Milkground(600882) 光大证券·2025-01-31 16:28Investment Rating - The report maintains a rating of "Accumulate" for the company [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 90-130 million yuan in 2024, representing a year-on-year growth of 41.87%-104.92% [1] - The company has implemented cost reduction and efficiency enhancement measures, leading to a significant increase in net profit [2] - The integration of Mengniu's cheese business is expected to strengthen the company's profitability and competitive edge in the cheese sector [3] - The company launched seven new products in 2024, paving the way for further growth in 2025 [4] - The forecasted net profits for 2024-2026 are 112 million, 177 million, and 215 million yuan respectively, with corresponding EPS of 0.22, 0.35, and 0.42 yuan [4] Summary by Sections Financial Performance - The company anticipates a significant increase in net profit for 2024, driven by lower raw material costs, improved gross margins, and reduced sales expense ratios [2] - The forecasted revenue for 2024 is 4.798 billion yuan, with a growth rate of 18.50% [5] - The net profit for 2024 is projected at 112 million yuan, with a growth rate of 75.96% [5] Product Development - In 2024, the company successfully launched seven new products, expanding its market reach into the adult snack segment [4] - The company is expected to continue innovating and expanding its product offerings in 2025, which is anticipated to contribute to double-digit revenue growth [4] Market Position - The company maintains a leading position in the cheese market, supported by the integration of Mengniu's cheese business, which is expected to enhance profitability [3] - The company is actively pursuing a domestic substitution strategy, indicating potential for future growth [4]