Milkground(600882) 东吴证券·2025-03-06 08:47Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The employee incentive plan and performance targets are above expectations, indicating potential for earnings elasticity in 2025 [7] - The company aims for revenue targets of no less than 5.6 billion, 6.5 billion, and 7.8 billion RMB for 2025-2027, with net profit targets of no less than 210 million, 320 million, and 460 million RMB respectively [7] - The merger with Mengniu Cheese is expected to enhance product and brand synergies, facilitating market penetration and development [7] - The company is focusing on domestic raw cheese production, which is anticipated to reduce supply chain risks and improve profitability [7] Financial Projections - Total revenue is projected to be 4.9 billion, 5.4 billion, and 6.3 billion RMB for 2024-2026, with year-on-year growth rates of 21.2%, 10.7%, and 15.1% respectively [7] - Net profit is expected to reach 1.03 billion, 2.4 billion, and 3.9 billion RMB for the same period, with year-on-year growth rates of 62%, 129%, and 66% respectively [7] - The projected P/E ratios for 2024, 2025, and 2026 are 99, 43, and 26 respectively [7] Market Data - The closing price of the stock is 19.87 RMB, with a market capitalization of approximately 10.17 billion RMB [5] - The company has a price-to-book ratio of 2.32 [5] - The stock has a 52-week range of 11.63 to 21.67 RMB [5] Basic Data - The company has a net asset value per share of 8.55 RMB and a debt-to-asset ratio of 43.36% [6] - The total share capital is 512.05 million shares [6]