Yantang Dairy(002732) 华鑫证券·2024-04-29 09:00Investment Rating - The report maintains a "Buy" investment rating for Yantang Dairy (002732.SZ) [2][16] Core Views - The company's Q1 2024 performance showed a revenue decline of 12% year-on-year, totaling 379 million yuan, with a net profit attributable to shareholders decreasing by 43% to 16 million yuan. The gross margin also fell by 1 percentage point to 24.31% [2][3] - The company is expected to face short-term pressure on earnings but has plans to enhance competitiveness through new projects, including the establishment of an urban dairy industry cluster project aimed at increasing milk production and diversifying product offerings [2][3] - The financial forecast indicates a revenue change of -20% to 10% and a net profit change of -50% to 10% for 2024, aligning with the company's budget expectations [2][3] Summary by Sections Financial Performance - Q1 2024 total revenue was 379 million yuan, down 12% year-on-year, while net profit attributable to shareholders was 16 million yuan, down 43% [2] - The company's gross margin decreased by 1 percentage point to 24.31%, with sales and management expense ratios increasing by 2 percentage points and 0.3 percentage points, respectively [2][3] Future Projects - The company approved a proposal for an urban dairy industry cluster project on April 2, 2024, with a construction period from 2024 to 2026. The project aims to enhance milk production, diversify product structures, and improve environmental sustainability [2][3] Earnings Forecast - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 1.31 yuan, 1.61 yuan, and 1.92 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 13, 10, and 9 times [2][16]