Milkground(SH:600882) Tianfeng Securities·2024-03-26 16:00Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [10][17]. Core Insights - The company reported a revenue of 4.05 billion yuan in 2023, a year-on-year decrease of 16.16%, and a net profit attributable to the parent company of 0.63 billion yuan, down 53.90% year-on-year [7][10]. - In Q4 2023, the company achieved a revenue of 0.974 billion yuan, a slight year-on-year decrease of 2.65%, but a significant increase in net profit attributable to the parent company of 0.30 billion yuan, up 588.4% year-on-year [2][7]. - The company is focusing on product innovation and channel optimization to explore new growth points, expecting a gradual recovery in performance as raw material pressures ease [17]. Financial Performance Summary - The company's revenue for 2023 was 4,049.03 million yuan, with a projected revenue of 4,618.32 million yuan for 2024, indicating a growth rate of 14.06% [3][20]. - The net profit attributable to the parent company for 2023 was 63.44 million yuan, with projections of 169.26 million yuan for 2024, reflecting a growth rate of 166.81% [3][20]. - The company's EBITDA for 2023 was 243.42 million yuan, with expectations to rise to 416.23 million yuan in 2024 [3][20]. Market Position and Strategy - The company remains a leader in the cheese market, with a market share increase despite a revenue decline in its ready-to-eat nutrition series, which saw a revenue drop of 23.93% [8]. - The company is implementing four core strategies: product leadership, brand positioning, channel refinement, and management upgrades to navigate the challenging market environment [8][17].