Milkground(SH:600882) Zhongyuan Securities·2025-04-10 14:42Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a potential increase of 5% to 15% relative to the CSI 300 index over the next six months [13]. Core Views - In 2024, the company's cheese business revenue grew, with cheese revenue reaching 3.757 billion yuan, a year-on-year increase of 6.92%. Cheese accounted for 80.12% of total revenue, up 5.62 percentage points year-on-year [8]. - The gross margin for the cheese business declined to 35.04%, down 0.39 percentage points year-on-year, primarily due to the increased revenue share from the lower-margin catering segment [8]. - The ready-to-eat nutrition segment saw revenue growth of 3.17% to 2.05 billion yuan, but its gross margin decreased by 2.45 percentage points to 46.97% due to slowing sales growth [8]. - The company is expected to achieve earnings per share of 0.42 yuan, 0.58 yuan, and 0.74 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 63.75, 46.03, and 35.95 [8]. Summary by Sections Financial Performance - In 2024, the company's total revenue was 4.844 billion yuan, a decrease of 8.99% year-on-year. The revenue growth rate is projected to rebound to 12.60% in 2025 and 12.30% in 2026 [9]. - The net profit for 2024 was 114 million yuan, with a significant increase projected to 215 million yuan in 2025, representing an 88.82% growth [9]. - The company’s gross margin for 2024 was 28.29%, with a net asset return of 2.58% [8]. Market Position - The company has expanded its presence in the catering supply sector, which is expected to enhance its business prospects and stabilize revenue growth [8]. - The stock's closing price on April 9, 2025, was 26.71 yuan, with a market capitalization of 13.677 billion yuan [8].