YILI(600887) 申万宏源·2025-01-22 11:33Investment Rating - The investment rating for the company is maintained as "Buy" [1] Core Views - The report emphasizes that the supply and demand in the dairy industry are gradually improving, and cost optimization is expected to enhance profitability [7] - The company is projected to achieve a net profit of 12 billion, 11.3 billion, and 12.2 billion for the years 2024 to 2026, respectively, with year-on-year growth rates of +15%, -6%, and +8% [7] - The current valuation of the company is at a ten-year low, and with a consistent dividend payout ratio above 70% over the past three years, the investment is considered to have high value [7] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 126,179 million, with a slight increase to 132,774 million in 2025, reflecting a growth rate of 5.1% [5] - The net profit attributable to the parent company is expected to be 10,429 million in 2023, increasing to 12,008 million in 2024, before slightly declining to 11,316 million in 2025 [5] - The gross profit margin is forecasted to improve from 32.6% in 2023 to 34.0% in 2026 [5] - The return on equity (ROE) is expected to remain stable around 19.5% in 2023, slightly decreasing to 18.6% in 2025 [5] Market Data - The closing price of the company's stock is 27.40 yuan, with a market capitalization of 173,564 million [1] - The price-to-earnings (PE) ratio is projected to be 15 for 2024 and 14 for 2026, indicating a favorable valuation [5][7]