YILI(SH:600887) Yin He Zheng Quan·2025-12-29 09:43Investment Rating - The report maintains a "Recommended" rating for Yili Group (stock code: 600887) [2] Core Insights - The company is expected to benefit from favorable policies and improved supply-demand dynamics, particularly in the context of the upcoming Spring Festival stocking season [1] - The report highlights that the company is positioned to gain from the implementation of temporary anti-subsidy measures on imported dairy products, which may enhance domestic product competitiveness [5] - The company is also likely to benefit from ongoing government support for childbirth, which is expected to boost milk powder consumption [5] - The report anticipates revenue growth of 2.1% in 2025, 4.0% in 2026, and 3.9% in 2027, with net profit growth projected at 32.5%, 7.8%, and 7.0% respectively [5] Financial Forecast Summary - Revenue Forecast (in million CNY): - 2024A: 115,780 - 2025E: 118,264 - 2026E: 122,993 - 2027E: 127,731 - Net Profit Forecast (in million CNY): - 2024A: 8,453 - 2025E: 11,200 - 2026E: 12,079 - 2027E: 12,930 - EPS Forecast (in CNY): - 2024A: 1.34 - 2025E: 1.77 - 2026E: 1.91 - 2027E: 2.04 - PE Ratio: - 2024A: 21.78 - 2025E: 16.43 - 2026E: 15.24 - 2027E: 14.24 [2][6][7] Market Data - The closing price of Yili Group's A-shares as of December 26, 2025, was CNY 29.10, with a market capitalization of CNY 183.2 billion [3]