NHD(SZ:002946) Huachuang Securities·2026-01-19 04:13Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 23 yuan [2][6]. Core Insights - The company is expected to accelerate its revenue growth in Q4 2025, with a projected overall revenue growth rate reaching mid-to-high single digits. The net profit margin is anticipated to improve to around 6.5%, exceeding initial targets [6][7]. - The company has successfully launched new products that have performed well in the market, indicating strong innovation capabilities and effective management [6][7]. - The outlook for 2026 is positive, with expectations of continued double-digit growth in the low-temperature dairy segment and a recovery in the ambient dairy segment [6][7]. Financial Summary - Total revenue is projected to reach 10,665 million yuan in 2024, with a year-on-year growth rate of -2.9%. By 2027, revenue is expected to grow to 12,519 million yuan, with a growth rate of 5.8% [2]. - Net profit is forecasted to increase from 538 million yuan in 2024 to 993 million yuan in 2027, reflecting a compound annual growth rate of 24.8% in 2024 and 16.0% in 2027 [2]. - Earnings per share (EPS) are expected to rise from 0.62 yuan in 2024 to 1.15 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 30 to 16 over the same period [2][6].