Milkground(SH:600882) Xiangcai Securities·2025-12-31 00:57Group 1: Core Insights - The report highlights that Miaokelando has solidified its leading position in the cheese market through strategic partnerships, particularly with Mengniu, and has maintained a market share exceeding 35% in cheese sales in China as of 2023 [2][6] - The company has focused on a "cheese-centric" strategy, expanding its product matrix to include ready-to-eat nutrition, family dining, and food service industries, with nearly 100 SKUs [3][5] - The report indicates that the cheese market in China is in a growth phase, with a low penetration rate of less than 3% compared to the overall dairy market, suggesting significant room for growth [6] Group 2: Financial Performance - Miaokelando's revenue for 2024 is projected to be 1.313 billion yuan, reflecting a year-on-year growth of 14.07%, with cheese sales volume reaching 80,300 tons, a 39.39% increase [5][7] - The company is expected to achieve revenues of 5.435 billion, 6.193 billion, and 7.100 billion yuan for the years 2025 to 2027, with corresponding year-on-year growth rates of 12.22%, 13.94%, and 14.64% [7] - The net profit attributable to the parent company is forecasted to be 241 million, 357 million, and 471 million yuan for the same period, with significant growth rates of 112.10%, 48.20%, and 31.86% respectively [7]