NHD(SZ:002946) HUAXI Securities·2025-10-29 15:26Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 8.43 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 3.5%. The net profit attributable to shareholders was 620 million yuan, up 31.5% year-on-year, exceeding market expectations [2] - The low-temperature business continues to show strong growth, while the ambient temperature segment faces challenges. The low-temperature yogurt segment is growing faster than low-temperature milk, and the overall low-temperature growth is expected to maintain a leading position throughout the year [3] - The gross margin for Q3 2025 was 28.4%, a slight decrease of 0.4 percentage points year-on-year. However, the decline in expense ratios contributed to better-than-expected performance, with net profit margins increasing by 1.4 percentage points year-on-year [4] - The company maintains a positive outlook on revenue and structural growth driven by low-temperature products, with expectations for high-quality growth in 2025 [4] Financial Summary - For the fiscal year 2025, the company forecasts revenues of 11.06 billion yuan, with net profits of 700 million yuan, and earnings per share (EPS) of 0.81 yuan. The price-to-earnings (P/E) ratios are projected to be 20, 17, and 15 for the years 2025, 2026, and 2027 respectively [5][8]