BRIGHT DAIRY(SH:600597) EBSCN·2024-05-06 02:33Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 9.03 yuan [6]. Core Views - The company has experienced pressure on operations, with a focus on waiting for demand improvement [1]. - The overall revenue for 2023 was 26.485 billion yuan, a decrease of 6.13% year-on-year, while the net profit attributable to shareholders was 967 million yuan, an increase of 168.19% year-on-year [1]. - The first quarter of 2024 saw a revenue of 6.417 billion yuan, down 9.25% year-on-year, and a net profit of 172 million yuan, down 8.07% year-on-year [1]. Revenue and Profit Analysis - In Q1 2024, revenue from liquid milk, other dairy products, and livestock products was 3.514 billion, 2.173 billion, and 472 million yuan, respectively, with year-on-year changes of -13.68%, +0.96%, and -0.69% [2]. - The company’s gross profit margin for 2023 was 19.66%, with Q4 2023 at 23.16% and Q1 2024 at 19.64% [3]. - The net profit margin for 2023 was 3.65%, with Q4 2023 at 11.07% and Q1 2024 at 2.69% [3]. Forecast and Valuation - The profit forecast for 2024-2025 has been revised down to 584 million and 620 million yuan, representing decreases of 24.91% and 32.56% from previous estimates [4]. - The estimated EPS for 2024-2026 is projected to be 0.42, 0.45, and 0.47 yuan, with corresponding P/E ratios of 21, 20, and 19 times [4].