Yantang Dairy(002732) 华鑫证券·2024-03-29 16:00Investment Rating - The report maintains a "Buy" investment rating for the company [20][18]. Core Insights - The company achieved a total revenue of 1.95 billion yuan in 2023, representing a 4% increase, while the net profit attributable to shareholders reached 180 million yuan, up 82% [19][18]. - The revenue growth was primarily driven by a decline in raw material prices and increased consumer demand [19]. - The company has optimized its cost structure, leading to an improved gross profit margin of 26.04%, an increase of 2 percentage points [19]. - The company launched 13 new products in 2023, contributing to steady revenue growth [19]. - Online revenue growth was particularly strong, with a 20% increase, while offline revenue grew by 1% [19]. Financial Forecast - The company forecasts earnings per share (EPS) of 1.31 yuan for 2024, 1.61 yuan for 2025, and 1.92 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 14, 11, and 10 times [19][18]. - The report projects a steady revenue growth rate of 12.6% in 2024, 10.2% in 2025, and 8.4% in 2026 [4][6]. - The net profit growth rate is expected to be 14.6% in 2024, 22.5% in 2025, and 19.1% in 2026 [4][6].