NHD(002946)2024-10-31 04:13Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [5][6]. Core Insights - The company reported a total revenue of 8.15 billion yuan for the first three quarters of 2024, a slight decrease of 0.54% year-on-year, while the net profit attributable to shareholders increased by 24.4% to 474 million yuan [5][6]. - The decline in revenue for Q3 2024 was attributed to weak terminal demand and intense market competition, alongside changes in the consolidation scope due to the sale of a yogurt cow earlier in the year [6][7]. - The company's gross margin improved to 28.83%, up 2.4 percentage points year-on-year, primarily due to falling raw milk prices [7]. Summary by Sections Market Data - Closing price: 11.69 yuan - Market capitalization: 9,955 million yuan - Price-to-book ratio: 3.9 - Dividend yield: 1.28% [2][3]. Financial Performance - For Q3 2024, the company achieved a revenue of 2.785 billion yuan, down 3.82% year-on-year, with a net profit of 177 million yuan, up 22.9% [5][6]. - The company forecasts net profits of 515 million, 648 million, and 806 million yuan for 2024, 2025, and 2026, respectively, reflecting growth rates of 19.6%, 25.9%, and 24.2% [6][8]. Profitability Metrics - The company’s net profit margin for Q3 2024 was 6.36%, an increase of 1.38 percentage points year-on-year [7]. - The report highlights a strategic focus on developing fresh milk business and enhancing profitability through a "1+N" brand matrix and national fresh milk layout [6][7].