NHD(SZ:002946) Shenwan Hongyuan Securities·2025-08-27 13:32Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 5.526 billion yuan for H1 2025, representing a year-on-year growth of 3.01%, while the net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year [7] - The growth in revenue is primarily driven by the low-temperature product segment, which saw sales increase by over 10%, with high-end fresh milk and the "Today's Fresh Milk Shop" achieving double-digit growth [7] - The company is focusing on a "fresh strategy" to enhance its fresh milk business and has set a target for profit margin improvement as part of its five-year strategy launched in 2023 [7] Financial Data and Profit Forecast - The company forecasts net profits of 687 million, 839 million, and 974 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 28%, 22%, and 16% [6] - The gross margin for H1 2025 improved to 30.02%, with the liquid milk and dairy products segment achieving a gross margin of 32.21% [7] - The report indicates that the company's net profit margin for H1 2025 was 7.18%, an increase of 1.65 percentage points year-on-year [7]