Company Summary - Yili Group is focusing on expanding its full dairy product range, continuously developing new growth engines in adult nutrition and deep processing of dairy products [1] - The added value of incremental businesses is expected to be high, indicating that the enhancement of profitability will remain a key development theme [1] - The company maintains a "buy" rating, reflecting confidence in its future performance [1]