妙可蓝多：蒙牛奶酪并表，利润扭亏为盈

Investment Rating - The investment rating for the company is "Buy" [1][2]. Core Views - The report highlights that the integration of Mengniu Cheese has led to a turnaround in profitability, with the company achieving a net profit of 85.04 million yuan in the first three quarters of 2024, a year-on-year increase of 571.67% [1]. - The cheese revenue in Q3 2024 showed a year-on-year increase, despite a slight overall revenue decline [1]. - The report emphasizes the potential for long-term growth in the cheese sector, given the low per capita cheese consumption in China compared to Western countries [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 3.594 billion yuan, a year-on-year decrease of 9.04% [1]. - The net profit attributable to shareholders was 85.04 million yuan, with a significant increase compared to the previous year [1]. - In Q3 2024, the company achieved revenue of 1.217 billion yuan, a year-on-year decrease of 6.74%, but the net profit was 13.65 million yuan, indicating a return to profitability [1]. Product Segment Performance - In Q3 2024, the revenue breakdown by product was as follows: liquid milk at 95.30 million yuan, cheese at 952 million yuan, and dairy product trading at 141 million yuan [1]. - The report notes that the overall gross margin increased year-on-year due to product mix adjustments and the rise in cheese revenue [1]. Strategic Development - The acquisition of Mengniu Cheese is expected to create synergies, including mutual product agency among distributors and strategic collaboration in raw material procurement [1]. - The report anticipates that the integration of Mengniu Cheese will establish a solid foundation for the long-term development of both Mengniu and Miaokelando's cheese businesses [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at 0.21, 0.39, and 0.55 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 79X, 42X, and 29X [1][2].