BRIGHT DAIRY(SH:600597) EBSCN·2025-05-06 02:44Investment Rating - The report maintains an "Accumulate" rating for the company [6]. Core Views - The company reported a total revenue of 24.28 billion yuan for 2024, a decrease of 8.33% year-on-year, with a net profit attributable to shareholders of 722 million yuan, down 25.36% year-on-year [1][4]. - The fourth quarter of 2024 showed a slight revenue increase of 0.75% year-on-year, with a net profit of 606 million yuan, a decrease of 6.04% year-on-year [1]. - The first quarter of 2025 saw a revenue of 6.37 billion yuan, a decrease of 0.76% year-on-year, while the net profit attributable to shareholders was 141 million yuan, down 18.16% year-on-year [1][2]. Revenue and Profit Analysis - In Q1 2025, the revenue from liquid milk, other dairy products, and livestock products was 3.29 billion, 2.42 billion, and 211 million yuan respectively, with year-on-year changes of -6.32%, +11.10%, and -55.40% [2]. - The company's gross margin for 2024 was 19.23%, with a slight decline in Q1 2025 to 18.66% [3][13]. - The net profit margin for 2024 was 2.97%, with a significant increase in Q4 2024 due to land compensation income [3]. Forecast and Valuation - The profit forecast for 2025 and 2026 has been revised down to 556 million and 626 million yuan respectively, with a new forecast for 2027 at 707 million yuan [4][5]. - The estimated EPS for 2025, 2026, and 2027 is projected to be 0.40, 0.45, and 0.51 yuan respectively, with corresponding P/E ratios of 20, 18, and 16 times [4][5].