Investment Rating - The report maintains an "Outperform" rating for Ausnutria Dairy [2][14]. Core Insights - The overseas market is experiencing sustained high growth, becoming a significant growth engine for the company, with notable revenue increases in regions such as North America and the Middle East [5][12]. - The introduction of a childcare subsidy policy in China is expected to alleviate some pressures on the infant formula industry, although a full recovery will require more robust local stimulus measures [4][11]. - Ausnutria is actively expanding its international presence and enhancing its product offerings through a dual focus on goat and cow milk products, which is expected to drive long-term growth [6][13]. Financial Performance Summary - For the fiscal year 2025, the company is projected to achieve revenues of RMB 7.67 billion, with a year-on-year growth of 3.6% [7][14]. - Net profit attributable to shareholders is expected to reach RMB 310 million in 2025, reflecting a growth of 21.0% [7][14]. - The diluted EPS is forecasted to be RMB 0.18 for 2025, with continued growth expected in subsequent years [7][14]. Market Position and Strategy - Ausnutria's Kabrita brand has maintained over 60% market share in China's imported infant goat milk formula market for seven consecutive years, solidifying its position as a market leader [5][12]. - The company is leveraging its strategic partnership with Yili to enhance its product positioning and market layout, particularly in the cow milk segment [5][12]. - The nutritional products segment is also expanding, with new product launches contributing to revenue growth [5][12].
澳优（01717）：海外市场持续高增，国际布局逐渐深入