Milkground(600882) 东吴证券·2025-04-22 03:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a Q1 2025 revenue of 1.23 billion yuan, a year-on-year increase of 6.3%, and a net profit of 80 million yuan, up 114.9% year-on-year, indicating a significant improvement in net profit margin [7] - The cheese business showed strong growth, with expected revenue growth of over 15% year-on-year in Q1 2025, driven by the synergy from the merger with Mengniu Dairy [7] - The company's gross margin improved by 2.8 percentage points to 31.5% in Q1 2025, attributed to a higher proportion of high-margin cheese products and a reduction in low-margin liquid milk business [7] - The forecast for revenue has been adjusted downwards for 2025-2027 to 5.3 billion, 6.1 billion, and 7.0 billion yuan respectively, while net profit forecasts have been raised to 260 million, 400 million, and 560 million yuan respectively for the same period [7] Financial Summary - Total revenue for 2023 is projected at 5.32 billion yuan, with a year-on-year growth of 10.2% [1] - The net profit for 2023 is expected to be 600.7 million yuan, reflecting a year-on-year decline of 56.35% [1] - The latest diluted EPS for 2025 is projected at 0.50 yuan per share, with a P/E ratio of 54.46 [1] - The company’s total assets are estimated to reach 8.48 billion yuan by 2025, with total liabilities of 3.82 billion yuan [8]