Milkground(600882) 东吴证券·2025-03-06 08:25Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The employee incentive plan and performance targets are above expectations, indicating strong potential for earnings growth 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 milk production, which is anticipated to reduce supply chain risks and improve profitability [7] - The projected revenue for 2024-2026 is 4.91 billion, 5.43 billion, and 6.25 billion RMB, with corresponding net profits of 1.03 billion, 2.4 billion, and 3.9 billion RMB [7] Financial Summary - Total revenue for 2022 was 4.83 billion RMB, with a projected decline of 16.16% in 2023, followed by a recovery of 21.23% in 2024 [1] - The net profit for 2022 was 137.61 million RMB, with a forecasted decline of 53.90% in 2023, and a significant rebound of 128.91% in 2025 [1] - The earnings per share (EPS) is expected to rise from 0.12 RMB in 2023 to 0.76 RMB in 2026 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 160.38 in 2023 to 26.09 in 2026, indicating improved valuation [1]