NHD(SZ:002946) Changjiang Securities·2025-05-06 09:15Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company's total revenue for 2024 is 10.665 billion yuan, a year-on-year decrease of 2.93%, while the net profit attributable to shareholders is 538 million yuan, an increase of 24.8% [2][4]. - In Q1 2025, the company achieved total revenue of 2.625 billion yuan, a year-on-year increase of 0.42%, and a net profit of 133 million yuan, an increase of 48.46% [2][4]. - The company focuses on optimizing product structure and improving profitability, with a notable increase in net profit margin and gross margin in recent quarters [10]. Summary by Sections Financial Performance - In 2024, the company's liquid milk business revenue was 9.907 billion yuan, a year-on-year increase of 0.75%, while other business revenues decreased by 34.27% [10]. - The net profit margin for 2024 increased by 1.12 percentage points to 5.04%, and the gross margin increased by 1.49 percentage points to 28.36% [10]. - For Q4 2024, the net profit margin was 2.54%, with a gross margin of 25.99% [10]. Strategic Focus - The company continues to focus on its "Fresh Cube" strategy, enhancing its fresh product capabilities despite overall weak demand for liquid milk [10]. - The company is leveraging innovation and digital transformation to drive growth in direct-to-consumer channels [10]. Future Projections - The projected net profits for 2025 and 2026 are 703 million yuan and 830 million yuan, respectively, with corresponding PE valuations of 22 and 18 times [10].