NHD(SZ:002946) Changjiang Securities·2025-09-07 13:14Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company's total revenue for H1 2025 reached 5.526 billion yuan, representing a year-on-year increase of 3.01%. The net profit attributable to shareholders was 397 million yuan, up 33.76% year-on-year, while the net profit excluding non-recurring items was 411 million yuan, an increase of 31.17% year-on-year [2][4] - In Q2 2025, the company reported total revenue of 2.901 billion yuan, a year-on-year increase of 5.46%. The net profit attributable to shareholders was 263 million yuan, up 27.37% year-on-year, and the net profit excluding non-recurring items was 270 million yuan, an increase of 26.85% year-on-year [2][4] - The improvement in gross margin is primarily driven by structural optimization, with the gross margin for H1 2025 increasing by 0.79 percentage points to 30.02% [6] - The company has focused on regional deep cultivation and differentiated innovation strategies, achieving a competitive edge against leading dairy companies [7] Summary by Sections Revenue and Profitability - The company's H1 2025 total revenue was 5.526 billion yuan, with a net profit of 397 million yuan, reflecting strong growth in profitability [2][4] - The Q2 2025 results showed continued revenue growth and significant profit increases, indicating a positive trend in financial performance [2][4] Structural Optimization - New product revenue accounted for over 10% of total sales, with low-temperature product sales growing over 10% year-on-year. The high-end fresh milk and "Today's Fresh Milk Shop" sales also saw growth exceeding 10% [5] - The company has adopted a "fresh and sour dual strong" product development strategy, leveraging technological breakthroughs and supply chain integration to enhance market presence [5][6] Financial Metrics - The net profit margin for H1 2025 improved by 1.65 percentage points to 7.18%, while the gross margin increased to 30.02% [6] - The company has maintained a focus on cost control, with a decrease in the expense ratio by 1.15 percentage points to 20.82% [6] Future Outlook - The company is expected to achieve net profits of 703 million yuan and 830 million yuan for 2025 and 2026, respectively, with corresponding PE valuations of 22 and 18 times [7]